Big oil firms must share bonanza with mo­torists

Daily Express - - NEWS -

THERE is never a good time to slap the pub­lic in the face. This week’s re­sults from the big oil com­pa­nies have been an ex­am­ple of the most atro­cious tim­ing. BP’s an­nounce­ment of its prof­its was fol­lowed yes­ter­day by those of Shell, which notched up £6.6bil­lion.

How do th­ese ex­traor­di­nary fig­ures strike mo­torists and com­pa­nies who are still hit by high prices at the pumps? The whole­sale price of oil has halved since last July when it reached a high of $147 a bar­rel.

The an­swer is that it sick­ens and stuns them. Every­one knows that oil com­pa­nies must be equipped to rein­vest in re­new­able en­ergy sources and that they are to some ex­tent at the mercy of global po­lit­i­cal forces. Yet nat­u­ral jus­tice de­mands that large com­pa­nies should show good­will to their cus­tomers.

That is why this news­pa­per’s cru­sade for a cut of at least 10p a litre in the price of petrol is re­ceiv­ing sup­port from many quar­ters.

Mo­torists do not want to hear ex­cuses from the oil giants about the dif­fi­cul­ties they face. Nei­ther is there any point in the Gov­ern­ment im­pos­ing a wind­fall tax which will only ben­e­fit the Trea­sury.

Let’s keep it sim­ple. The oil com­pa­nies must cut the cost of a litre of petrol and pass on some of that profit bonanza.

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