Link to this page: http://www.socialistparty.org.uk/issue/427/5006
The real cost of BP mega-profits
OIL GIANT British Petroleum (BP) made £11 billion in annual profits in 2005, 25% up on the year before. But that record-breaking surplus would become an £18 billion loss if you start calculating the firm's damage to the environment, says Britain's Treasury!
BP operations are responsible for 6% of the total world output of greenhouse gas emissions. The Treasury worked out that paying these costs - £29 billion in environmental charges - would totally wipe out BP's profits.
As reported last week, Coventry Socialist Party councillor Dave Nellist was invited onto a nationwide radio show to comment on BP's rival Shell who made nearly £13 million profit during 2005.
The oil giants' windfall, Dave pointed out, was made on the back of record fuel prices caused by such factors as global greenhouse gas emissions and wars and insecurity. Now, the Treasury figures back his claims up.
Dave Nellist proposed bringing Shell, BP and other globally exploiting and polluting energy companies into democratic public ownership so society could plan its energy needs. Unfortunately, the Treasury (proprietor Gordon 'Privatiser' Brown) is not likely to agree with Dave's solution to the problem!
In The Socialist 16 February 2006: