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Another week, another nationwide survey of gasoline prices. "The price rise at the pump has been relentless," announced CBS' Anthony Mason as the average for a gallon closed in on $3.25. Mason gave us some trend numbers: nationwide consumption is 16% greater than ten years ago; the cost of a gallon is 30c higher than just a year ago. "The recent pain at the pump is not due to high crude oil prices," ABC's Lisa Stark (subscription required) stated. The refinery business is the problem, with outages at 30 of the nation's 149 refineries cutting daily gasoline production by 400K barrels. The upshot is "a perfect situation for profits" with earnings of $40 on each refined barrel. Exxon's profits from refinery operations are 50% higher this year than last.
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