High Prices No Windfall for Station Owners

Jerry Huot hears a lot these days from customers at his nine Conoco Phillips stations who can’t believe his profits haven’t soared along with gas prices.

“We hear every day about how we’re gouging the public and robbing the public,” Huot said.

Except it’s not true, he said.

Conoco Phillips made $3 billion in the first quarter of this year and the price of gasoline doubled over the past year. But still, Huot said, “We lost money the first quarter.”

“In a lot of cases, it’s OPEC countries that are making money, but the person who runs your local service station is not getting rich on these high prices,” said Peter Beutel, an oil industry analyst.
ABC News