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BP Profit Doubles as US Gas Prices Hit Highest Levels Since Iran War Began
BP earned $3.84 billion in the first quarter as conflict in Iran tightened oil supplies and pushed U.S. gasoline prices to $4.18, AAA said.
- London-Based BP reported quarterly earnings of $3.84 billion, or $1.47 per share, as U.S. gasoline prices reached $4.18 on Tuesday.
- Rising oil prices stem from the ongoing conflict with Iran, which has disrupted transit through the Strait of Hormuz, the narrow Persian Gulf waterway critical to global shipments.
- Stripping out one-time gains, earnings reached $1.24 per share, exceeding the 91 cents per share that analysts polled by Zacks Investment Research anticipated.
- "Families are being pushed to the brink by spiraling energy bills, while fossil fuel companies turn a war into a windfall," Clémence Dubois, global campaigns director at 350.org, said in a statement.
- Although Iran offered to end the strait's closure, The White House signaled it is unlikely to accept the proposal as gasoline prices climbed to $4.23.
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BP’s profit more than doubles as US gas prices hit multiyear highs
BP’s profit more than doubled in the first quarter as the war in Iran drove energy prices sharply higher. On the same day that the British energy giant reported a banner financial performance, gasoline prices in the U.S. hit new multiyear highs, a point of increasing agitation for travelers, households and also businesses that are particularly sensitive to higher energy prices, such as airlines. The near closure of the Strait of Hormuz off the c…
·Warren, United States
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The Sun Chronicle
The Sun ChronicleBP's profit more than doubles as US gas prices hit the highest point since the start of war in Iran
BP’s profit more than doubled in the first quarter as the war in Iran drove energy prices sharply higher. On Tuesday as the British energy giant reported a banner...
·Denver, United States
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Coverage Details
Total News Sources13
Leaning Left1Leaning Right0Center10Last UpdatedBias Distribution91% Center
Bias Distribution
- 91% of the sources are Center
91% Center
C 91%
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