Tuesday, May 03, 2022
Windfall tax needed as BP profits double
As millions of people struggle to pay rising energy costs, it seems that those supplying gas and electricity are getting rich on the hardship of others.
The Guardian reports that soarung oil and gas prices have led to BP’s profits more than doubling to $6.2bn (£5bn) in the first three months of the year.
The paper says that this surplus is well ahead of the $4.5bn expected by analysts and is likely to revive calls for a windfall tax on oil and gas companies from Labour and the Liberal Democrats, who argue the money raised could be used to ease the burden for those hardest hit by the cost of living costs. Too right.
A windfall tax is now needed badly if we are to raise the resources needed to help people pay those sky-high fuel bills.
The Guardian reports that soarung oil and gas prices have led to BP’s profits more than doubling to $6.2bn (£5bn) in the first three months of the year.
The paper says that this surplus is well ahead of the $4.5bn expected by analysts and is likely to revive calls for a windfall tax on oil and gas companies from Labour and the Liberal Democrats, who argue the money raised could be used to ease the burden for those hardest hit by the cost of living costs. Too right.
A windfall tax is now needed badly if we are to raise the resources needed to help people pay those sky-high fuel bills.
