British PM Tells Energy Giants to Cut Gas Prices After BP's Record £70m-a-day Profits
Cars

British PM Tells Energy Giants to Cut Gas Prices After BP's Record £70m-a-day Profits


Not that it comes to a surprise considering the fact that global oil prices hit a new peak at $147 a barrel in July but oil giant BP announced record profits for the third quarter of 2008 of £6.4 billion or about $10.5 billion - a whopping 148% above the same period last year. Of course these kind of profits are bound to cause a public outrage. The firm's provocative increase in profits for July to September forced British Prime Minister Gordon Brown to indirectly urge BP and other energy giants to pass on oil price falls to motorists and householders. -Continued

"I notice that some companies have brought their prices down and I encourage others to do so to reflect the fact that the price of oil is now below 60 dollars when it used to be, for a few weeks, nearly 150 dollars," said Mr Brown.

"There has been more than a halving in the price of oil and, just as when the price goes up people see it immediately reflected in the petrol pump prices, we want to see the falling price reflected in the petrol pump prices, and we are determined to see that happens," the British Prime Minister added.

However, BP hit back saying that it was Britain's largest taxpayer as it has paid more than £5bn in tax in the UK over the past three years and, if fuel, excise duty and VAT were added, the total would then rise to almost £21bn.





- Ferrari Posts Records Sales And Profits, Brings Apple's Eddy Cue On Board
It's no secret that niche companies with expensive products can often remain unaffected by a financial turmoil. Ferrari is one such example, as the Italian maker of some of the most expensive models money can buy reported record sales and profits...

- Oil Could Sink Below $25 By Early 2009 Sending U.s. Gas Prices Below $1!
Isn't amazing how things can change in a few months? You all remember what happened in July this summer when crude oil prices reached a record-breaking $147 a barrel pushing average prices at the U.S. pumps over $4.10 a gallon. Well, now Merrill Lynch...

- Oil Prices Jump To $130 A Barrel And Then Dip Back Down
What a market; after oil prices spiked more than $25 to $130 a barrel on Monday, September 22, creating an all-time record for the biggest one-day price hike ever, light, sweet crude slipped on Tuesday, September 23, to below $108 a barrel. Analysts suggest...

- Bp And Shell Announce Record (fat) Profits During First Quarter
While we’re hearing all kind of excuses to as why we’re paying more and more for gas, BP and Shell, Europe’s two largest oil companies announced (surprise - surprise…) record profits for the first quarter of the year. In particular,...

- "that'll Be 9 Billion...thanks And Have A Good Day"
Reports indicate that DaimlerChrysler has received offers of up to $9 billion with a b for their Chrysler arm. Any cheque with 9 zeros on the end of it sounds good enough for me, whether its from Magna or General Motors. But oh must it sting. When Jurgen...



Cars








.