"Gheit noted, however, that there was some truth in Ahmadinejad's comment on developed countries benefiting most from increased oil prices, though the statement would likely be seen as an attempt at 'fanning the flames' of a red-hot oil market.
'What he's saying makes a lot of sense. Unfortunately, the source of the comment is going to send jitters in the market,' Gheit said.
'The street value (of oil) is triple what OPEC is making,' Gheit added, referring to the value of a barrel of gasoline versus the value of a barrel of oil.
Gheit estimated that in London, where the retail price of gasoline is about $6 a gallon, about $150 worth of gasoline can be made and sold from every $50 barrel of oil.
'That is why Exxon Mobil and all the rest make so much money,' he said. "
this boycott is taking off. it was on cnn today at 3pm and now everyone i know is going to stop using exxon and mobile gas as of may 1 2006. everyone is up in arms because of exxon's obscene profits from the first quater report and the 400 million dollar golden parachute that this co. gave its cfo to retire on. asta la vista exxon mobile.
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