BP Reports <br />$3.3B Profit , as Gas Prices Soar.<br />BP Reports <br />$3.3B Profit , as Gas Prices Soar.<br />BP reported profits of $3.3 billion <br />as increasing gas prices continue <br />to put pressure on consumer budgets.<br />'Newsweek' reports that during the same <br />period last year, profits were up just <br />$86 million for the energy company. .<br />BP's third quarter figure even <br />showed an increase of 18%.<br />This has been another good quarter for BP — our businesses are generating strong underlying earnings and cash flow while maintaining their focus on safe and reliable operations, Bernard Looney, BP Chief Executive, via 'Newsweek' .<br />According to the Associated Press, <br />the company said that gas supply , "will remain tight" , moving into the winter months.<br />'Newsweek' reports that climbing gas <br />and oil prices have taken a toll<br />on household budgets recently.<br />At the same time, BP has clearly <br />benefited from those rising prices.<br />Despite the profit increase, <br />prices for shares in the company fell <br />around 2% as it took a $6.1 billion hit.<br />According to 'Newsweek,' the hit came primarily from soaring gas prices in futures markets.<br />BP's shares are on the slide thanks to <br />a messy set of third-quarter numbers, <br />marred, just like those of Shell, by accounting <br />losses linked to hedging oil and gas prices, Russ Mould, investment director at A.J. Bell, via 'Newsweek'
