Yesterday saw BP join Shell and Exxon in reporting record profits of $19.3bn (£11bn).

What the three company results highlight is the fundamental flaw of how they are valued by city investors. As both Shell and BP posted record profits their share price actually went down as the profits were not as large as some had expected.

But the real reason that city investors were disappointed is that they felt that both BP and Shell had underperformed in key areas. Shell had not replaced as much reserves as the city analysts had hoped. BP also disappointed mainly through its refining operations. To

A sustainable society must depend upon renewable resources,
which oil cannot be. It must recycle nonrenewable resources,
and burned oil cannot be recycled. It needs to restore the base
of renewable resources — our forests, soils, cities and human

Oil giant Exxon Mobil yesterday reported the biggest profit in corporate history- some $36.1bn (£20bn) after tax for 2005.

The profit was on the back of soaring oil prices. The company's turnover - some $371bn - would make it the 17th biggest economy, just behind Russia but ahead of Taiwan or Sweden.

The obscene profit will be ammunition to those people who think there should be a wind-fall tax on big oil earnings at the moment. What do you think?

More on that story of Britain's stagnated climate change strategy. The Guardian reports how the strategy has "been paralysed for seven months by a dispute between two Whitehall departments."

So yesterday we find out that Blair says climate change is worse than previously thought - the greatest threat facing humanity. Today we read about the reality of government. The Liberal Democrat environment spokesman, Norman Baker, puts it quite nicely: "I fear there are some in government, especially in the DTI [Department of Trade and Industry] and in No 10, that are quite happy to postpone decisions on climate change. The longer

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