Don?t Believe Rumors: Exxon Mobil

Exxon Mobil Corp. CEO said Wednesday that his company could not control the high price of gasoline and that political uncertainty in the Middle East will inflate the prices for the next several months.
He said Exxon Mobil makes about 5 cents nickel per gallon of gasoline at the pump. "This notion that we're making dollars on gasoline; that's a long way from true," Exxon?s Raymond said. "The two largest elements in the price of gasoline are the cost of crude oil and taxes. We're way down the list."
Saudi Arabia, the world's largest oil producer, announced last week it would increase output of crude oil beginning next month, but other OPEC members have declined to publicly support an 8.5 percent increase in production quotas.
Raymond supported the position of Saudi Arabia.