There aren't many people who feel bad for oil companies. But the implosion in oil prices -- which briefly pushed the price of crude below $30 a barrel Tuesday for the first time since 2003 -- is causing a profit decline that almost invokes pity.
The companies in the Standard & Poor's 500 energy sector are expected to lose a collective $28.8 billion this calendar year, down from $95.4 billion in net income earned during the industry's bonanza year of 2008, according to a USA TODAY analysis of data from S&P Capital IQ.
That's a $124 billion swing against energy companies - and one you're probably enjoying at the pump. The analysis includes only the 36 S&P 500 energy companies that reported net income in 2008.