A consumer group’s report said big oil companies profits, including ExxonMobil (NYSE: XOM), Royal Dutch Shell PLC’s (NYSE: RDSA) Shell Oil Co., Chevron (NYSE: CVX) and ConocoPhillips (NYSE: COP), have risen at twice the pace in the United States compared to Europe and that American drivers are in effect subsidizing European drivers.
The Foundation for Taxpayer and Consumer Rights said once taxes are deducted, U.S. gas prices in July were 24 cents a gallon higher than in Europe. While Europeans pay more than $5 a gallon, most of the pump price reflects government taxes.
Oil company profits increased 117 percent for operations outside the U.S. while profits soared 334 percent inside the U.S., the study said.
The study said American consumers were “cash cows” for the international oil industry.