Chevron and Total became the latest big oil companies to post sharp increases in profits as crude prices surged and refining margins improved along with global fuel demand. The price of oil has risen comfortably above $100 a barrel, putting a squeeze on drivers and raising talk of a U.S. legislative pushback, as global energy demand and unrest in the Middle East and North Africa darken the oil supply picture.
"Growing geopolitical tensions and the aftermath of the earthquake in Japan will shift the balance of the global energy markets," Total Chairman Christophe de Margerie said.
The surge in the price of crude, the oil refiners' main input, has led to a $1 surge in the price U.S. drivers pay for a gallon of gasoline, angering consumers already beleaguered by years of recession, while crimping the recovery. (read more)
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