BP and Shell announce their record 3rd quarter profits of US$10bn and US$10.9bn (respectively).  Compared to the same period last year this represents a rise of 148% for BP and 71% for Shell. 

Although BP’s output was slightly higher than last year, Shell’s output was less than the previous year, and demonstrates the companies are profiting from the increased crude oil prices.  In both cases the record profits are a direct result of the record price of oil at $147/bbl in July.  

With record profits in both the 1st, 2^nd & 3^rd quarters, BP's profits are up 54 per cent at $23 billion in the first nine months of 2008.  However, BP states, 'We always pass on cuts in the oil price to the pump as soon as possible.'  However, as the chart demonstrates, crude prices are becoming less proportionate to pump prices.With Australian families struggling to pay for their home and children’s education, isn’t it about time for the Australian Government to reconsider the A$7 billion subsidies to the transport sector?  These subsidies directly contribute to the spiraling profits of the major oil companies.