Proof oil companies are holding off price increase, most likely for political reasons
Every other time the price of crude oil jumped in the past, Exxon Mobil made more profits by increasing prices at the pump. This time its profits suddenly decreased. This means someone is telling them to hold off increasing prices at the pump.
The sell-off began after Exxon Mobil announced a 10 percent decline in third-quarter earnings, which fell short of Wall Street expectations. Shares of the company, the world?s largest oil conglomerate, dropped 2.1 percent to $89.72.