Big oil gouging the public: obscene profits

According to the TIMESONLINE, BP and Royal Dutch Shell have reported massive increases in profits for the first three months of this year on the back of rocketing oil prices.BP's pre-tax profits rose 48 per cent in the first quarter to $6.6 billion while Shell increased its profits 12 per cent to a record $7.8 billion.

Meanwhile back here in Canada Petro-Canada has exceeded expectations by reporting a more than 80 per cent year-over-year jump in first-quarter profit. Petrocan's revenue soared to $6.58-billion from $4.84-billion in the first quarter of 2007, yielding a profit of $1.07-billion.

Worldwide the gouging of consumers continues driven by the greed of speculators. This is having a catastrophic effect as it ripples through the world economy driving up the cost of essential goods such as food. When will somebody in power speak out against the piling of obscene profits no matter what the cost?

No comments: