BP and Shell have made a combined profit of almost £9bn in the first quarter of 2008.
The oil companies have, of course, been criticised for making such large profits. Most of them either don’t – or don’t want to – understand that oil companies have only one responsibility and that is to make as much money as possible for their shareholders.
Petrol is only a part of what the oil companies actually do to make money – most of their money is made between the ground and the refinery. Suggestions that the oil companies should subsidise the cost of petrol is ridiculous, it is the 80-odd percent tax that the British government puts on it that keeps the costs so high.
The cost of fuel doesn’t just hit drivers – it makes everything more expensive. Everything is getting more expensive, especially food thanks to both rising fuel prices and worldwide food shortages caused by farmers turning fields over to biofuels.