Cost of Living: Oil giant BP lastest to report bumper profits

Energy giants Shell and Centrica announced their annual profits last week, and now BP prepare to present their own set of bumper profits too.

The oil giant is expected to have made far more than twice of what it pocketed in profit a year ago.

Bosses at Centrica and Shell were branded “money-grabbing” on one front page on Friday. “Profits in misery,” another said.

The businesses both combed in big profit increases as they benefited from higher prices for oil and gas around the world.

The amount that Shell was able to sell its gas for more than tripled in the last year from 4.31 dollars to 13.85 dollars per thousand standard cubic feet.

Analysts expect underlying replacement cost profit – a measure that BP likes to use – to reach 6.8 billion dollars (£5.6 billion) for the second quarter. It would be an increase from 2.8 billion in the same period a year ago.