BP, Big Oil Awash in Big Profits

WASHINGTON, D.C.–(ENEWSPF)–April 27, 2010.  The big five oil companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Shell—are poised to report their first quarter profits this week. And it should surprise no one that rising oil and gasoline prices will lead to higher profits compared to 2009. A research note from Citigroup determined that, “The year-on-year increase largely reflects the strength of crude oil prices.” The Telegraph made the same assessment, saying, “energy companies are benefiting from higher oil prices.”