OUTRAGE: BP profits soar by 148%

BP profits soar by 148 per cent!!

www.tel egraph.co.uk

BP has seen its profits increase by 148 per cent on the back of the rise in oil prices earlier in the year.

-------------------------------------------------------------------

The oil giant made £6.4 billion in the three months from July to September.

It triggered fresh demands for a windfall tax from trade union leaders and left-wing Labour MPs.

"This is a grotesquely obscene level of profiteering by BP and I will be calling in Parliament for price controls and profit windfall taxes," said John McDonnell, Labour MP for Hayes and Harlington.

Paul Kenny, general secretary of the GMB, was equally incensed by the figures which coincided with the period when oil hit $147 a barrel and motorists were paying nearly 120 pence a litre for petrol.

"We have been calling on the Government and the financial authorities to curb speculation in the oil market which has wreaked havoc in the real economy and stoked up inflation," he said.

"Now we see the result of this speculation with BP enjoying huge windfall profits."

In recent weeks the market price of oil has tumbled, bringing some relief to millions of hard-pressed motorists.

But with the OPEC oil producing cartel cutting production, some analysts believe prices could rise again.

However Tony Hayward, BP's chief executive, admitted that the high oil prices had helped the company's results.

He was also confident that it would prosper despite the current volatility in the markets.

"We think the current turmoil may in fact create opportunities for us and we will look at those very closely".

An AA spokesman said: "Someone is going to make money if the market forces prices higher than the cost of production."

(visit the link for the full news article)

[edit on 28-10-2008 by dodgygeeza]

We all knew this would happen while the fuel prices shot up. I for one was waiting for this, where major Oil giants would announce record profits on the backs of a so-called oil shortages.

If there is anything to get furious about, this is it.

How much will be done about this?

Probably absolutely nothing, considering it's not even front page news and the worthless Jonathan Ross story is.

This is literally day-light robbery.

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

The more profit BP makes the more they'll pay in taxes (corporation tax.)

Commodities are the main companies listed on the FTSE 100. Implement a Windfall Tax and these organisation will vacate to another part of the World.

Not a wise move, especially when the economy is in recession.

Hrm, I'd like to see a breakdown of their profit structure...

BP has started to invest heavily into alternative fuels and "green" power sources...

before I decide if I should get angry, I would like to see exactly where these profits came from.

I can't imagine oil, as demand has seriously dropped...

I don't know... anyone have any ideas?

reply to post by nj2day


These profits came from the last quarter when demand was still high and the price was astronomical. Only after the world decided to cut back on a major scale was the price reduced. Now their profits will start to look obscene in stead of Friggin crazy high.

Did I see someone actually excuse these type of corporations as 'needing' to be there for us or they will leave for ??????? and we'll not get our hands on all that lovely corp tax? Hmmm err, like you'll see any of it! Well if that floats your cosy boat then good luck to you.

Get angry even if you can't do anything about your dependance on their product. However, stop buying their newspapers or subscribing to their media outlets. Easy steps that we ALL can do and see how that affects the NWO media?

It is my belief that these major oil giants already have the "green" technology that could solve all environmental issues but they're flogging oil for every last bit of profit until the inevitable big shift to renewable clean energy.

You can bet your life that BP will adopt the image of our "green saviours" when that time comes.

reply to post by mlmijyd


If you don't like it, grow a large square beard, move to Indiana and drive a horse and buggy. Mom and pop outfits could never fuel the economy, corporations are a necessary evil.

reply to post by dodgygeeza


Isn't T. Boone Pickens from BP? If so, hopefully this money goes to his plan, which seems like a good one to me, using the wind corridor and building more infrastructure for CNG vehicles.

Originally posted by SectionEight
reply to post by mlmijyd

 

If you don't like it, grow a large square beard, move to Indiana and drive a horse and buggy. Mom and pop outfits could never fuel the economy, corporations are a necessary evil.

A real life Sheeple type person. Well said sir, a fine example of NWO cannon fodder material in the making I can see from your faultless logic. And, your government is clearly serving you well I would deduce?

the whole point of business is to max the return to share holders. you game production of various products to do just that. if the price of gas gets low you produce more of another product or you sell excess inventory overseas. business is not in business to give you cheap gas. there may be an assumed right to energy by many but in reality there is none. if you don't want to pay their price you do without. I have had to adjust over my lifetime from $0.25 per gallon to current prices. if I chose to drive everywhere I pay their price. if not I take a taxi, public transport or stay home. the only way to have cheap gas is to nationalize oil companies and subsidize the price. we all know how good the government is at running things. soon we would have rationing and shortages as they started to ween us off gas for our own good. do you want that.

reply to post by dodgygeeza


Hey OP..

Do you have information that their profit MARGINS increased?

Just telling us their "profits" increased is asinine unless their profit margin increased as well.

reply to post by NOTurTypical


I'm afraid you'll have to find that yourself. I'm only posting the telegraph news article and the response from MPs (which isn't a happy one) so I'll make a guess that the facts are as plain to see as that.

Originally posted by dodgygeeza
It is my belief that these major oil giants already have the "green" technology that could solve all environmental issues but they're flogging oil for every last bit of profit until the inevitable big shift to renewable clean energy.

You can bet your life that BP will adopt the image of our "green saviours" when that time comes.

they already have adopted the green savior stance here in america...we have at least 5 commercials a day from them on the prime time.West coast that is. (I dont normally watch tv so had hub count them.) Its a commercial about them being not only into oil but also green forms of energy ie wind solar bio fuels etc. and it being the "future" of their company and the world. They show supposed normal people on the street toughting the need for green energy, then claim they are basically following the cries of the "normal people".

There can never be enough profit though for these giants. A friend working for BP has just been put on the "at risk" list (again) and is now waiting to see if her job will be moved to Eastern Europe - because it's cheaper!

I wonder too what tax breaks the likes of BP get over here that, for the most part, go unreported.

Why pick on BP and not Exxon? At least BP puts Ethanol in their gasoline. BUT....DOWN WITH ALL PETROLEUM COMPANIES!

Originally posted by dodgygeeza
reply to post by NOTurTypical

 

I'm afraid you'll have to find that yourself. I'm only posting the telegraph news article and the response from MPs (which isn't a happy one) so I'll make a guess that the facts are as plain to see as that.

Um no, anyone who has taken ECON 101 knows that if a company's profit margin stays the same then they really aren't "making more money". Sure, they may have had record profits, however if their profit margin didn't increase they also had record expenses as well.

I just want to make sure people aren't falling for a play on words. If their profit margin stayed the same they still made the exact same percentage on the dollar that they did last year or quarter.

Originally posted by Britguy
There can never be enough profit though for these giants. A friend working for BP has just been put on the "at risk" list (again) and is now waiting to see if her job will be moved to Eastern Europe - because it's cheaper!

I wonder too what tax breaks the likes of BP get over here that, for the most part, go unreported.

Kinda proof right there why we need much lower corporate taxes...

to keep those jobs here in the USA instead of companies relocating to easier taxes overseas.

America has the 2nd highest corporate tax on the globe.

Originally posted by NOTurTypical

Kinda proof right there why we need much lower corporate taxes...

to keep those jobs here in the USA instead of companies relocating to easier taxes overseas.

America has the 2nd highest corporate tax on the globe.

Nah! Tax corporations more! If they export the jobs, then just catch them on the flip side with Tariff taxes. See how long those jobs stay overseas then! If we are going to have the #1 economy, then corps. in America should be the highest taxed in the world!

[edit on 28-10-2008 by Aggie Man]

Originally posted by dodgygeeza
It is my belief that these major oil giants already have the "green" technology that could solve all environmental issues but they're flogging oil for every last bit of profit until the inevitable big shift to renewable clean energy.

This is scary, but true. And in spite of all its 'programs' to explore 'alternative energy', what government has actually done all along has been to suppress these technologies whenever they have been developed independently, in favor of oil.