The thing about the Exxon-Mobil's profits is that in 2000, oil was what? $20 per barrel and they were making money. Now they get $130 for the same oil. Not all of their oil, but much of it. There refining costs may have gone up, but not in labour, not much, mostly fro transportation, but they can get diesel for their tankers at cost. Yeah they buy some oil on the spot market, but they pass that cost on at the pumps.

But in 2000 two more things happened. An oil man and a failed oil man were elected co-president and in 2001 the senior co-president met with Exxon Mobil.

Some time in the intervening time, the media went from blaming high oil prices on political instability in the Mid East to blaming it on demand from China and India.

I know these things are related, but I can't put my finger on how they are related.

(See Foolestroupe I do understand irony.)