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| Version 2 | Version 3 |
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| Rising prices boost Shell and BP | Rising prices boost Shell and BP |
| (10 minutes later) | |
| Oil firms Royal Dutch Shell and BP have seen first quarter profits boom thanks to the rising price of oil, which is close to $120 a barrel. | Oil firms Royal Dutch Shell and BP have seen first quarter profits boom thanks to the rising price of oil, which is close to $120 a barrel. |
| Shell made profits of $7.8bn (£3.9bn) in the first three months of the year, up from $6.9bn a year ago. | Shell made profits of $7.8bn (£3.9bn) in the first three months of the year, up from $6.9bn a year ago. |
| And rival BP saw its profits rise 48% to $6.6bn (£3.31bn), from $4.4bn. | And rival BP saw its profits rise 48% to $6.6bn (£3.31bn), from $4.4bn. |
| The figures come after Anglo-Dutch firm Shell reported annual profits in January of $27.56bn (£13.9bn), a record for a UK-listed company. | The figures come after Anglo-Dutch firm Shell reported annual profits in January of $27.56bn (£13.9bn), a record for a UK-listed company. |
| The quarterly results come as a strike by oil workers at the Grangemouth refinery in Scotland came to an end. | The quarterly results come as a strike by oil workers at the Grangemouth refinery in Scotland came to an end. |
| The stoppage had disrupted fuel supplies and halted much of the UK's North Sea oil production. | The stoppage had disrupted fuel supplies and halted much of the UK's North Sea oil production. |
| Some petrol stations in Scotland and northern England had introduced rationing or raised prices, with UK motorists paying on average almost £5 a gallon on unleaded petrol at the forecourt. | |
| Difficult year | |
| Shell chief executive Jeroen van der Veer said he would continue to grow the firm after a "good operating performance". | |
| Shell shares are listed in the UK and the Netherlands, while the company's headquarters are in The Hague. | |
| BP's strong figures come after 12 months of turmoil for the firm, which announced an annual profits fall for 2007 in February. At the time it also announced that it was to cut 5,000 jobs. | |
| Other low points have included receiving a $50m fine for the 2005 Texas City refinery explosion in which 15 people died. | |
| This was part of a larger $373m fine by the US Department of Justice for committing environmental crimes and fraud, and included a fine for price manipulation. | |
| And in May, the company's boss, Lord Browne, resigned after lying to a court in an attempt to block stories about his private life. | |
| 'Oil scarcity' | 'Oil scarcity' |
| Simon Wardell, oil analyst at Global Insight, said the rising price of petrol was "predominantly down to high oil prices". | Simon Wardell, oil analyst at Global Insight, said the rising price of petrol was "predominantly down to high oil prices". |
| "Oil prices are high because of the weak dollar and because reserves are under pressure, the spare capacity margin is narrowing, Opec does not have a great deal more oil to pump," he said. | "Oil prices are high because of the weak dollar and because reserves are under pressure, the spare capacity margin is narrowing, Opec does not have a great deal more oil to pump," he said. |
| "That scarcity is reflected in the high oil prices." | "That scarcity is reflected in the high oil prices." |
| But he said that oil firms could not sit back and just watch the profits flow in. | But he said that oil firms could not sit back and just watch the profits flow in. |
| "Oil firms have to think about the long-term investment, and what prices might be in the future." | "Oil firms have to think about the long-term investment, and what prices might be in the future." |