SteveRS Posted July 27, 2011 Share Posted July 27, 2011 BP announced they made £35.5million profit a day in the three months leading up to July!! How is this allowed to happen? when many of us struggle to afford to fill up our cars/vans/lorries etc with fuel amongst all the other price hikes. CRAZY! Quote Link to comment Share on other sites More sharing options...
Lexx Posted July 27, 2011 Share Posted July 27, 2011 BP announced they made £35.5million profit a day in the three months leading up to July!! How is this allowed to happen? when many of us struggle to afford to fill up our cars/vans/lorries etc with fuel amongst all the other price hikes. CRAZY! As someone who has worked in the oil and gas industry on and off for 13 years, may I suggest you go do some research. BP's profits (as with many of the oil and gas companies) are not directly linked to what you pay at the pumps. Quote Link to comment Share on other sites More sharing options...
martinmac Posted July 27, 2011 Share Posted July 27, 2011 BP have no refineries in the UK anyway. Quote Link to comment Share on other sites More sharing options...
lorryman100 Posted July 27, 2011 Share Posted July 27, 2011 BP have no refineries in the UK anyway. Grangemouth Refinery is/was BP? Quote Link to comment Share on other sites More sharing options...
Lexx Posted July 27, 2011 Share Posted July 27, 2011 BP have no refineries in the UK anyway. Grangemouth Refinery is/was BP? Operated by Ineos. Quote Link to comment Share on other sites More sharing options...
martinmac Posted July 27, 2011 Share Posted July 27, 2011 BP sold it while I was still up there so just under 10 years ago. I believe they also dont fully employ drivers for their road tanker fleet and suspect the vehicles themselves are leased so apart from the petrol stations which they supply or franchise they dont really deserve the title "British". Quote Link to comment Share on other sites More sharing options...
marzman Posted July 27, 2011 Share Posted July 27, 2011 I'll never complain about the price of fuel again having driven in europe last month... paying upto 1.70 euro's a litre for regular. I was excited to fill it up at £1.42 for super again in the UK ... but this £35Million will be nothing in comparison to what they lost last year with the spill... Quote Link to comment Share on other sites More sharing options...
SteveRS Posted July 27, 2011 Author Share Posted July 27, 2011 As someone who has worked in the oil and gas industry on and off for 13 years, may I suggest you go do some research. BP's profits (as with many of the oil and gas companies) are not directly linked to what you pay at the pumps. Research........probably quicker if you explain? How do they make that sort of money in one day? You say that the profits don't come directly from the pump, they sell the oil don't they which must play a big part in increased costs if the cost per barrel goes up. I understand there are also taxes etc involved. Quote Link to comment Share on other sites More sharing options...
martinmac Posted July 27, 2011 Share Posted July 27, 2011 I am not an expert in this field, Stew may be beter/ I do however work in the industry. BP makes most of its profits from Oil and Gas sales in the US. They also have massive interests worldwide. Add to that shipping etc and you have the bulk of their profile. Refineries buy the crude in an open market and make the vast range of products from it. Petro is almost a byproduct of this. Recently it has been cheaper to buy fuel from the continent rahter than refine it so we have been importing it. Its all down to the refining margins. There isnt a big profit in selling petrol at the pumps so its all down to the cost through the refinery. We were paying £350 a tone for gas oil not too long ago but the price then jumped to around £750. To me this is the most worrying part of fuel prices, hit the cost of transporting goods and the prices in the shops rise fast. Remember importing gas by tankers has a fuel cost issue too. Its a whole can of worms. Quote Link to comment Share on other sites More sharing options...
Lexx Posted July 27, 2011 Share Posted July 27, 2011 Whilst a good percentage of BP's profits do come from petrol sold, it is not their only business interest. Their shipping business alone makes a fortune in charter and shipping costs (over 100 vessels) Quote Link to comment Share on other sites More sharing options...
Chesterfield Posted July 27, 2011 Share Posted July 27, 2011 Businesses will make this sort of money when they get to a certain size. Its all relative. Microsofts profits for a quarter are nearer £40m per day. If you break the profits down to £ per head employed, then they arent vastly superior to many small businesses in that regard EDIT - with over 18,000 Million bbls of proven reserves (18 Trillion I believe that is) - at a low estimate profit of just £10 per barrel than you are looking at a company with over 180 Trillion in profit to come in. Thats just from the oil interests. Factor in other activities as per above and its just a monster company. There will be figures banded round in their boardroom that need to be printed in landscape just to fit on the paper. Quote Link to comment Share on other sites More sharing options...
Stew Posted July 27, 2011 Share Posted July 27, 2011 I know, lets all not buy fuel from BP on a tuesday. Man, that'll hurt them! The profits are not from selling petrol to people. In fact I'm not sure if BP even own any petrol stations! Quote Link to comment Share on other sites More sharing options...
Chris`I Posted July 27, 2011 Share Posted July 27, 2011 The profits are not from selling petrol to people. In fact I'm not sure if BP even own any petrol stations! Sounds like they are cleverer than that, they franchise them so they get guarenteed income for doing sod all! Quote Link to comment Share on other sites More sharing options...
SteveRS Posted July 27, 2011 Author Share Posted July 27, 2011 Quote Link to comment Share on other sites More sharing options...
martinmac Posted July 27, 2011 Share Posted July 27, 2011 Thats about it. I have a mate who owns 26 petrol stations and he isnt a big fan. Quote Link to comment Share on other sites More sharing options...
Chris`I Posted July 27, 2011 Share Posted July 27, 2011 How many petrol stations does one man need?! Quote Link to comment Share on other sites More sharing options...
martinmac Posted July 27, 2011 Share Posted July 27, 2011 They are all in Manchester so no good to me. Quote Link to comment Share on other sites More sharing options...
AK350Z Posted July 27, 2011 Share Posted July 27, 2011 BP have no refineries in the UK anyway. They certainly pay f-all tax in the UK! Quote Link to comment Share on other sites More sharing options...
ChrisS Posted July 27, 2011 Share Posted July 27, 2011 Only percentage tells true profit,they probably make 2 or 3 % Corner shop buys a can of coke for 30p and sells it for 60p Quote Link to comment Share on other sites More sharing options...
Chesterfield Posted July 27, 2011 Share Posted July 27, 2011 If they are like others I know in the energy sector then they will be nowhere near 2-3% - try 15-20. Wholesale gas price to the suppliers is 55p/therm today for the month of August - thats 1.87p/KWh. For January its nearer 2.4p/kwh. Have a look at what your price per KWh for gas at home and see if you can spot a difference. Ill bet its just a tad more than 2-3% higher than 1.87p/Kwh next month.... Quote Link to comment Share on other sites More sharing options...
ZMANALEX Posted July 27, 2011 Share Posted July 27, 2011 I have there shares in my portfolio so I am well happy However I still grudge the price at the pump with getting 4.5mpg with the Zed and 6.2mpg with the R35 on track. Quote Link to comment Share on other sites More sharing options...
Peter10 Posted July 27, 2011 Share Posted July 27, 2011 Thats about it. I have a mate who owns 26 petrol stations and he isnt a big fan. I wonder how much he pays for fuel . Quote Link to comment Share on other sites More sharing options...
DoogyRev Posted July 27, 2011 Share Posted July 27, 2011 I know, lets all not buy fuel from BP on a tuesday. Man, that'll hurt them! Perhaps we could also do Wednesday Morning as well Quote Link to comment Share on other sites More sharing options...
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