Oil Companies Gain Millions Over Holiday Weekend

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Oil Companies Gain Millions Over Holiday Weekend

SANTA MONICA, Calif. -- According to the Foundation for Taxpayer and Consumer Rights (FTCR), oil companies saw $140 million in profits on the summer's biggest travel day, July 4th.

Compared to figures from last year, motorists spent an average of 72 cents more per gallon this year than last. Of that 72 cents paid for crude oil, 41 cents goes straight to the oil companies' pockets from costs at the pump, the foundation said.

Considering Americans are estimated to burn 343.4 million gallons of gasoline per day, this totals $140 million more per day this year than previous, said the FTCR.

The state of California alone is paying $22.5 million a day in profits compared to last year, according to the report.

"The price at the pump and the profit margins of the oil companies keep setting record highs every year. It is hard to say where or when it will stop," said Tim Hamilton, petroleum analyst for FTCR.