Posts in Big Oil Profits
- We have always known that the oil industry and the Republican Party make close bedfellows, but now Obama’s Interior Secretary, Ken Salazar, has launched a stinging attack on the oil industry saying it was acting “like an arm” of the Republicans. He lambasted the industry for issuing “untruths” about the Obama Administration’s oil and gas...
Continue reading 'Obama Official Slams “Poison Politics” of Oil Industry'.
- We will hear shortly when Shell will finally face charges of being complicit in human rights abuses in a New York court room, after the trial was delayed from last week. The pioneering court case is continuing to generate international news: it was the first item on the BBC’s flagship Today Programme, and has been...
Continue reading 'Shell Under Fire on all Sides'.
- It’s amazing really that shareholders in Big Oil really only ever seem to care about the size of the bonuses of the top executives or the size of their reserves. The fact that their investments are fuelling climate change is not a concern for mainstream investors.
- Its been a bad year so far for the oil barons. The oil price has plummeted through the floor and so have their profits. Yesterday BP announced a drop of 62 per cent and today Shell announced a similar reduction of reduced profits of 58 per cent, the first time it has posted a quarterly...
Continue reading 'Shell’s Tar Sands Operations Make a Loss'.
- The oil companies are beginning to look like the banks. During the good years, they cream off ridiculous profits with huge bonuses paid to senior management and directors. And in the bad times they get out of the begging bowl to ask for more money from the government.
- Despite announcing profits of $25 billion yesterday, shares in the oil giant fell by over 4% after it reported a 24% drop in quarterly profits for the last quarter of 2008. Like the other oil majors, the company was hit by the falling oil price. Oil industry analysts said that the company’s profits were “well...
Continue reading 'BP “Exerting Too Much Influence” at the EU'.
- We might be in the biggest recession since the 1930s, with thousands of people losing their jobs on a daily basis, but at least someone is still making money. Yesterday, Shell announced it had made the biggest UK annual profit in history, despite suffering its biggest drop in quarterly profits in a decade.
- So its free-fall on the stock-markets again. This morning the London market plunged by over 5 per cent as the chaos in the world’s financial markets continued. All the expectations are that Wall Street will dive this afternoon. What is spooking the markets is the thought of a painful and long-lasting depression. But in the...
Continue reading 'Meanwhile Big Oil Makes $10 Million an Hour…'.
- As oil climbed to a humungous record of $135 a barrel, yesterday US senators once again lined up Big Oil’s biggest executives and pummeled them with questions. “Where is the corporate conscience?” Senator Dick Durbin, Democrat from Illinois, asked the top executives of the five largest U.S. oil companies, who have earned a whopping $36...
Continue reading '“Where is your corporate conscience?”'.
- Democrats in the US Senate yesterday called for a temporary special tax on oil companies’ profits and a rollback of $17 billion in oil industry tax breaks as part of an energy package. The proposed 25 percent profits tax would apply just to oil company earnings above what would be considered “reasonable” and only if...
Continue reading 'Democrats Seek Special Tax on Oil Profits'.
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