In light of recent gas price increases at the fuel pump, many oil companies such as Shell, BP, Conoco Phillips, Chevron, and Exxon are still making huge skyrocketing profits. And to top it off, they[ OIL COMPANIES] don’t blame themselves for the inconvenient price hikes that we the consumers have to pay for.
Shell’s Chief Financial Officer Peter Voser explains, “We don’t understand the oil price at this stage,” he said. “The fundamentals will not justify an oil price as we see it at the moment.” Well Mr. Voser, the fundamentals are you’re wrong and that the American & European oil companies control the supply of oil being refined and distributed to the end user–the consumer. If only the oil companies demand price reduction in purchasing crude from OPEC, then maybe, just maybe, we can have lower gas prices, not to mention using our own reserves here in the US of grade A.
What’s making these oil companies increase their profits? CRUDE OIL. As crude oil prices increased throughout the past 2 months up to now in the ever thriving commodities market reaching at times up to $120.00 a barrel, the companies have profited from such markets.
BP’S profits increased at 63 percent to $7.6 billion (4.9 billion euros), while Shell reported a 25 percent rise, to a record $9.08 billion (5.81 billion euros). Con Phillips reported a 16 percent rise to $4.14 billion dollars.
Some events such as the Oil Refinery labor strikes in Britain and the sabotage of Nigerian Oil Refineries caused some refineries to close down temporarily as crude oil profited from such events.
What are consumers saying about this or demanding the Governments do? Tag the oil companies with large FUEL TAXES and have the oil companies invest their profits more in building additional refineries and in alternative fuels. As much as the suggestions implies, the oil companies profits are going to go in one direction–the banks!
PUMP N’GO encourages consumers to fight for price reduction by petitioning local cities and states governments to institute price controls for fuel costs reduction on Oil Companies and on the crude oil trading markets so that we can get by and start to renew our way of living efficiently, rather than expensively.
http://www.globalcomputing.com/states.html
http://money.aol.com/news/articles/_a/bp-and-shell-post-big-profits-in-era-of/n20080429123809990005
