Shockaroo- Gas profits up - Democratic Underground

NightWatcher

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Tue Apr-29-08 12:47 PM
Original message

Shockaroo- Gas profits up

Pump prices lift Shell and BP to record £7.2bn

http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article3837029.ece

BP and Royal Dutch Shell have reported massive increases in profits for the first three months of this year on the back of rocketing petrol prices, which are expected to hit £5 a gallon today.

BP's pre-tax profits rose 48 per cent in the first quarter to $6.6 billion (£3.3 billion) while Shell increased its profits 12 per cent to a record $7.8 billion (£3.9 billion).

The increase has been driven by the rising oil prices, which the companies have passed on to consumers in the form of higher petrol and diesel costs.

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Waya

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Tue Apr-29-08 12:49 PM
Response to Original message

1. Imagine my surprise.....................

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AndyA

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Tue Apr-29-08 12:51 PM
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2. A 48% INCREASE IN PROFITS.

Think about that, people.

A.

48%.

INCREASE.

IN.

PROFITS.

IN.

ONE.

QUARTER.

Does ANYONE seriously believe we aren't being gouged? What other company is making these kind of profits at this point?

And why the hell isn't Congress holding investigations 24/7 on this? What will it take?

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orangerevolution

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Tue Apr-29-08 12:58 PM
Response to Reply #2

4. What were the expenses paid in the first qtr?

and were these profits used to pay those expenses?

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Beausoleil

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Tue Apr-29-08 03:05 PM
Response to Reply #4

8. I'm not an accountant, but

I believe expenses are offset by revenues before profit is calculated. Profit is free and clear.

Anyway, they could use their massive tax breaks to pay their expenses.

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Hydra

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Tue Apr-29-08 12:52 PM
Response to Original message

3. Ya, gas has gone up $.30 in the last month in my area

almost 10% in one month...

But we CAN'T have that on the inflation indicator- it might indicate inflation!

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Orrex

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Tue Apr-29-08 01:13 PM
Response to Reply #3

6. Aaaarghh! I hate that!

If I didn't have to list food and gas as part of my monthly expenses, I'd be sitting financially pretty. But for some reason I still need to factor in these costs...

Not so the economy at large. Why is that, I wonder?

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Hydra

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Tue Apr-29-08 02:47 PM
Response to Reply #6

7. Our society lives on double standards

Megacorps can declare bankruptcy and their CEOs leave with millions/billions in their pockets. The Dems opt to deny us that right. The gov't gives out MASSIVE subsidies to big oil and others. They whine about paying us unemployment.

There are two sets of laws- 1 for the Uber rich, and 1 for the rest of us.

So much for "Equal under the law."

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cloudbase

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Tue Apr-29-08 01:01 PM
Response to Original message

5. I'm shocked, too.

http://www.oceancountypolitics.com/inhouse/Images/Renault,%20Louis%20copy.jpg

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