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Oil Companies Making a Killing (fake oil crisis)

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posted on Oct, 25 2005 @ 12:54 PM
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More Proof that the oil crisis is staged.

From: www.breitbart.com...

BP Reports 3rd-Quarter Profit Up 34 Pct.
Oct 25 7:27 AM US/Eastern
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By JANE WARDELL
AP Business Writer


LONDON


BP PLC, one of the world's largest oil companies, reported a 34 percent rise in quarterly profit Tuesday as record energy prices more than outweighed hurricane damage to its rigs and refineries.

BP said net profit for the three months ended Sept. 30 rose to $6.53 billion, up from $4.87 billion in the third quarter of 2004. Revenue jumped to $97.73 billion from $66.73 billion.

"The recent hurricanes in the U.S. have impacted our results. However, underlying performance is strong, amplified by high but volatile prices of oil, gas and products," said Chief Executive Lord Browne.

Production was down 2 percent compared to the third quarter last year, primarily because of the impact of hurricanes in the Gulf of Mexico, the company said.

"We anticipate production from the deepwater Gulf of Mexico to be back to normal, with the exception of the Shell-operated Mars project, by the end of the year," Lord Browne said.

BP is the first major oil company to report quarterly results reflecting the impact of the hurricanes, ahead of Royal Dutch Shell PLC and Exxon Mobil Corp. later this week.

Oil prices peaked at $70.85 a barrel on the New York Mercantile Exchange on Aug. 30 after Hurricane Katrina struck the Gulf Coast, temporarily shutting down at least 80 percent of its crude-oil and natural gas production and crippling many refineries. Hurricane Rita followed four weeks later, delaying a return to normal production.

Browne said that oil prices "are expected to be well supported into the winter."

The company said its replacement cost profit for the quarter, considered a key indicator by analysts, rose 16 percent to $4.41 billion from $3.79 billion. The measure excludes exceptional items and gain in the value of inventory holdings, providing the amount it would cost to replace assets at current prices.

The third-quarter result included a net non-operating charge of $921 million, largely due to the loss of fair value on Innovene, the company's petrochemicals unit that it is selling for $9 billion to British chemical company Ineos PLC. That compared with a charge of $394 million in the third quarter of 2004.

BP said "the proposed sale was sufficiently well advanced at the end of September for the Innovene operations to be classified as a 'disposal group' as of Sept. 30."

Shares in BP were down 1.5 percent at 607.5 pence ($10.79) in trading on London's Stock Exchange.




posted on Oct, 30 2005 @ 11:25 AM
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yes i was right oil was a big thing. thats most of what it was all about.
i am proved correct in my own mind.
next conspiracy please.
what are they up to next, Iran maybe.



posted on Oct, 31 2005 @ 05:34 AM
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The daft thing is that people expect the oil companies to have some sort of moral standing on supply of oil. Peak Oil is a reality but rather than spend money trying to cushion the fall or bring in a transition to differing energy sources the oil companies simply believe they can make more money out of allowing Peak Oil to unfold.

Groups make money when the economy is on the way and also when its on the way down. What your seeing from the oil cartel is the latter.



posted on Oct, 31 2005 @ 10:30 AM
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There is an abundance of oil, and the so-called scarcity is a marketing ploy to charge higher price.

MP3 Abiotic Oil
lodo.onlinestoragesolution.com...



posted on Oct, 31 2005 @ 02:08 PM
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Originally posted by uknumpty
The daft thing is that people expect the oil companies to have some sort of moral standing on supply of oil. Peak Oil is a reality but rather than spend money trying to cushion the fall or bring in a transition to differing energy sources the oil companies simply believe they can make more money out of allowing Peak Oil to unfold.

Groups make money when the economy is on the way and also when its on the way down. What your seeing from the oil cartel is the latter.


What peak oil is is very well advertised. That being said it has nothing to do with reality or for that matter supply and demand.... The oil companies could not get away with this on their own and they have very powerdfull international backing that benefits by very high international oil prices.

Here are some links and if you are still left with doubts about global oil reserves please let me know so i can clear up the issue asap.

BP: World oil and gas reserves still growing at healthy pace

How much oil and natural gas i left?

You are quite correct when you state new cleaner sources of energy must be used ( they have long since been found and work very well ) but let's not enrich the powerfull governments who make this oil racket possible.

Stellar



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