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Page added on July 29, 2008

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BP boss warns of more pain for consumers from oil prices

The chief executive of BP, Tony Hayward, has warned that the long term trend for oil and gas prices spells more pain for consumers.

Despite the crude price falling from recent record highs, the boss of Britain’s biggest company said that there was “an increasing likelihood that oil and gas prices will be stronger for longer.

Earlier this year, Mr Hayward said that the era of cheap energy was over, at least for the medium term. Today he added: “Events are playing out even faster than any of us expected.”

Mr Hayward unveiled another set of bumper profit figures as BP benefited from the soaring oil price. The value of a barrel of crude rose 35pc in the three months between April to June.


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