BP have been branded “shameless profiteers” after the UK oil giant pocketed an eye-watering £1.75billion in profits in three months.
Campaigners said fossil fuel firms like BP were still enjoying “obscene” levels of profit while millions of Scots face a long, cold winter in fuel poverty. The figures showed, despite the oil industry’s repeated moans that it is too heavily taxed, that companies are “in reality awash with cash”, activists added.
BP’s profits from July to September were lower than the same period last year. However, experts fear another oil price spike amid the conflict in the Middle East.
Scottish Greens co-leader Patrick Harvie hit out: “All over our country there are households and families dreading a long, cold winter while fossil fuel giants and polluters are making a killing… It is time to tax that wealth properly and use it to lift people out of poverty.”
Warm This Winter spokeswoman Caroline Simpson said: “Another week and another set of obscene profits. This time it’s BP which has pocketed £44.5billion since the start of the energy crisis.
“That’s why we urge the Chancellor in her budget tomorrow to get tough on profiteers who have made billions milking energy shocks that have left 6.5 million in fuel poverty by clawing back some of that ill-gotten gain to fund a social tariff.”
Tessa Khan, executive director at Uplift said: “These profits are a good reminder that, despite complaints by the oil and gas industry that they are too heavily taxed, companies are in reality awash with cash. It is absolutely right that they pay their fair share while the UK transitions away from expensive oil and gas.”
Branding BP “shameless profiteers”, Izzie Macintosh of Global Justice Now added: “As COP29 approaches, leaders of climate-vulnerable countries will be scrutinising the UK’s commitment to reigning in climate-wrecking companies like BP.”
BP CEO Murray Auchincloss said: “We have made significant progress since we laid out our six priorities earlier this year to make BP simpler, more focused and higher value. In oil and gas, we see the potential to grow through the decade with a focus on value over volume.
“We also have a deep belief in the opportunity afforded by the energy transition – we have established a number of leading positions and will continue high-grading our investments to ensure they compete with the rest of our business.”
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