Crude awakening: forget what you've heard about Exxon Mobil. The profits may be obscene, but that doesn't mean you're being cheated at the pump.(FAQ: ON THE STORY BEHIND THE STORY)(Interview)

Publication: Texas Monthly

Publication Date: 01-JUN-06

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COPYRIGHT 2006 Texas Monthly, Inc.

Soaring gasoline prices. Unprecedented corporate profits. Is it okay to hate Exxon Mobil? If you do, you'll have plenty of company, In a recent NBC-Wall Street Journal poll that asked Americans what worries them most, 45 percent said $3-a-gallon gas. That was the number one answer, beating out a nuclear Iran, illegal immigration, and civil unrest in Iraq. When asked what was responsible for the spike in prices, people were more than happy to blame Big Off. And no one's bigger than Exxon Mobil.

So is the company responsible for the high gas prices? Every economist on CNBC tells a different story. Well, as LBJ used to say, "If you put two economists in a room, you're bound to hear three opinions" So let's keep the answer simple: First, worldwide demand is soaring. The United States...

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