“BP has seen its latest quarterly profits more than double…….”
This kind of news story really ticks me off, all the more so because it is the same story every time there’s a hike in oil prices.
I always assumed, very childishly, that the whole point of raising and (more slowly) lowering the price of petrol in times of fluctuating oil prices was to keep the profit margin of people like BP roughly on an even keel. When looking back to the times of high oil prices I remember complaints about rising petrol prices at the same time as food costs and energy costs also going up. At the time, people like BP were full of excuses like “We’re really sorry but we have no choice thanks to the rising oil prices.”. Lo and behold, here we are a few months later and they record a 148% increase in profits!
I can’t claim to understand their industry in great detail but I do understand the correlation between higher price of petrol and higher profits, in this case clearly not offset much at all by higher cost of oil. I think it is shameful for these companies to be allowed to get away with it, to be allowed to rip off the public using excuses of high oil prices as if high oil prices are an act of God or something and we should all understand why they have to behave as they do.
Many people are facing difficult times now, even more difficult than when BP and others were ripping them off months back. Perhaps BP might like to give some of this $10 billion back to the public? After all, their share price makes no bloody sense anyway so why bother having such a huge surplus profit if they are not going to benefit from it by way of bigger bonuses paid in shares?