BP Amoco more than doubles its profits
BP Amoco has seen higher gas and oil prices more than double its profits to $14.2 billion (£9.7 billion).
But it says these profits aren't at the expense of the UK motorist.
The figures, which compare to $6.2 billion (£4.2 billion) in 1999, came days after rival Shell announced record profits - rising 85% during the year to £9 billion.
Shell's figures - coming months after the September fuel protests - provoked anger from campaign groups which accused the company of profiteering at the expense of the consumer.
But BP chief executive Sir John Browne told a press conference that he understood worries of consumers about fuel prices.
He blames high Government taxes for the cost that the motorist pays at the filling station.
Sir John says of the current tax and VAT levels: "This is a choice by a government and governments are, of course, both able and permitted to choose. We have no special standing on this issue. In the UK our price before tax of petrol is the lowest in Europe."
Sir John argues that BP is one of the most competitively priced fuel companies operating in the UK and this was proved by more motorists using BP pumps.
BP makes only about 1% of its global profit in the UK in the year up to 2000 - $170 million and today's figures indicate that only a fraction of BPs profits come from UK forecourts.
Most profit is generated by other activities such as oil refining but Sir John says a pump-price reduction could not be subsidised by the more profitable activities.
