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Petro-Canada, Royal Dutch Shell and BP collectively
amassed $17.8 billion in first-quarter profits -- exceeding all
expectations as the price of crude oil continued to hover above $135
(U.S.) a barrel.
Profits at the Canadian oil and gas giant were $1.1
billion in the first quarter, or $2.22 a share, up 86 per cent from $590
million a year earlier.
"We're off to a good start for the year, "
said Petro-Canada chief executive Ron Brenneman.
But, we still ask: How much of those profits
will be dedicated to the development of safe, clean energy alternatives
to the burning of fossil fuels and the worsening of the global warming
crisis?
Not nearly enough. Only public ownership, under
workers’ and community democratic control of the oil industry can begin
to harness mega-profits for social and environmental good.
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