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Analysis: Why the case for a windfall tax on oil company profits is growing stronger

  • 📰 The Independent
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BP and others stand to benefit from high prices, even as they face large costs from exiting Russia, writes Ben Chapman

Like all oil giants, the London-based multinational is riding a wave of high oil prices, fuelled by Russia’s invasion of Ukraine. Shell reported record profits on the day that Ofgem announced that the average household would see their energy bills rise by almost £700 a year.

 

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