Doubling of BP profits prompts further calls for windfall tax

BP’s profits for the first three months of this year have more than doubled after oil and gas prices soared.

 

The energy giant reported an underlying profit of $6.2bn compared to $2.6bn in the same period last year, ahead of expectations.

 

BP said the increase was due in part to “exceptional oil and gas trading”.

 

Rising profits have prompted calls for a one-off windfall tax on energy companies to help UK households grappling with rising bills.

 

BP’s profits have been driven by a sharp rise in oil prices, initially led by increased demand as economies reopened following Covid lockdowns. Last November, BP chief Bernard Looney described the energy market as “a cash machine”.

 

Oil prices rose further after war broke out in Ukraine and western countries imposed sanctions on Russia following its invasion.

 

Russia is the second biggest exporter of crude oil, and is also the world’s largest natural gas exporter.

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