Oil suckers
April 29th, 2008
Do you feel like a dupe? You read all the explanations for why oil prices are so high, and then it’s followed with these reports:
The oil company reported a profit of $7.6 billion (4.9 billion euros) compared with $4.4 billion in the first quarter of 2007.
Shell said its average selling price of crude oil leaped by 66 percent to more than $90 per barrel from the first quarter a year ago.
That sent net profit soaring to a record $9.08 billion, up from $7.28 billion. Sales rose 55 percent to $114 billion.
Another quarter, another record. What a surprise.
