shell profits at Ireland's expense

mayo | environment | press release

Wednesday October 29, 2008 19:45

by Shell to Sea

shell are tomorrow expected to announce profits of €5.5 billion for the third quarter of the year, representing a 12% increase on profits from this time last year. This means that while people are paying record prices for their fuel, shell were racking up record profits of around €60 million every day. Recently Bord Gáis applied to increase gas prices by up to 8% which follows a 20% increase which took effect this September.

Commenting on the shell profits, shell to Sea spokesperson Maura Harrington stated "Because of the obscene giveaway gas deal even if Corrib Gas came on stream tomorrow it would not affect the price we pay for our gas, we would buy it back at full market value from shell. Indeed all the extra delays and costs will be paid for by the Irish taxpayer under the current oil and gas terms."

Maura Harrington continued "Once again this illustrates how the Government have put the interests of Big Oil before the vulnerable and elderly in our society. Many elderly people will be facing fuel poverty this year. The government recently tried to save €100 million from the medical cards of the elderly; they could get €100 billion from the oil companies if they had the guts to challenge them in the same manner"

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See what the Commission for Energy Regulation (CER) said about Corrib Gas here: http://www.irishtimes.com/newspaper/ireland/2008/1001/1....html

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Comments (2 of 2)

Oil Company Profiteering Fuels Inflation

by Malachy Steenson - The Workers Party

Fri Oct 31, 2008 10:26

Workers Party in Dublin Central condemn massive profits of Oil Companies at a time of increased oil prices.

The blatant profiteering by the international oil giants has been roundly condemned by Malachy Steenson, Workers' Party representative in Dublin Central. "For the last year" stated Malachy " both motorists and householders have had to endure massive inflation in fuel prices. Naturally their anger has been vented on both the retailer and at the producer countries. However it is now clearly demonstrated that the real culprit all along has been the cartel of international oil companies".

"This week BP Oil announced a staggering 148% increase in quarterly profits. On an annualised basis that is over 600% increase in profits. In the three months of July, August and September - traditionally low demand months for oil - their profits amounted to $10 billion (€8 Bn). All of the other international oil giants are also about to announce similar record profits”.

"These obscene profits have been made when motorists were fleeced for €1.30 per litre of petrol; when families and old people particularly cannot afford home heating oil, and when industry is collapsing across the country. These oil companies have ripped us off with impunity and have pushed up inflation when the economy is on the brink of recession. This once again shows that these companies' loyalty is always to the bottom line”.

“There must be greater controls on the oil companies both at national and international level. They must not be able to hold countries to ransom and inflict hardship on ordinary people through their gross profiteering. It is time to rein in the oil companies at home and abroad”, said Malachy Steenson.

enough, already

by cable - Shell to Sea ~ Cambridge

Sat Nov 01, 2008 19:17

They aren't going to get away with it.

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shell profits at Ireland's expense

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