Last week oil and gas giant Shell has reported record annual profits after energy prices surged last year following Russia’s invasion of Ukraine.
Profits hit $39.9bn (£32.2bn) in 2022, double the previous year’s total and the highest in its 115-year history.
Labour’s shadow climate change secretary Ed Miliband said: “As the British people face an energy price hike of 40% in April, the government is letting the fossil fuel companies making bumper profits off the hook with their refusal to implement a proper windfall tax.
“Labour would stop the energy price cap going up in April, because it is only right that the companies making unexpected windfall profits from the proceeds of war pay their fair share.”
Liberal Democrat leader Ed Davey said: “No company should be making these kind of outrageous profits out of Putin’s illegal invasion of Ukraine.
“They must tax the oil and gas companies properly and at the very least ensure that energy bills don’t rise yet again in April.”
So what are BP up to? Well they have more than doubled their profits (we kind of expect this from these companies now…somehow) but at the same time are cutting back on their climate goals!
The company now plans a greater production of oil and gas over the next seven years compared with previous targets.
Responding to BP’s results, Ed Miliband, Labour’s shadow climate change and net zero secretary, said: “It’s yet another day of enormous profits at an energy giant, the windfalls of war, coming directly out of the pockets of the British people.
“What is so outrageous is that as fossil fuel companies rake in these enormous sums, Rishi Sunak still refuses to bring in a proper windfall tax that would make them pay their fair share.”
You have to laugh…