Left Foot FORWARD: BP reports staggering profits as oil and gas prices surge

Oil and gas giant BP has reported profits of £7.1bn between July an September 2022. The staggering bumper profits come as oil and gas prices remain high following Russia’s invasion of Ukraine.

BP’s profits, which are double that of the same period last year, have been slammed by environmental groups and the left, who have highlighted both the climate and cost of living crises – the latter being largely driven by energy prices. There have also been renewed calls for increasing the windfall tax on fossil fuel companies.

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The reports of BP’s mega-profits come just days after Shell reported similar figures. Shell made £8.2bn between July and September 2022 and did not pay anything in the oil and gas windfall tax. That’s because of a loophole in the windfall tax which gives tax breaks to companies for investing in more fossil fuel extraction. BP has said it will pay $800m in windfall tax this year.