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Tuesday, 28 October 2008

BP - profits an outrage

I never thought that I would find myself thinking let alone writing this but am I alone in thinking what an absolute outrage it is that BP profits have risen 148% whilst we have suffered 'at the pump'.

BP has seen its latest quarterly profits more than double, buoyed by record high oil prices.

Reporting its results for the three months from July to September, BP's replacement cost profit totalled $10bn (£6.4bn), up 148% from a year earlier.

Isnt it about time that 'utilities' stopped making out at our expense? BP leads the way, but the supermarkets, the power companies and the water companies are all just as bad.

Windfall tax?

1 comment:

yossarian said...

Couldn't agree more. BP have done nothing 'new' to justify these results. They have ridden a wave of socio/political events that is out side of their control and yet has given them profits unforeseen before. The people who are paying for this is the average voter, and the people most hurt are the poorest. BP has not created a new product to drive these reults, or developed a new way of delivering it's product,refining it, selling it or distributing it. It is benefiting from events outside of its control, and as such should not be rewarded for results it had no direct influence over.
Obviously the CEO is a little ashamed of this fact since he tried to say that the company had also achieved significant results from restructuring and cost cutting, but I bet the Board is laughing behind it's hands as they turn away from the public, and really can't believe they are getting away with this. It is time Governments of all persuasions governed for the majority of people and not just the minority elite. I know this may sound completely left wing, but as a former director of a major company in the UK I find what is going on now completely unpalatable and just plain wrong. Brown do something about it or go at the next election.