We kicked off 2008 with the price per barrel at double the starting point from 2007. Prices declined to the high $80’s though bounced back over $90 when the news of the stimulus plan was announced. Prices could free fall, but as long as the Federal Reserve continues with its pro-inflation policy, prices appear more likely to stay high. Within that context, Big Oil will be rolling out financially impressive profit figures this week. Remember when Bush and the GOP wanted to give them even more tax breaks and handouts?

Shell will be at the centre of a political storm this week when it posts profits of almost $27bn (£13.6bn), the highest earnings ever made by a British company.

The record-breaking profits, on the back of soaring oil prices, seem likely to stir fresh allegations of profiteering. The price of petrol has been increasing sharply, rising from 71p a litre five years ago to about 104p a litre today, according to the AA.

Texas-based Exxon Mobil, the world’s largest privately-owned oil company, is expected to improve on its own previous record on Friday by reporting earnings of $39.6bn, the biggest annual profits that the US has ever seen.