Posted on 04/29/2008 1:59:45 PM PDT by Sub-Driver
Outcry as Shell and BP make billions on back of price rises Robin Pagnamenta and David Robertson
Surging oil prices helped to boost profits at BP and Royal Dutch Shell to a combined record of £7.2 billion for the first quarter of the year.
Amid growing accusations of profiteering by big oil companies, it also emerged that BP had earned a one-off trading profit of $400 million (£203 million) by correctly betting on the direction of oil and gas prices.
The figures provoked an immediate outcry from campaign groups, which said it was a disgrace that at a time of increased public concern about climate change Shell and BP were earning their biggest profits, while compounding the problem of rising global carbon emissions.
A spokesman for the trade union Unite said that the profits were unacceptable and called for them to be used to improve pension provision for staff.
BP’s pre-tax profits surged 48 per cent in the first quarter to £3.3 billion while Shell increased its profits 12 per cent to a record £3.9 billion. The rising profits were driven by spiralling oil prices, which the companies have passed on to consumers in the form of higher petrol and diesel prices. Yesterday the price of crude oil was trading slightly below record highs of $120 a barrel.
Both Shell and BP’s figures were much higher than expected. Jason Kenney, an oil analyst at ING, described them as “blow-away numbers”.
Robin Oakley, from Greenpeace, said that said the results were “totally at odds” with the direction that both companies needed to go in.
(Excerpt) Read more at business.timesonline.co.uk ...
The lower 50% of American Taxpayers only paid 98 Billion last year - Thats less than the tax that Exxon paid.
I haven't done the math, but for 2007 Exxon alone paid $30 billion in income taxes. So the government benefits greatly from high oil.
I guess we could start by asking how much it costs govt to produce the oil they tax. lol
Here’s a break down of what goes into $3.46 a gallon fuel:
Distribution Costs, Marketing Costs and Profits $0.02
Crude Oil Cost $2.44
Refinery Cost and Profits $0.36
State Underground Storage Tank Fee $0.01
State and Local Sales Tax $0.26
State Excise Tax $0.18
Federal Excise Tax $0.18
———————————————————...
Retail prices $3.46
I’ve read somewhere that oil companies make about 7 cents per gallon on oil.
What a great scam!
Whatever the predator companies make, the predator government makes 3 times as much.
Guess which I'd rather attack??
With the internet available, they can't now go run and hide.
They are idiots right out in the open.
At least in California...
CLARK, WE NEED YOU!
(Pest control).
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