Justifiable anger over record BP profits as families suffer - The Yorkshire Post says

BP’s record profits will understandably incense so many as families across the nation suffer toxic rises in living costs.

The oil giant said that underlying replacement cost profit – the figure most followed by analysts – had reached 27.7 billion dollars (£23 billion) last year – while adding that it had slashed its emissions reduction targets by a third.

This does not sit comfortably at a time when the prices heating oil, gas, electricity and fuel are, in many instances, damaging families to the point of not being able to put food on the table.

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It is simply scandalous that fossil fuel firms can divvy up profits made from, firstly, the misery of families and, secondly, the war in Ukraine.

BP sign. Photo by BEN STANSALL/AFP via Getty Images.BP sign. Photo by BEN STANSALL/AFP via Getty Images.
BP sign. Photo by BEN STANSALL/AFP via Getty Images.

While diesel and petrol prices are falling, according to data from the RAC, they still have some way to go before coming back to more normal levels. So people are being squeezed at the pump and at the thermostat in their own homes. Meanwhile, as companies like BP rake in the profit, small and medium sized businesses are shutting down because they can’t pay the bills.

It seems inevitable and necessary that a much steeper windfall tax is applied, even temporarily, to help people get through these crises.

Some sort of parity needs to be restored between the rights of the consumer and individual, and the rights of big energy firms. Furthermore, the country’s energy security and sustainability strategy needs to be developed faster and further than ever before. It was reassuring to see the reshuffle ordered by the Prime Minister Rishi Sunak seeming to focus on that imperative.