Hightower Lowdown

f you do much driving—maybe you commute an hour or so each way to work, or drive a truck, a tractor, or a taxi for a living—then this year's big surge in gasoline and diesel prices has likely done some real damage to your bottom line. But if you're an oil giant, your bottom line has you laughing all the way to the bank.

Exxon Mobil has just reported that its profits nearly doubled in the last quarter; the company raked in more than $4 billion above expenses in just three month's time. Thanks to the big jump in the price of crude oil, this global giant made a killing on its oil production, then passed the increase in crude prices right through to you at its filling stations.

Meanwhile, Chevron execs are laughing at us, too. Their corporate profits nearly tripled in the past three months, bringing in the tidy sum of one and a half billion bucks. Chevron was also thrilled to see Texaco Inc. more than double its profits, with a haul of some $800 million. Why was Chevron so happy for Texaco? Because they're the latest oil giants about to merge, which will make Chevron boss hog over Texaco and give it even more profits to snort about at our expense.