BP have just announced a huge increase in their profits over the last three months. According to today's BBC news report, they ascribe this to the rise in the 'wholesale' oil price, which is determined by 'market forces' that, by implication, they are unable to control or influence.
Hang on, BP. Leaving aside your disingenuous depiction of yourselves as hapless victims of this putative global or celestial invisible hand (you are in fact your own wholesale supplier, aren't you? otherwise what's all this Russian business about?) by your own analysis the maths don't add up. If your supplier puts up his price, you have two choices - either you pass this on to your consumer, resulting in unchanged profits, or you absorb it, resulting in decreased profits. There's no way that your profit can increase. Simple arithmetic.
I know that they will come up with a megaton of accountancy to explain how an increase in corporate profits is in no way related to a price increase to their ultimate customers (you and me): I say 'weasels'. They're ripping us off.
PS Sorry, did I say 'Ultimate'? That's BP's brand name for a new kind of slightly different petrol which was, a year ago, being marketed as saving me money at the pump. Really?
Who Knows Where the Time Goes? - Blimey is that the time? Over a year has passed since my last epistle to the Philistines (no offence) and I was beginning to think I'd just leave this blog...
4 hours ago