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US gas prices rise as big oil profits
Sun, 01 May 2011 18:20:05 GMT
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Gasoline prices continue to rise across the US with some gas stations charging over five-dollars a gallon, as oil and gas companies enjoy record profits.

A station in Orlando, Florida is charging its costumers USD 5.69 for a gallon of regular gasoline, CNNMoney reported. In California, Alaska as well as Hawaii, gas has been traded at over USD five a gallon.

US President Barack Obama has called on Congress to end tax breaks for oil and gas companies as they enjoy huge profits.

“When oil companies are making huge profits and you're struggling at the pump, and we're scouring the federal budget for spending we can afford to do without, these tax giveaways aren't right,” Obama said in his weekly radio and internet address on Saturday.

The Big Five oil companies -- ExxonMobil, BP, Shell, Chevron, and ConocoPhillips -- recently announced record earnings totaling USD 34 billion within the first quarter of 2011. Their profits show a 42 percent increase from last year.

Exxon alone reportedly made USD 10.7 billion in profits this year, up 69 percent from 2010.

The White House is worried that the soaring oil prices along with a number of other economic woes could dominate next year's presidential campaign.

Meanwhile, a recent poll has revealed that nearly 60-percent of Americans disapprove of the way Obama is handling the economy.

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