After sky-rocketing to record prices in July, penny-pinching gas pumpers will be relieved to know that oil prices have began to slowly cool down – if only by 5.5%. Over the past year, the price of oil has risen so quickly that it was almost impossible for gas prices to keep up. This wasn’t all bad news for large U.S. oil companies. Due to the record boost in oil prices, ExxonMobil, the world’s largest privately held oil company, and Chevron, the second largest U.S. oil company, both reported record profits in the second quarter of 2008.
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