BP’s annual profit more than doubled last year to an all-time high of nearly $28 billion, extending a record run of earnings for the world’s oil majors that is fueling calls for higher taxes on the windfall gains. The British energy giant said in a statement that underlying replacement cost profit rose to $27.7 billion in 2022 from $12.8 billion the previous year. The metric is a key indicator of oil companies’ profitability. BP\n \n also announced Tuesday a further $2.
Last week, Shell\n \n reported a record profit of almost $40 billion for 2022, more than double what it raked in the previous year after oil and gas prices jumped following Russia’s invasion of Ukraine. The war’s effect on UK households has been a surge in energy costs, with the average gas and electricity bill due to increase again from the start of April. The stunning corporate results have amplified calls for the UK government to impose higher windfall taxes on energy companies.
Current leadership allows this, and in most cases, implicit.
British Petroleum. British company, American division or worldwide?
Always remember, it was REPUBLICANS that voted against ending price Gouging by oil companies
Oil and natural gas producers are price takers, not price setters. That means companies do not control or set the price of oil. That price is set in a global market. US gasoline prices are tied to the Brent international benchmark, which has steadily risen since biden took office
They are selling petrol they bought before the prices increased at the prices they now need to buy the more expensive oil, hence the profits.
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How about Pfizer ?
What about defense contractors
Do you believe that Inflation is factor?
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