US drivers subsidize European pump prices-report (US oil profits up 334%)

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http://today.reuters.com/news/articleinvesting.aspx?view=CN&storyID=2006-08-31T200914Z_01_N31221683_RTRIDST_0_ENERGY-GASOLINE-PRICES.XML&rpc=66&type=qcna

WASHINGTON, Aug 31 (Reuters) - U.S. drivers helped to boost Big Oil's record profits more than their European counterparts, by paying more for gasoline once taxes were taken out at the pump, according to a report released on Thursday.

The report from the Foundation for Taxpayer and Consumer Rights also showed that profit margins were much larger for multinational oil companies' refinery operations in the United States than those located in Europe.

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Based on retail gasoline prices in July, when taxes were taken out European drivers paid 24 cents a gallon less to fill up than their Americans, the study showed.

"Thus U.S. motorists are essentially subsidizing European drivers, who pay more for taxes but substantially less into oil company profits," the report said.

The report also found that the refinery and marketing profits of Exxon Mobil (XOM.N: Quote, Profile, Research), Shell Oil Co. (RDSa.L: Quote, Profile, Research), Chevron (CVX.N: Quote, Profile, Research) and ConocoPhillips (COP.N: Quote, Profile, Research) outside the United States increased by 117 percent this summer compared with 2003, while profits for the same companies at their U.S.-based operations soared an average 334 percent.