They made $5.2B in their most recent quarter. I do not feel it is my obligation to pay $4.00/Gal just to help them out. The prices got too high and people adjusted and drove less - the price came back down - sounds like Econ 1A to me.

From their latest report - looks like they decide to buy their own stock rather than expand production...

“We generated $7.5 billion of cash from operations during the quarter. This enabled us to invest $4.0 billion in exploring for and developing oil and natural gas supplies, enhancing refining capabilities, and fostering emerging technologies. It also enabled us to repurchase $2.5 billion of ConocoPhillips common stock and pay $0.7 billion in dividends. We ended the quarter with debt of $22.1 billion and a debt-to-capital ratio of 19 percent.”