BP Oil Doubles Earnings on High Gas Prices

[Branden]

The Oils Companies sure are taking one for the team

BP Nearly Doubles Its 3Q Earnings on High Oil and Gas Prices, Bigger Profit Margins

LONDON (AP) -- High oil and gas prices and bigger profit margins in refining helped the British energy giant BP PLC nearly double its third-quarter earnings, the company said Tuesday.
BP said Tuesday it earned US$4.48 billion (euro3.50 billion) for the three months ending Sept. 30, up from US$2.34 billion for the same period a year ago. Revenues rose to US$73.85 billion (euro57.69 billion) from US$59.16 billion.

http://biz.yahoo.com/ap/041026/britain_bp_3.html

[quinnp12]

so that is why my wallet weighs so little

[awalbert88]

"BP said Tuesday it earned US$4.48 billion (euro3.50 billion) for the three months ending Sept. 30, up from US$2.34 billion for the same period a year ago."

I'm sorry, what?

Artificially inflated gas prices anyone?

[tgagneguam]

This kind of news is good, depending on how you look at it. Shares of ExxonMobil and BP are doing well for the year, and they pay a reasonable dividend, too.

I generally look at the pharmaceutical sector in the same way...

[member12]

the hell with dividens, I drive a GM truck.....

really, I think gas will reach 3 dollars a gallon soon.

[SCCA1995]

It's BS like this that makes me not want to buy a new truck. The only way to afford to keep gas in a full size truck would be to be sponsored by an oil company.

[barcodedorganic]

yaaaayyyy bend me over and rape me some more oil companies my anus is only bleeding a little bit


...let's hope this kind of thing doesn't go on for much longer...

[mjd1001]

I drive 40,000+ miles for work, and I don't get reimbursed (directly at least) for gas, so higher prices at the pump are in issue for me.
However, to immediatly cast blame on oil companies every time gas goes up is....well almost socialistic. No one really complained 5 years ago about the oil companies when gas was low and their stock prices (and bonuses to executives) were getting blown away by the dot.com stocks.
Markets go up and down. I feel the high oil prices are more a result of the weaking US dollar, supply, political stuff.....it's a whole bunch of things. If a company has even 2-3 good quarters of earnings, they should not be turned into a scapegoat.
Of course, if I'm paying $4 a gallon for gas next year...my opinion my change.

[barcodedorganic]

yes and we saw how badly the dot com industry ruptured...it was a flash in the pan the oil industry has been around for more then a hundred years and sure to be around for 100 more...the dot commers lasted what? 3 years at best? compare apples to apples here

it's not just one company that's earning record profits it's the ENTIRE oil industry that's posting record earnings quarter after quarter...your half right about the weakening US dollar because of high oil prices it's because inflation around the oil industry has caused the dollar to amount to even less...

so the oil industry isn't a scapegoat they are the ones at fault! they're raping people and getting away with it. because to many ignorant ass holes and bored undersexed housewives are to concerned with ashley simpson lip synching instead of focusing on the important issues

complacency and ambivalence the greatest benefit to a tyrant

[1BadPig]

Woah, barcoded dude... now is good time to switch to decaf!

[banzai79]

Gas is an integral part of our society, gouging people "just because you can" is wrong, and it's easy to blame the oil companies because they are at fault. Perhaps if these profits were plowed back into our infrastructure it might benefit us in the long run but I highly doubt they will be. Therefore, these are worthless profits...the money just gets put into the hands of people who already have too much to spend.

[barcodedorganic]

Originally Posted by laserwizard

I'm all for profits and the more the better. While there has been extensive discussions on the mainstream media about the price of oil, adjusted for inflation, it is neither record, nor inflated because of oil companies. Lost in the analysis is that China is consuming huge amounts of petrol and doing it inefficiently. Both auto production and industrial output have increased in China and that is one of the single largest, if not the largest, factors for causing petrol prices to increase. Factor in the Nigerian unrest and hints of problems with South American producers, and you have a recipe for disaster. The Iraq War is causing fears in the market which the oil companies have no control over.

Once again it is so easy to point to Oil Companies as being bad when you aren't informed.

ha...what do you know you support a charlatain for president a master of lyrical prestidigitation'

if china were such an issue the oil companies would be bringing FAR less of a profit and YES these oil companies continue to set quarter after quarter term after term of record profits or NEAR record profits...so while china is a part of the reason that oil has reached fifty dollars a barrel you have yet to justify the record high profits from oil companies with in hte last four years...how can you explain that?

because if the oil was in high demand there'd be less supply and the oil companies wouldn't post as high of a profit in fact if the situation were as dire as you say it were...they'd pushing record LOWS...this is simple price gouging at it's best...well they're accustomed to paying 2.30 for unleaded regular i mean we've only increased the price 50 cents since bush was sworn in to office

all you've managed to do laserwizard is say that theres more demand for oil so that's why these companies are making profits now which doesn't jive with simple economics...if there were more demand they'd adjust their prices (which they have done accordingly) but obviously things are flowing a little bit better with that black crude in iraq in aregentina other wise they'd have adjusted their prices to lower instead of reaping record profits like BP has

[barcodedorganic]

Originally Posted by banzai79

Gas is an integral part of our society

precisely why the government should go knock down the head quarters of every oil company and demand governmental regulation of oil because it's an integral part of society it's not just a luxury commodity any more. call it socialist i call it fair share...especially considering how california get's the shaft in ANYTHING involving energy policies

[tgagneguam]

Oil is in strong demand, so the oil companies profit. Go figure. Isn't that how a well-oiled (pardon the pun) economy works? If the US regulated pretty much any industry - the jury is out on medicine - I'd definitely call that bad news. Can you say ultra waste and inefficiency?

The price of oil is rising, and I tend to think that OPEC et al. have just as much blame as do the oil companies.

[barcodedorganic]

so then how do you explain record profits then tgagneguam?

i have yet to hear a compelling argument with gas prices at an all time high from opec as to why they're posting record profits?

could it be because that there is to little competition here in the states for oil suppliers? and they can pretty much get away with charging an arm and a leg per gallon of gas?

and yes the oil industry has a direct impact on a weakening dollar because inflation is swelling higher and higher