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This is just a sign that BP is doing a good and efficient job at delivering energy to customers effectively.

• Ekaros 4y ago
  Or that there isn't enough competition in the market.
  • djbebs 4y ago
    Tends to happen when you take political action intended to destroy an industry
  • gruez 4y ago
    Really? There are several major oil companies in US alone, and many more throughout the world[1]. The global market for oil is more competitive than the market for pizzas in your local neighborhood. [1] https://en.wikipedia.org/wiki/List_of_largest_oil_and_gas_companies_by_revenue https://en.wikipedia.org/wiki/List_of_largest_oil_and_gas_co...
• rasz 4y ago
  2020 lockdown helped companies realize they can just cut manufacturing and hike prices.
  • missedthecue 4y ago
    You think BP sets the price on a barrel of crude?
    • oliwarner 4y ago
      Yes. They're a massive multinational producer. They get to say how much they produce and I've a bridge to sell you if you think they can't conspire with other producers to inflate prices. These are finite resources with an expensive discovery and extraction. There's no competition to drive the price anywhere but up.
      • MichaelZuo 4y ago
        You mean OPEC? or OPEC+? Doesn't seem like they would care much about BP's opinion.
      • missedthecue 4y ago
        BP produced 675 million barrels last year. The world produced 10.3 billion. BP cannot control the price like that.
    • rasz 4y ago
      We are at ~$100 a barrel just like in 2014. How much was gas in 2014? How were oil companies profits in 2014? Do you see a problem here?
      • feet 4y ago
        For some reason everyone is just ignoring the huge profit margins of corporations while this whole "inflation" thing is happening. There's no reason for corporations to be profiting like this at the expense of the populace
        • erichocean 4y ago
          > There's no reason for corporations to be profiting like this at the expense of the populace BP just had a $24bn non-cash writedown in Q1[0] due to their stake in Russian oil giant Rosneft. Should the "populace"/government be giving them ~$20bn this quarter to make them whole on their entirely government-created loss? I'm going to go out on a limb that you're not in favor of that. [0] https://news.sky.com/story/bp-slumps-to-20-4bn-loss-as-it-books-cost-of-russia-oil-and-gas-exit-12604485#:~:text=BP%20has%20reported%20a%20loss,its%20oil%20and%20gas%20operations https://news.sky.com/story/bp-slumps-to-20-4bn-loss-as-it-bo....
          • feet 4y ago
            No absolutely not. We also should not be giving tax payer money to corporations to pad their profit margins. We have people we are hungry and homeless while these corporations get tons of money from the government, same with Intel getting money to build fabs. They have money, they can use theirs but they won't because it would cut into their margins and they can't see past the quarterly profits. Same with the oil companies. Corporations do not have an inherent right to exist over the people that make them up or the people that make up Amy given country. Corporations need to be able to fail.
          • rasz 4y ago
            Why should anyone bail out BP Nord Stream 2 investment?
• trehalose 4y ago
  It's also a sign that they aren't passing any of the savings onto their customers.
• rizoma_dev 4y ago
  Don't PR for them for free. Soaring prices mean several more people will suffer the cold this winter