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Companies Reap Profits From High Prices

The nation`s top five oil companies made a $364 million profit, when gas prices peaked over the summer. Quarterly results from Exxon Mobil Corp., BP Group, Royal Dutch Shell, Chevron Corp. and ConocoPhillips, show a $32.8 billion in net income in the three months ending Sept. 30, according to market watchers

"Big-oil behemoths are making out like bandits, while the average American family is getting killed by high gas prices, and soon-to-be record heating oil prices," New York Senator Charles Schumer said. "We need to fix this." Schumer, a Democrat, is calling for a temporary levy on oil-company profits, with the money to be channeled into Katrina relief funds to help rebuild the Gulf Coast.

Senator Schumer isn`t the only person concerned with bloated prices, and while many of those connected to the oil industry can organize effectively against changes in regulations, popular support might be able to be called upon to end seasonable but unreasonable oil prices for gasoline, home heating needs, etc.