Gasoline companies continue to gouge consumers

BP and Royal Dutch Shell have reported massive increases in profits for the first three months of this year on the back of rocketing petrol prices, which are expected to hit $10+ a gallon today.

BP's pre-tax profits rose 48 per cent in the first quarter to $6.6 billion (£3.3 billion) while Shell increased its profits 12 per cent to a record $7.8 billion (£3.9 billion).

The increase has been driven by the rising oil prices, which the companies have passed on to consumers in the form of higher petrol and diesel costs with their extra profits built in..

The price of oil came close to $120 yesterday but was trading slightly lower at $118 in early trading today. Times Online