Steamed up my afternoon

[jjirons69]

$98 to fill up today - $3.62/gal at Costco. I know a lot of you pay higher than that and have way more room to complain. Just reading this today made my ears hot, especially after getting gas at lunch!

This is 1st quarter profits - first quarter only...The days of low gas prices are gone.



The six biggest publicly traded oil companies reported a total of more than $38 billion in first-quarter profits.

NEW YORK (CNNMoney.com) -- The first three months of the year were good to the oil industry -- although American drivers and their elected leaders are not offering congratulations.

This week, the world's six largest publicly traded oil companies reported a combined $38.1 billion in first-quarter profits. Of the so-called supermajors, only BP (BP)'s earnings declined from the year before.

The windfall stems from a surge in the price of oil, which jumped 16% in the first quarter, rising firmly above $100 a barrel in March.

But the spike in oil prices has been a blow to consumers, with gas prices rising near record highs across America.

As a result, the oil industry has come under fire from lawmakers in Washington for reaping billions in profits while U.S. drivers get squeezed.

Now, Big Oil is fighting back.

Shortly after posting first-quarter earnings of nearly $11 billion Thursday, Exxon Mobil (XOM, Fortune 500) issued a defensive statement arguing that it's not to blame for $4 gas. The company put part of the blame for soaring oil and gas prices on the U.S. government.

"For every gallon of gasoline and other products we refined and sold in the United States, we earned about 7 cents," said a statement from Exxon vice president Ken Cohen. "Compare that to the 40 to 60 cents per cents per gallon that went to the government (state and federal) in gasoline taxes."

The industry's top lobbyist also went on the offensive, saying the earnings that these companies reported this week reflect a strong economy and are a boon for investors, including many pension funds.

"The U.S. oil and natural gas industry's strong earnings signal growing strength in our economy," said Jack Gerard, chief executive of the American Petroleum Institute. He said Americans "should be proud" of an industry that supports millions of jobs and provides income for retirees who have shares of profitable oil companies in their retirement accounts.

The industry comments came after President Obama renewed his call for Congress to end tax breaks for the industry that he says are worth $4 billion. "As we work together to reduce our deficits, we simply can't afford these wasteful subsidies," the president wrote Tuesday in a letter to congressional leaders.