BP records huge £7.1bn profit for July to September from high oil and gas prices ➡️ The oil giant has recorded more the double the profit it made for the same period of July to September last year
Friends of the Earth energy campaigner, Sana Yusuf, called for “a bigger, bolder windfall tax”, which she said must “address the ridiculous loophole that undermines the levy by enabling companies to pay the bare minimum if they invest in more planet-warming gas and oil projects”.Why are energy giants making huge profits?
Oil and gas prices began rising last year when the world grappled with supply chain issues as countries emerged out of COVID-19 lockdowns. However the situation has been massively exacerbated by the war in Ukraine as countries shun Russian oil and are restricted from using Russian gas.However, energy companies say the boost in income does not all come from our household energy bills.
Members of public took to social media to express their fury at the huge amounts of money oil and gas companies are making while millions are struggling to pay their bills.As millions of households have sleepless nights over cost of living, Shell and BP have made a combined $15bn profit in just 3 months over the summer. Shell paid precisely zero windfall tax on their $8bn profit. We are not all in this together.
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