quote:Because oil companies are the only players in the game, they can charge whatever they want. That is why they have been making record profits throughout this recession, and have been giving record bonuses.
Incorrect.
If oil companies could charge whatever they wanted, their margins would be higher. They are seeing record profits in actual dollars because oil is getting more expensive due to increased demand. Many industries achieve higher margins than oil. Additionally, I've already pointed out that oil is a highly fungible commodity, making oil from anywhere in the world interchangable with oil from other parts of the world. It is a global commodity, and in the global market the largest oil companies are state owned. The profit motive is not driving oil prices.