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Shell's 'obscene' £13.4billion profit breaks British record

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posted on Jan, 30 2008 @ 10:53 PM
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Shell's 'obscene' £13.4billion profit breaks British record


www.dailymail.co.uk

Shell is expected to announce earnings of £13.4billion today - the biggest-ever profit by a British company.
The oil giant is likely to report that profits have risen 12 per cent since last year, pushed up amid fears of instability in the Middle East.
But critics have branded the earnings "obscene", pointing out that pensioners, motorists and industry are all struggling to afford soaring energy prices.
(visit the link for the full news article)




posted on Jan, 30 2008 @ 10:53 PM
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13.4 billion British pounds converts into 26.6 billion US dollars...

So the oil companies must be doing pretty terribly right now with those rising oil prices, right?

Exxon Mobil is expected to rake in 20 billion pounds this year, around 39 billion US dollars...



Tony Woodley, joint general secretary of union Unite, said: "Shell shareholders are doing very nicely whilst the rest of us are paying the price.

"Record profits at Shell and the oil industry are, quite frankly, obscene. It is time the Government acted."


Unfortunately the government owes much of its support to the oil conglomerates who supply their pockets with shiny metals.

I am utterly mind boggled at the amount of cash these corporations are earning per year. Investing in new oil fields and machinery, along with transportation and extraction costs are nowhere near a fraction of that sum.

The CEOs and CFOs must get a few million dollar bonus per year...

"Rich get richer, and the poor get poorer." We're left fighting for the scraps.

www.dailymail.co.uk
(visit the link for the full news article)



posted on Jan, 31 2008 @ 05:44 AM
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It all comes down to "false claims/Fear" of oil shortages so they can jack up the price. OH MY GOD a mouse farted near an oil well prices go up 40 cents a gallon.



posted on Jan, 31 2008 @ 05:47 AM
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I am not realy supprised if i see what peple have to pay for a full tank at the pump.

We get squeezed dry like a lemon by these compagnies.



posted on Jan, 31 2008 @ 06:07 AM
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There's also the governments cut which, the last time I looked, came to around 70% of the cost at the pumps. I sure would like to see a breakdown of government spending to see where all the money goes and how much they are paying all the consultants and outsourced services, see just how much value for money we are getting.



posted on Jan, 31 2008 @ 06:38 AM
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Diesel in the Uk is running at £1.10 a litre, which in US terms is about $7.74 a gallon.

I keep reading about how prices have to go up to reflect refinery capacity, supply and exploration costs, and of course if someone so much as breaks wind anywhere near an oil producing country the cost goes up again.....

£13.4 billion is an awful lot of profit. You could take quite a bit off forecort costs and still make a £10 billion profit if you think about it, but the oil companies always argue that 75% of the fuel cost here is tax, and that they have very little control over the price.

Personally I think that stinks


It will be budget time soon in the UK. If the Chancellor raises fuel duty again, I can honestly see a return of the fuel tax protests we had a few years back and maybe rioting. The envelope is being pushed too far.



posted on Jan, 31 2008 @ 06:46 AM
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Most of the profit does not come forecourts or even retail fuel sales. They make about 1p/liter, if they are lucky, off forecourt sales. One garage near my work has been making a loss for years now.

Big industrial and commercial users of fuel and the refining business is where they have made their cash.

Also, the companies don't set the price of Oil, thats done by the markets, who as mentioned, panic at the merest mention of a mouse fart.

Personally, i think Government should reduce duty on fuel for the public, but instead charge windfall taxes of 50-60% for profits over £5bn. Would be a good boost for the economy and relieve pressure on consumers.

It's not as if the companies could charge that much more for fuel to make up for the windfall tax, as it would still be taken by the government and they barely make any money off fuel sales anyway.



posted on Jan, 31 2008 @ 07:35 AM
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Well thank the present American government administration that has make the oil baron of the world filthy rich including the middle east royalty.

Yes, they are kissing president Bush feet as we speak, I wonder if they will adopt him into the Saudi Royal family after he leaves the white House.

In the last 8 years we have seen the highest records on oil prices that this nation or the world had seen.


apc

posted on Jan, 31 2008 @ 07:41 AM
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2004: 6.96 %
2005: 8.25
2006: 7.80
2007: 7.88 (based on a generous Q4 income estimate of $100B)

The only crime here is obscene taxation.



posted on Jan, 31 2008 @ 09:30 AM
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Oil companies run a business. We buy their product. Why should they not be allowed to make a profit?



posted on Jan, 31 2008 @ 09:59 AM
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Originally posted by marg6043
Well thank the present American government administration that has make the oil baron of the world filthy rich including the middle east royalty.

Yes, they are kissing president Bush feet as we speak, I wonder if they will adopt him into the Saudi Royal family after he leaves the white House.

In the last 8 years we have seen the highest records on oil prices that this nation or the world had seen.


Yep, it's the fault of the US.


In the early 80's we had about 300 refineries in the US. Now we have about 149. I think I read the last time a permit to build one was issued in 2000 or so.

By the way, Clinton was president when the US decided it was cheaper to buy foreign oil than pump our own. He also received about a million dollars for his presidential library and strip club from the Saudis.



posted on Jan, 31 2008 @ 10:38 AM
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Yes 8 years of Bush administration has been very good to the oil barons and the middle east royal nation including the Emirates.

Yes Bush has been good to business.


Still sticking to the man in the white house I see.

But numbers and statistics don't lie, our economy may be in the toilet but hey the oil barons are doing pretty good, with two wars and an occupation influencing middle east policies and oil flow.


A littler constipaption here and there and oil prices just soar. . .

[edit on 31-1-2008 by marg6043]



posted on Jan, 31 2008 @ 10:43 AM
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reply to post by marg6043
 


How much better would the oil barons do, if they didn't have to pay as much for the oil, yet gas prices were still high? If oil were still $20/barrel, but gas in the US was still $3/gallon, you'd really see some "obscene" profits.



posted on Jan, 31 2008 @ 11:07 AM
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Originally posted by marg6043
A littler constipaption here and there and oil prices just soar. . .


Huh?

But I will agree with you about this: Seems that if the word "oil" is mentioned in the news, prices go up. I bet when Florence Henderson dies (She was the spokesperson for Wesson OIL), prices will skyrocket.



posted on Jan, 31 2008 @ 11:43 AM
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reply to post by stumason
 


Punishing a company for being succseful is not only illegal it's on the same side of the coin as them not being more generous with there money, oh wait...they are, there shareholders get the money, is it shells fault that you didnt buy into the company, is it shells fault that people buy what they sell, people complain when they realise that they missed the boat!



posted on Jan, 31 2008 @ 11:51 AM
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reply to post by Pro-genetic
 


Who said anything about punishing them? I'm not bitter, but the government is keen to get it's hands on my hard earned money through taxation, so I think the companies could pay a little as well. Especially given the size of the profits.

Companies get treatment like citizens under law, so following that logic, if someone earned £13.9 Billion in one year, anything above £37,000 would be taxed at 40%. Currently, corporation tax is very much below that, somewhere nearer 25-30%, if not less once they've done their accounting jiggery.

Also, how is it illegal to tax a company? A windfall tax is not unheard of either. I don't understand your attitude towards me over this, given that I opened my post defending the profit they made, only that a little more of it should be taxed for the good of the nation. God knows we have a budget deficit right now and currently pay £20 Billion a year in debt interest payments.



posted on Jan, 31 2008 @ 11:59 AM
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Sorry if i came off as attacking you, i didn mean for it to be like that at all! And tell me how is it that burdening a company with huge profits is good for britain?sure in the short run, but long term no as it will stifile the economy as no one will want to invest in a country that robs companies, kinda like russia!



posted on Jan, 31 2008 @ 12:07 PM
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reply to post by Pro-genetic
 


No worries


I'm not saying forcefully take them over or rob most of the money but maybe for companies earning over a set amount they should have a higher taxation rate, just like people. Most companies will not earn over £5 billion a year profit, in fact, most companies are small businesses that earn less than £5 million!

Asking the very few big earners to cough up a bit more is exactly what the government does with the people, yet the UK has a constantly increasing supply of millionaires and billionaires, so it obviously doesn't put them off that much.



posted on Jan, 31 2008 @ 12:19 PM
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What trips me out on every one of these threads where people are reporting the obscene BILLIONS in profits these companies are making, is the amount of people DEFENDING these crooks. I don't care WHO is making the profits, I only know that I and my family are SUFFERING because of these peoples profits! This is total BS. We are being raped at the pumps-period.



posted on Jan, 31 2008 @ 12:35 PM
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reply to post by DimensionalDetective
 


As stated above, they don't make money at the pumps. In the UK, the companies take around 1p/litre out of the total £1 as profit. I'd hardly call that raping. Most petrol stations make a loss on fuel sales.

EDIT: In terms of margins, 1% is a pathetic margin and most companies who can set their prices themselves would try to make around 30% margin on a sale. If you have a problem with being "raped at the pump", may I suggest you speak to your Chancellor/Finance Minister/Treasury Secretary

The profit stems from the wholesale market for fuel, where the price is dictated by the market itself, not the companies.

The same thing applies for farmers and miners, etc. They don't dictate the price that their product sells at, so can hardly be held to account for "raping" customer's when they sell to the highest bidder.


[edit on 31/1/08 by stumason]




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