BP's Profits Soar to $7.1 Billion

This is kinda gross.

 
As gas prices approach 3.89 a gallon on average, BP has been pulling in huge profits, with a 17 percent increase in the first quarter. 

"BP PLC posted a 17 percent increase in net profit for the first quarter as higher oil prices helped to offset continued costs stemming from the Deepwater Horizon oil-spill disaster last year. The U.K.-based energy giant said Wednesday net profit for the quarter was $7.12 billion, compared with $6.08 billion a year earlier. Total revenue for the quarter rose 18.7% to $88.31 billion from $74.42 billion."

Of course, all this while dolphins and sea turtles are still dying off in droves due to oil-poisoned waters from the oil rig disaster perpetrated by shoddy safety standards. 

Here's the kicker that not everyone knows:  BP's expensive cleanup of the mess they caused?  They were able to write it off on their taxes-- essentially adding them to the list of companies that got through 2010 practically tax free.

"BP, on the other hand, just scored a nearly $10 billion dollar credit on their 2010 federal tax return, by writing off their 'losses' incurred from the tragedy.

"That's the equivalent of the entire annual budget of the EPA, whose funding was just slashed in the continuing resolution. It is almost one third of all the cuts in the continuing resolution."

Doubleyou Tee Eff?  How the hell is BP, after severely changing the enviro-economic landscape of the Gulf, writing off the damage they've done?

[ThinkProgress]