Feb 8, 2022
BP profits surge amid calls for windfall tax
Oil giant BP has reported its highest profit for eight years, amid calls for a windfall tax on energy companies. The jump in energy prices is leading to big increases in gas and electricity bills for households. Last week, Labour MPs said energy firms that had profited from higher wholesale prices should pay more in tax. Rising demand for oil last year, as economies reopened, combined with supply chain challenges, pushed energy prices sharply higher by the end of 2021.The very same energy prices that have spelt crippling bills for users have prompted BP's boss to describe his operation right now as a "Cash machine". The chancellor is unconvinced, fearing that it could damage investment in lower carbon forms of energy, particularly given that energy giants' profits, tied as they are to global prices, are very volatile.
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