BP's profit more than doubles as calls for windfall taxes grow louder | CNN Business

, extending a bumper run of earnings for the world’s biggest oil and gas companies that will add to growing calls in Britain and the United States for higher taxes on windfall profits. The UK-based energy company posted underlying profit of $8.15 billion in the third quarter, compared with $3.3 billion for the same period a year ago. BP\n \n ’s earnings were boosted by “exceptional” results in its gas trading business, it said in a statement on Tuesday.

The unprecedented set of earnings is fueling renewed calls in Britain and the United States for windfall taxes on energy companies to help households that are struggling to pay rising bills. On Monday, President Joe Biden accused energy companies of “war profiteering” and said if they didn’t “act beyond their narrow self interest” and “give the American people a break” they would pay “‘a higher tax on their excess profits and face higher restrictions.

AMERICA'S ECONOMY SAVE

Joe Biden campaigned on blocking exploration on federal land. The Biden administration is responsible for the price increases. To print these ridiculous stories is only one more sign of CNN Democrat bias

Windfall taxes are bad policy, because they can encourage businesses to hide their profits. Just cut the subsidies and tax the oil industry, fairly. radicalcentrist forwardtogether

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Nationalize the petrol industry

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