British Petroleum posted a 63% increase in profits earning $7.6 Billion Dollars for the first three months of 2008 and Royal Dutch Shell realized a 25% increase or $9.08 Billion Dollars compared to $8.64 Billion Dollars in the first 3 months of 2007 more here from the Houston Chronicle.comIs there a shortage in supplies? No says Victor Shum, Analyst for Purvin & Gertz Oil. "Gasoline inventories are higher than the historical average at this time of the year and gasoline fundamentals are actually weakening in the U.S. so there is really no need to worry about supply being too tight." More here Business Week.
Sticking it to the American consumer, Oil company executives are blinded by profits and they know they can buy off politicians such as Barry Obama, who continues to claim not to accept money from the oil industry. (Obama has accepted more than $213,000 from individuals who work for oil companies.)
