Oil hits $110

So who is benefiting from these record oil prices?

The world's biggest publicly traded company by revenue posted net earnings of $39.5 billion on revenue of $377.6 billion last year, topping its previous profit record of $36.1 billion in 2005, which at the time was the largest for any U.S. company.

Shell smashed all-time British company profit records today, posting 2007 earnings of $27.5billion (£13.9billion).

I wonder how the Indonesian boatman, Kenyan taxi driver, Egyptian minibus driver, Australian single parent...all manage to survive with such high consumer end prices?

Luckily oil companies are not greedy, otherwise they would invade oil-rich countries...