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Repiglican Roast

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Friday, September 01, 2006

US drivers subsidize European pump prices -report

[...]

The report also found that the refinery and marketing profits of Exxon Mobil (XOM.N: Quote, Profile, Research), Shell Oil Co. (RDSa.L: Quote, Profile, Research), Chevron (CVX.N: Quote, Profile, Research) and ConocoPhillips (COP.N: Quote, Profile, Research) outside the United States increased by 117 percent this summer compared with 2003, while profits for the same companies at their U.S.-based operations soared an average 334 percent.

American consumers have become the "cash cows" for the international oil industry, the study said.

Unlike U.S. drivers, motorists in Europe and throughout the world have seen gasoline prices increase at a similar rate to the rise in crude oil costs, according to the report.
[...]

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