Tuesday 1 November 2022

bp doubles profits from oil and gas prices

bp doubles profits from oil and gas prices

bp’s profits between July and September this year more than doubled from the same period in 2021.

During the three-month period, the energy giant raked in $8.2 billion (£7.1bn), as oil and gas prices have rocketed up with the ongoing conflict in Ukraine.

bp is not the only oil and gas company to profit heavily from the situation, which has led to many calling for the windfall tax to be upped by new Prime Minister Rishi Sunak.

The company said that this year it will pay $800 million (£693m) in windfall tax – which sees the profits made from extracting oil and gas capped.

Sunak introduced the tax while serving as Chancellor, stating at the time that the levy would raise £5 billion during its first year.

Given he was the one to implement it, many are hopeful he can increase it – there has been no mention of this from Downing Street but there are reports that it could be mentioned in the upcoming Autumn Statement.

COP President Alok Sharma said: “We need to raise more money from a windfall tax on oil and gas companies and actively encourage them to invest in renewables.”

bp has been approached for comment.

Written by

Bruna Pinhoni

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