This is dated 4/27/2010, they made MORE this year!
They are blood suckers.... clo
Big Oil is awash in big profits — while Gulf of Mexico is awash in spilled oil
Oil company profits underscore need for reform
April 27, 2010
BP just announced first quarter profits of $5.6 billion, a 135% increase over the first quarter of 20. This profit was 50% higher than predicted by the Financial Times.
BP owns the oil rig that sunk in the Gulf of Mexico last week, with 11 employees still unaccounted for and presumed dead. It is also leaking 42,000 gallons of oil per day. This growing oil slick is expected to hit Louisiana’s fragile coast on Saturday.
Gasoline prices increased by nearly 3 percent during the first quarter, while gasoline consumption was up 4 percent. American consumers spent $65 million more on gasoline during the last week of the quarter compared to the first week. This is a 6 percent increase in total spending between the first and last week. Rising prices and demand bring little surprise to the expected announcements that oil company profits are on the rise.
BP $4.8 billion Up 85 percent (FT) Almost doubled Q1 2009 earnings (Telegraph)
Chevron $3.7 billion Roughly doubled (FT) 09
Conoco $2.0 billion More than doubled (FT) Up 62 percent (BloggingStocks)
Exxon $6.8 billion Net income roughly doubled (FT) $6.56 projected, up 44 percent (Reuters)
Shell $4.0 billion Up about 30 percent (FT) Up 35 percent (Reuters)
This increase in consumer costs and oil company profits is relevant to the upcoming debate on bipartisan, comprehensive clean energy and global warming legislation. Opponents of reform will claim that such legislation would increase prices. But the reality is that the status quo policies have already harmed American families. An analysis of household energy spending between 2002 and 2007—the nonrecession years—found that the average household spent $1,130 more on energy in 2007. Nearly 85 percent of this increase was due to the rise in gasoline prices.
The first quarter oil company profits and consumption data suggest that profits will continue to rise absent bipartisan, comprehensive clean energy legislation that reduces oil dependence, creates jobs, and cuts pollution. This data is another reminder that it is imperative for the Senate act to change the status quo.
http://climateprogress.org/2010/04/27/big-oil-profits-bp-gulf-of-mexico-louisiana-oil-spil/
DO SOMETHING!
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