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Becky Bruce reportingExxon Mobil is posting the second biggest ever quarterly profits at $10.9 billion. But don't blame big oil for what you pay at the pump.
We were a little surprised to find few drivers railing at Exxon for record pump prices. "We're not exploring, we're not coming up with new sources, we're redoing old wells," one driver said.
But it's crude oil that's the real culprit, and Utah Petroleum Association President Lee Peacock says the oil companies can't control that. "Those prices are set in the international marketplace. We just pay those prices here, we don't have any control over them," he said.
Peacock also said Exxon's profit quote is right in line with other major companies, and a lot less profit per dollar than companies like McDonald's, Johnson and Johnson or Microsoft. "The industry is doing everything it can to provide products at a reasonable cost to consumers, and so we'll just continue to do that whether prices are high or prices are low," he said.
By the way, Peacock says suspending the gas tax this summer might hurt more than it helps. The tax maintains our roads.
E-mail: bbruce@ksl.com
