it's good to have cheap (not really) gas close to the house. Sorry, but $50 is too damn much to pay for a tank of gas when the oil comapnt posts a 3rd Quarter profit of $20 Billion. I think they can still make money at $1.50 a gallon.
Don't take this the wrong way: Do you still not understand that it is completely due to volume that oil companies make the money that they do? That if, for one day, no one purchased a drop of fuel that they would take a beating? Did you consider that in our wonderful state we pay some of the highest per-gallon fuel taxes in the Nation?
Reference this link:
http://auto.howstuffworks.com/question417.htm
If you read that first page, then do the math (using their consumption example and your rough profit figure): $20Billion/146Billion Gals/4 (per quarter) = $0.548 per gallon profit. Take out the 30-40 cents of taxes and then do the profit margin: ($2.80/gal - $0.40 = $2.40, then $.548/$2.40 = 22%) Most companies would have a heart attack at the thought of less than 30% margins, but not all of that was gasoline profit either.
I'm not justifying it but look at the numbers. Let us not forget either that gasoline is not the only thing they sell, most oil refiners also use their oil to make olefins, esters, ethylenes, etc. And they make part of their profits on those too.
I worked for four years in Houston doing electrical maintenance. When the money starts rolling in at chemical companies, they start spending money on maintenance and upgrades. Outside firms made more money and stayed busier, and the employees (including myself) made more money and were able to "enjoy" life more, even though we had to spend a little extra at the pump. It's all a viscious cycle, but the fact remained that my own money made it back around to myself again. Most people can't make that connection, there lies some of the discontent with it all.
Look at it this way, at least the refiners are in the US and we aren't importing finished oil products the way that we import everything else. I've even heard talk of building more facilities in the US to handle the demand.