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Local residents react to oil companies' profits

07:19 PM EDT on Thursday, October 30, 2008

By NATALIE DICK / NewsChannel 36
E-mail Natalie: NDick@WCNC.com

Video

Shell, Exxon report third-quarter profits

CHARLOTTE, N.C. -- The long lines and crazy prices at the pump may be gone but consumers’ tempers flared on Thursday after news of big oil companies' huge gains.

Third quarter results from ExxonMobil were $14.8 billion and Shell ended the period with a $10.9 billion profit.

"It's definitely a concern. Somebody's keeping some money in their pockets,” Charlotte resident Dula Keppel told NewsChannel 36 as he filled up his tank at the Exxon at Woodlawn and Park roads.

"Understandably people want answers," North Carolina Petroleum Council’s Bill Weatherspoon said.

Here's how industry representatives say it all breaks down. For every dollar in sales ExxonMobil made, they earned almost 11 cents. Shell earned just over eight.

"Although the number is large, the profitability of the companies is in line with other industry corporations," Weatherspoon added. “It’s actually the best news in this environment. That an energy company doesn’t need a bailout from the federal government.”

ExxonMobil executives said in a written release that "the strong results demonstrate the continued success of our disciplined business approach.

Shell executives said their "strategy remains to pay competitive and progressive dividends and to make significant investments in the company for future profitability.”

Still most consumers like retiree Frank Collins aren’t buying it.

“All we can do is endure. It comes out of nowhere and we must cope with what we have,” he said.

As for who to blame for the high costs, Weatherspoon said much of it was an after-effect of the recent hurricanes.