Gas prices break record - National Average up 20 cents a gallon

[RiverStone]

Source: seattlepi.com

CAMARILLO, Calif. -- Gasoline prices have surged to a record nationwide average of $3.07 per gallon, nearly 20 cents higher than two weeks earlier, oil industry analyst Trilby Lundberg said Sunday.

The previous record was $3.03 per gallon on Aug. 11.

But despite inventory fears that have sent prices higher, there are signs that the rising prices at the pump may be peaking.

Just two weeks ago, the U.S. average for a gallon of regular gasoline was $2.87, but the Lundberg Survey of 7,000 stations nationwide on Friday showed an increase of about 19.5 cents to $3.07. That's up 88.4 cents since Jan. 19, Lundberg reported.



Read more: http://seattlepi.nwsource.com/business/314642_gas07.htm...

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Talk about rage against the machine...

We are getting screwed at the pumps, while Exxon Mobil Corp just posted the largest annual profit in United States history!

From 2/1/07:

NEW YORK (Reuters) -- Exxon Mobil Corp. posted the largest annual profit in U.S. history Thursday, even though fourth-quarter earnings fell on lower natural gas prices and shrinking gasoline margins.

For the year, Exxon Mobil earned $39.5 billion, up from its previous record $36.1 billion in 2005.

more:

http://money.cnn.com/2007/02/01/news/companies/exxonmob...