DNC: Americans' Pain at the Pump a Boom for Oil Companies (Part 2 of 2)
U.S. Newswire, October, 2005
WASHINGTON, Oct. 27 /U.S. Newswire/ -- Following is a fact sheet from DNC Research on soaring oil company profits and out-of-control gas prices (Part 2 of 2):
Oil Companies Experienced Record $100 Billion in Profits During 2004. According to the New York Times, "Even though the market value of target companies are near their record highs, that is matched by record profits and cash on hand at big oil companies. With crude oil averaging $41 a barrel in 2004, the world's top 10 oil companies made more than $100 billion in profit (in 2004). The boom is expected to grow this year. Oil futures on the New York Mercantile Exchange set a new record (on April 4), rising above $58 a barrel for the first time." (New York Times, 4/5/05)
Big Oil Companies Have Experienced Record...
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