no, you are correct; however this theory although is a correct theory, its not the "whole" picture or reasoning of why Exxon posted the largest profit in recorded history last year. If you look at the daily price (or costs) of oil per barrel against the daily average of gas prices each day, it's NOT the same ratio (FYI: One barrel of oil, refined makes 19.6 gallons of gas), hence "someone" is making more money somewhere... Yes, part of it is going to the individual gas station owners and some of it's going to the transportation co's who are delivering it...... Pretty much everyone involved in the gas industry makes their share of profits from this, but over all this is where Exxon has made their "record profits".... So in short, yes you are right about the profit margin staying the same but when the prices are driven up, then the $$ actually goes up too..... But in all reality this is just an excuse from Exxon to hide the fact that they are literally rapeing everyone....