Record profits from oil may soon ooze away

The doubling of oil prices over the past few years has produced enormous windfalls for oil companies. But those record profits are likely to recede in the years ahead – even if oil prices don’t – as oil-producing nations increasingly demand a bigger share of the wealth.

Last year, the five largest U.S. and Western European oil companies had a combined profit of $120 billion, roughly double what they earned in 2003, and they are likely to be rolling in cash for some time to come.

PuebloChieftain