BP's profit doubled to $28 billion as Russia’s invasion of Ukraine sent oil and gas prices soaring.
Politicians often take the heat for high gas prices, but they have little to do with what you pay at the pump.
BP said in its annual report that CEO Bernard Looney was paid a total of 10 million pounds in 2022, up from 4.5 million pounds the previous year. Looney's pay package includes a cash bonus of 2.4 million pounds and 6 million pounds in bonus company stock.BP reported in February that its profit doubled to $28 billion as Russia’s invasion of Ukraine sent oil and gas prices soaring.
Activist groups such as Global Witness and some opposition lawmakers in Britain have called for expanding taxes on the windfall profits of energy companies and taxing bonuses.It's a "twisted irony" that a wealthy minority got even richer "precisely because bills have been so unaffordable for the majority," said Jonathan Noronha-Gant, a senior campaigner at Global Witness.
The proposed tax is similar to a levy on bankers' bonuses that the U.K. government imposed in 2009-10 amid the fallout of the global financial crisis.
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