BP has announced record high profits as they benefited from soaring oil and gas prices due to Russia’s war in Ukraine.
BP made profits of £23 billion in 2022 and shareholders will receive $4.4 billion in a full year dividend and are planning to buy back $2.8 billion of their own shares.
Trades Union Congress general secretary Paul Nowak blasted BP and accused Ministers of allowing oil and gas companies to “pocket billions in excess profits.”
Nowak said, “As millions struggle to heat their homes and put food on the table, BP are laughing all the way to the bank.
“Ministers are letting big oil and gas companies pocket billions in excess profits. But they are refusing to give nurses, teachers and other key workers a decent pay rise.”
Labour shadow climate change secretary Ed Miliband said, “What is so outrageous is that as fossil fuel companies rake in these enormous sums, Rishi Sunak still refuses to bring in a proper windfall tax that would make them pay their fair share.
“In just eight weeks’ time, the Government plans to allow the energy price cap to rise to £3,000.
“Labour would use a proper windfall tax to stop prices going up in April.”
Greenpeace UK’s head of climate justice Kate Blagojevic said, “Not only will BP’s new strategy fail to deliver much-needed energy security in the UK but it will ensure that people across the globe already battling devastating droughts, floods and heatwaves, will continue losing their lives and livelihoods.”