"There are so many outages in the business right now that it is unprecedented," said Fadel Gheit, senior energy analyst at Oppenheimer & Co. "Refineries are running very hard to meet all the new regulations. Therefore, they are more susceptible to accidents." heraldtribune.comU.S. gasoline stocks have decreased 12 weeks in a row, dropping by 2.8 million barrels last week, according to the Energy Information Administration.
But the good news is that Exxon Mobil Corp. is off to a great start for 2007 with a 10 percent profit increase, its best-ever first quarter after unprecedented profit last year, as higher margins after rising gasoline and diesel prices increased its refining profit.
Exxon Mobil Corp. said Chairman and Chief Executive Rex Tillerson received $22,400,000 in compensation for 2006, his first year running the largest U.S. company by market capitalization.
Tillerson makes in one hour what most of his customers, scraping for groceries, make in one year. As U.S. workers become more productive and earn lower wages (epi.org), it appears that in the oil business you can be less productive, have "accidents" while trying to meet demand, and become more profitable.
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