Pipes Network Clog Death is more universal than life; everyone dies but not everyone lives.

The explanation for profits is simple: the price of a barrel of oil, as set on the world market, rose dramatically. Reasons for the rise include the booming economies (and thus increased demand) in China, India, the post 9/11 recovery in the US, instability in the Middle East, an unusually active hurricane season in the Gulf of Mexico, and higher taxation of oil in countries such as Venezuela and Nigeria. Also, Venezuela and Nigeria are forcing out oil companies and taking over production which further destabilizes the world market (higher per barell oil price).

Also, the housing boom we've been in for the last four years directly impacts the price of raw materials such as steel, wood, and oil.

This isn't a conspiracy, it's modern day global economics.

As for overall profit *margin*, Kinght Ridder had a higher profit % than ConocoPhillips. Are you suggesting we slap a windfall profit tax on KnightRidder? After all, isn't a % markup more indicative of price gouging?

Exactly, Lovetodance! And in addition to hurting consumers at the pump, a WPT would put American companies at a competitive DISadvantage on the global stage.

Let's not forget that our government is trying to get in on some of this profit by a Windfall Profits Tax, which will only make matters far worse. More taxation to oil companies will be passed on to us consumers, forcing us to pay even more at the pump! We must let our legislators know that we oppose this.

Sure the Exxon's of the world made more than any other company but did you also know that they invest almost $2 million a day into R&D to reduce our dependence on foreign oil? How many other companies reinvest such a high percentage of their profits? Probably not many!

Yes, Andrew! Let's start talking about how we can decrease our dependence on foreign oil...open up ANWR?...allow oil companies to modernize our energy infrastructure?

Wow, that is quite amazing when you put it that way. I can't believe they are paying that much money in taxes every year and I hear they want to tax them even more. That is just crazy.

It seems to me that whenever a company in this country tries to actually succeed, the government always tries to tax them out of business. Taxing these companies even more pushes investors away and discourages companies from making R&D investments.

Maybe Congress should try to work on legislation that will actually increase the supply of energy that will meet the needs of Americans.

The oil industry follows the law of large numbers. BILLIONS of people consume gas every day, so even though each unit of energy is relatively small, when you multiply it by the billions of people who consume it every day, the number is huge. Having said that, Exxon made less than 10 cents per dollar of sales last year when you factor in costs, including incredibly onerous taxes. In fact, Exxon's tax bill over the past 5 years has actually EXCEEDED it's US earnings...just food for thought.