Oil Companies Profiting off the Blood of Libyans

This should come as no surprise to anyone here, but yet again, profits are ridiculously excessive.

BP reports quarterly profit of $5.3bn

Source: www.bbc.co.uk...

Shell profits jump 77% on higher oil prices

Source: www.bbc.co.uk...

So, while people are losing their jobs because the rising prices of oil has made it impossible for companies to keep people on, and people losing their lives so these oil companies can secure more resources and bump the prices even higher, these parasites, these predators, complete monsters, are making more money than they know what to do with. Especially BP after the damage they have done. Disgusting.

How much longer should we put up with this?

You're right, sadly it comes as no surprise.

It does make me

The rich get richer and the hell with the rest of us.

Editing to add:

How much longer are we going to put up with this?...what can we do to stop it? How can we stop taking this? I would love to know the answer as well.

reply to post by Firefly_


I believe british gas are also reporting profits of 1.3 billion, I thought it would be interesting to share.

Also i think the idea is that the more expensive oil is, it means theres less plastic crap coming out of China, thats probably why western countries are not interfering with price rises at the moment because of the rise of China and all that stuff, just my thoughts.

reply to post by Welshextremist


It happens every year, in the increasingly cold winters, they hike up the prices, then come the next profit report they announce record profits and nobody does a damn thing. The regulators announced some investigation but that is taking time and money, there is no urgency. The government are in on it, they make their money through bungs, or are blackmailed, or intimidated. The entire system is corrupt.

As for what can we do about it? Well, what the Americans did to the British, or the French did to their monarchy, we need a full on revolution, we need to get rid of the elite who have enslaved us all, and knock this entire system down to the ground and rebuild it. Only this time, learning from the mistakes that let the parasites take control. But this requires people to give up their current way of life and that is something people are unwilling to do. So I guess we are all screwed really.

hear hear!

second line

I can't even think straight when it comes to this subject! These Oil execs have no concious what so ever!

Unfortunately the only thing I feel would fix the issue is if we all stop driving and started riding horses again!....don't see that happening anytime soon though

.....pisses me off just as bad as all the finger pointing politicians we have running this country straight into the ground!!! GRRRRRR!!!!

And then there's the companies that have lost money, because of the Libya "not-war".

www.vancouversun.com...

Suncor Energy Inc. won't resume operations in Libya until there is regime change, the company's chief executive said Tuesday.

Rick George, head of Canada's largest oil and gas producer, made his remarks after a luncheon speech in Montreal.

"We will not go back into Libya as long as the Gadhafi regime is in place," George told reporters, referring to Libyan dictator Moammar Gadhafi.

"We are waiting to see how that all gets resolved and then we will determine" the course of action, he said.

Calgary-based Suncor shut its Libyan operations in February but hasn't yet written down the value of its Libyan assets, worth about $900 million.

George said the market has been alerted that the writedown may occur in the company's second quarter, but "a decision has not been taken."

The company's operations in Syria continue "as normal, without change," he said.

Other Canadian companies have also been sideswiped by fighting in Libya, putting projects on ice and extracting workers.

Montreal-based engineering giant SNC-Lavalin has suspended several projects in the country, including contracts to oversee the construction of a large water pipeline, an airport and the construction of a prison.

Pure Technologies Ltd. of Calgary also withdrew expatriate personnel in the spring. The company's main focus in Libya is pipelines which supply drinking water to Libya's major cities and irrigation works.

It doesn't surprise me at all that BP is still in there, profiting off pain.
They proved in the Gulf of Mexico how little they care about people.

reply to post by Firefly_


Actually, Haliburton is LOSING money due to the current war in Libya:

blogs.wsj.com...

Halliburton said Monday in its second quarter earnings report that its first quarter results were reduced by $46 million due to sanctions imposed on Libya.

So is Conoco:

The interruption of Libyan oil exports because of civil war prompted a large drop in profit for ConocoPhillips in the second quarter.

www.thenational.ae...

But yes, they are using Libya as an EXCUSE to raise oil prices even higher. Bu no, they are not actually profiting off of the war in Libya. They are trying to make up their losses because of Libya.

reply to post by incrediblelousminds


It doesnt surprise me other oil companies are losing out, after all it is a competition. But the fact is BP are profiting, and the profits Shell are making are obscene. BP should not even be allowed to trade after the complete lack of regard they have shown for the environment. But as the golden rule states, he who has the gold makes the rules, and BP have plenty of the black variety.

reply to post by snowspirit

Calgary-based Suncor shut its Libyan operations in February but hasn't yet written down the value of its Libyan assets, worth about $900 million.

I have not heard of this one before. It is a very strong motivating factor behind the oil reasons for the war.

Originally posted by incrediblelousminds
But yes, they are using Libya as an EXCUSE to raise oil prices even higher. Bu no, they are not actually profiting off of the war in Libya. They are trying to make up their losses because of Libya.

edit on 28-7-2011 by incrediblelousminds because: (no reason given)

So that means the ones who are profiting are actually the Wall Street guys and the government tax man which taxes both the gas stations and the consumer via sales taxes from the inflated prices.

Originally posted by Firefly_
reply to post by incrediblelousminds

 

It doesnt surprise me other oil companies are losing out, after all it is a competition. But the fact is BP are profiting, and the profits Shell are making are obscene. BP should not even be allowed to trade after the complete lack of regard they have shown for the environment. But as the golden rule states, he who has the gold makes the rules, and BP have plenty of the black variety.

I just wanted to make clear that what you are showing is BP is profiting off of using Libya as an EXCUSE to raise oil prices, not actually profiting off of Libyan blood, as your headline claims.

The only profit they are seeing in relation to the war in Libya is in them spinning it into a false reason for rising crude prices. They are actually LOSING money IN Libya at the moment because their previous business partnership with Gadaffi has been interrupted by this war. BP would be far happier and making more money if Gadaffi's regime was unopposed.

Originally posted by Vikus

Originally posted by incrediblelousminds
But yes, they are using Libya as an EXCUSE to raise oil prices even higher. Bu no, they are not actually profiting off of the war in Libya. They are trying to make up their losses because of Libya.

edit on 28-7-2011 by incrediblelousminds because: (no reason given)

So that means the ones who are profiting are actually the Wall Street guys and the government tax man which taxes both the gas stations and the consumer via sales taxes from the inflated prices.

Yes, mainly the wall street speculators. Taxes on crude or at the pump dont actually change with price. They are tacked onto physical amounts like litres or gallons. Taxes dont rise with the price of gas.

Those who speculate on oil prices are indeed making a hefty profit off their price gauging, using Libya as a great excuse. Libya is indeed effecting their profit margins, but it is NOT effecting world supply by any reasonable measure.

Originally posted by kwakakev
reply to post by snowspirit

 

Calgary-based Suncor shut its Libyan operations in February but hasn't yet written down the value of its Libyan assets, worth about $900 million.

I have not heard of this one before. It is a very strong motivating factor behind the oil reasons for the war.

Except that they were over there making money before the "not-war" war. Now they're not. They've just stopped production there.
It turns out now they have written down their assets, just today, since they cannot use them.

www.calgaryherald.com...

After it took over Petro-Canada in 2008, Suncor inherited a joint venture with a Libyan state-owned oil company that includes a significant position in onshore oilfields, which represented just one per cent of the company’s operating earnings last year and three per cent of assets.

The research analyst said when Suncor took over Petro-Canada, he had assumed the firm would one day drop the Libyan operations in favour of focusing on Alberta’s oilsands. “We are banking on, from some point, Libya ceasing to exist for Suncor,” Pendill said.

The takeover of PetroCan gave Suncor Libyan assets. It sounds like it isn't worth it for Suncor to sell its assets in Libya, but they have to wait for Gadaffi to go before they can start up production again.
More motivation for the "not-war" war to be over with, so production can start up again.

Users of Libya's oil:
www.economist.com...
The USA uses a little bit from them, most goes towards Europe.