BP Amoco profits hit record on soaring oil prices

| 7/25/2006

At least someone is happy about paying $3 at the pump.

Oil giant BP Amoco PLC reported a 30 percent increase in second-quarter profits thanks to skyrocketing crude oil prices and an increase in earnings from refining.

Bloomberg reported that net income for the company rose to $7.27 billion for the quarter, up from $5.6 billion for the same time period in 2005.

Revenue rose 24 percent to $72.4 billion.