BP’s profits warm the ice in the Arctic

Yesterday day when BP announced its latest quarterly profits to have doubled to over ten billion US dollars based on current replacement costs. BP marketed itself as and environmentally friendly eco company -“Beyond Petroleum” at one time but these profits are all about petroleum and are very much money won by BP on the lottery that is the international oil market. It is a lottery, but companies like BP bought the ticket years ago and find their profits rise and fall according to an oil price that is partially related to demand and partially related to a market perception of future demand. Continue reading