Record Gas Profits
Every day the gas prices fluctuate. On occasion the price drops but the usual trend is upwards. For the oil companies, this means huge record profits:
“…Trouncing analysts’ expectations Tuesday, BP and Royal Dutch Shell, Europe’s largest oil companies, delivered record profits for the first quarter of 2008. Anglo-Dutch firm Shell netted $7.78 billion in the first three months of this year, up 12% over the same period in 2007. Profits at rival BP, meanwhile, swelled by almost half to $6.59 billion. Shares in each firm climbed almost 5% on the news.”
link: BP and Shell Downplay Record Profits
The record prices - and the record profits - are hurting the economy. There will be a backlash. Consumers know why there are record profits. They see it with every trip to the gas pump. Truckers are approaching a thousand dollars ($1,000.00) to fill up. There will be a price to pay for the greed.
Catherine Forsythe
Director of Operations
FlyingHamster
Kathy,
You are wrong, record profits are not hurting anyone. The cost of fuel is hurts but oil company profits are not the reason. Maybe you shouldn’t profit from the work you do; that doesn’t sound to good does it.?
The truth in what is really hurting is the fact that there is more oil that we know what to do with and we can drill for it. The far left and eco-warriors have made it impossible to drill, refine and redistribute. We haven’t upgraded refineries since the early 70’s, what do you expect?
That’s just bad reporting, if even that.