BP makes £37m/day,Shell £48m/day,Are petrol prices due to profiteering&overcharging ?

Question

http://www.dailymail.co.uk/news/article-1039474/Call-windfall-tax-BPs-obscene-37-million-day-profits.html

http://news.scotsman.com/uk/Windfall-tax-call-after-BP.4337228.jp

http://www.thenorthernecho.co.uk/business/3562751.Shell_reveals___8bn_bonanza/

Answer 1

yes

Answer 2

Well, yes.

Answer 3

This is rip off britain. if there is a demand for something you'll get ripped off.

E.G.

petrol/diesel

going on holiday during school holidays

motorway services

football season tickets

all prices in Blackpool..........

Answer 4

BP and Shell and all other oil companies make less than 1p of profit for each litre sold.  The majority of the money goes to the Treasury in taxes.

Most of the profit made by oil companies come from selling oil to make plastics, bitumen, aeroplane fuel and selling for use by petrochemical companies. Also oil does not last forever and oil companies are probably the biggest investors in alternative/green fuel such as solar, hydrogen fuel cell etc. because they know that when oil is finished their profits will go down so they what to move on to next.

This picture shows how oil is refined.

http://www.bbc.co.uk/schools/gcsebitesiz...

The heavier/lower fractions e.g naphtha and diesel are boiled and broken down it to impure petrol fractions so it can be added to our petrol because the petrol fraction is actually tiny.

Some of the impure form of petrol is then used to make plastic.

http://en.wikipedia.org/wiki/Plastic

Answer 5

Yes.........

Answer 6

Yes and nothing else as there PR department would have people believe.

Yes the government over tax on fuel.

But these figures just show how much BP & Shell are making & in todays climate it's obscene when so many who rely on fuel for a living are struggling.

The companys & the Gov should hang their heads in shame its through their greed that this country is heading for a recession :)

Answer 7

How much of a profit a day were they making before the price got over a hundred dollars a barrel. I recall it was something similar really. So why did they not use that profit to buy the oil at that lower rate.

Does a shoe shop owner when he makes his profit not buy at the good price to insulate himself from a possible price rise.

Answer 8

Yes - but it's only one reason behind it. Governments tax petrol like mad and so have no great interest in seeing the price fall, despite what they say.

The problem is that when oil prices go up, petrol prices go up straight away, and when they fall, it often takes a long time to see the fall at the pumps. In that way the oil companies make enormous profits.

Answer 9

the government make more than double them figures every day off petrol . who is proffiteering ?

Answer 10

Both...............Shameless.