BP rakes in quarterly profit of $8.2 billion as oil majors post another round of bumper earnings

" and threatened to pursue higher taxes if industry giants did not work to cut gas prices.

Oil and gas industry groups have previously condemned calls for a windfall tax, warning it would fail to resolve a sharp upswing in energy prices and could ultimately deter investment. "This quarter's results reflect us continuing to perform while transforming," BP CEO Bernard Looney said in a statement.

"We remain focused on helping to solve the energy trilemma – secure, affordable and lower carbon energy. We are providing the oil and gas the world needs today – while at the same time - investing to accelerate the energy transition," Looney said.

When demand is high and supply is low…

Windfall tax is needed

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