'Big fossil fuel firms making eyewatering profits is a slap in the face for the millions of citizens struggling to heat their homes.'
Tuesday that it expects to fork over $800 million—a fraction of the gains it has reaped from global energy market chaos spurred by Russia's war on Ukraine.
BP's latest earnings announcement sparked calls for a more aggressive windfall tax as Jeremy Hunt, the U.K.'s chancellor of the Exchequer, is expected to unveil a new economic plan later this month.that Hunt is"considering increasing the windfall tax by up to five percentage points, to 30%, and extending its lifespan by three years, to 2028."
The government of new right-wing Prime Minister Rishi Sunak is also facing pressure to reverse plans forFreya Aitchison, oil and gas campaigner at Friends of the Earth Scotland, said in a statement that"the announcement of yet another obscene profit for a climate-wrecking oil firm highlights the scale of the pain that these companies are inflicting on the public."
"While fossil fuel companies are being allowed to make record-breaking profits, households are facing astronomical energy bills and millions are being pushed into fuel poverty," said Aitchison."Bosses and shareholders at these big polluters are being allowed to get even richer by exploiting one of our most basic needs. BP is also worsening climate breakdown and extreme weather by continuing to invest and lock us into new oil and gas projects for decades to come.
"Oil companies' record profits today are not because they're doing something new or innovative," Biden said in a speech at the White House on Monday."Their profits are a windfall of war."
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