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'Obscene': BP Profits Hit 8-Year High Amid Climate Emergency

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'Oil company bosses are being allowed to make obscene profits from climate breakdown and the gas price crisis on the back of widespread devastation for people around the world.' FoEScot

"BP and Shell are raking in billions from the gas price crisis while enjoying one of the most favorable tax regimes in the world for offshore drillers."

Oil and gas prices have skyrocketed in recent months due to higher demand following economic shutdowns during the coronavirus pandemic, with the crisis in Ukraine being blamed forIn the U.K., an estimated 22 million households are expected to see their energy costs rise after the Office of Gas and Electricity Markets announced last week a 54% increase to its price cap from 2021.BP's announcement intensified calls for a windfall tax for large fossil fuel companies in the U.K.

Caroline Lucas, a member of British Parliament representing the Green Party, called BP's profits"obscene" in light of the energy and cost-of-living crisis in Britain.

 

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