The good news for the London-based BP was bad news for consumers, as soaring energy prices contribute to the cost-of-living crisis in Britain and around the world.
FILE - A BP logo on a totem sign at a petrol station forecourt in London, UK, on Aug. 1, 2022. Photographer: Chris J. Ratcliffe/Bloomberg via Getty Imagessaid its earnings from April to June almost tripled from a year earlier, increasing pressure on governments to intervene as energy companies profit from high oil and natural gas prices that are fueling inflation and squeezing consumers.
"I think BP’s very sensitive to the reputational problems of making money at this level," Butler told the BBC. "I think there’s a real case here, which I think people in the companies would be very open to, for the government calling together the industry to find a plan to get us through the winter without putting these very high prices onto ordinary consumers.
BP said Tuesday that the windfall profits tax would increase the headline tax rate on its North Sea operations to 65% from 40%. The company said it plans to set aside $800 million to cover the bump.Anti-oil protesters glue themselves to Last Supper artwork in London Brent crude, a benchmark for international oil prices, averaged $113.83 a barrel in the second quarter, up 65% from a year earlier, according to BP. Natural gas prices more than doubled over the same period, rising as Russia's war in Ukraine worsened an energy crunch and as Moscow has reduced or cut off natural gas supplies to a dozen European Union countries.
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