Today's Columbus Dispatch lists the profits of the five largest oil companies in 2007. The total is about $125 billion. The US has about 150 million cars using an average of about 750 gal. of petrol per year. So the profits come out to about $1/gal.
There are adjustments to be made:
1. The US uses 43% of the world's oil (GAO).
2. These companies sell petrol in other countries.
3. Other companies sell petrol in the US.
Items 1 & 2 lower the profit per gallon and item 3 raises it. I don't have data for 2 & 3, but I find it hard to believe that the profits are less that $0.50/gal.
1 comment:
I exaggerated. Profits in 2007 were actually about $0.28 per gallon. Of course, that's $3 gas, while were are now paying $4.
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