Sure the profit numbers are mind boggling. BUT..
We should not be looking at the raw profit numbers. They titillate, but really tell us NOTHING!!!
What we should be looking at is Return on Investment (ROI). Think those oil drilling platforms are cheap? How about refineries and tankers? The industry is very capitol intensive. That capitol will not come if the return is lousy. It is that simple. Here is an opposing view:
http://home.entouch.net/dmd/costofoil.htm
Historically oil has been a not-so-good investment, compared to some others.
Also, if you think that the public oil companies (Exxon Mobil et. al.) are raking it in, how do you think the government-controlled oil companies are doing? We stand a very small chance of ever finding out.
Without getting political (I may have already crossed that line) I think that a little slight of hand is being played by a sensationalistic media.
JMHO