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Shell profits jump 77% on higher oil prices
Key Excerpts from Article on Website of BBC News
Posted: August 2nd, 2011
http://www.bbc.co.uk/news/business-14321819
Oil giant Royal Dutch Shell has reported a 77% jump in second-quarter profit, thanks to higher energy prices. Shell's profit for the three months to June came in at $8bn (4.9bn) on a current cost of supplies basis, up from $4.5bn in the same period last year. Earlier this week, rival BP announced second-quarter profits of $5.3bn. Larger US rival Exxon Mobil said that net profit rose 41% to $10.7bn for the three months to June from the same period last year. The price of oil is much higher now than it was a year ago, in part inflated by political unrest in oil-producing countries such as Libya. Twelve months ago, US light sweet crude oil was trading at about $78 a barrel. It is currently trading at about $97 a barrel, having topped $110 at the end of April.
Note: Why aren't any of the major media questioning the practice of oil companies making huge profits from gas price increases, profits which come directly from the pockets of consumers? Shouldn't they all be responsible for at least part of the burden?
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