After BP reported revenues of more than £900 per second on Tuesday, critics declared the argument for raising a windfall tax on the energy giant to be “overwhelming.”
The oil and gas goliath reported a £7.1 billion haul for the three months ending in September, more than double what it earned at the same period last year, surpassing all previous projections.
According to BP, it has so much extra money that it intends to give investors another £2.2 billion by repurchasing part of its own shares.
The “eyewatering” gains, which followed rival Shell’s similarly stellar results last week, renewed calls for the government to hike the windfall tax on producers.
Analysts predict that profits at the seven largest oil companies in the world will reach about £150 billion this year.