JUST days after Shell announced the highest earnings of its 115-year history, fellow fossil fuel giant BP has admitted doubling its own annual profits.
Last year was a boom one for the oil giants: a sharp hike in gas prices linked to the Russian invasion of Ukraine boosted their earnings beyond expectations. Shell made over £40bn; BP has announced a “modest” £23bn.
Greenpeace UK accuses the oil companies of “making gold from vast suffering”.
Perhaps to capitalise further on the ill-wind from Ukraine that continues to blow, BP says it will now scale-back its climate ambitions. It is reportedly walking-back recent emissions pledges and plans to ramp-up oil and gas production over the next seven years.
The annual profits, seen by critics as “obscene”, have led to renewed calls for a tougher windfall tax as the corporations enrich themselves from rising prices — and ordinary households and smaller businesses struggle to cope.
The Labour party last week asked for Britain’s energy profits levy to be revamped to factor-in the exceptional earnings.