As consumers from Atlanta to Aberdeen struggle with soaring gas prices, and Clinton and Obama squabble over gas tax rebates, at least the oil barons are happy. Royal Dutch Shell and BP have racked up combined profits of over $14bn in just three months, thanks to the soaring prices of oil and gas.

The rival energy giants both announced record profits for the first quarter of the year. Shell recorded net earnings of $7.776bn, a 12% increase on a year ago. This comfortably beat analyst expectations.

BP swelled its profits for the quarter by almost 50%, as it started to recover from the severe problems at its US refineries. It posted a profit of $6.588bn for the quarter.

Both companies saw a big jump in profits at their exploration and production operations. This was mainly due to the doubling in the value of a barrel of oil since a year ago. And Opec are now saying $200 a barrel is on the cards…..

Happy days are here again… if you are an oil man…

One Comment

  • its good some one is happy !!!!! I’m 52 years old Disabled and draw 740.00 a month to live on. my wife works every day just so we can keep it kinda together. she fractured her knee cap and still trying to work every day , were going to have to stop paying some of our bills so we can still kinda keep it together and i can transport her back and forth to work with the rising cost of gas it takes twice as much to kinda keep it together. I’M GLAD SOME ONE CAN BE HAPPY.

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