BP and Shell Announce Record (Fat) Profits During First Quarter

While we’re hearing all kind of excuses to as why we’re paying more and more for gas, BP and Shell, Europe’s two largest oil companies announced (surprise - surprise…) record profits for the first quarter of the year. In particular, Shell’s net income in the first three-months of 2008 rose to $9.08 billion, a 25% increase over last year. BP on its behalf stated that its profit increased by a