WECA Mayor says BP profits are indefensible renewing calls for a windfall tax
By Susie Watkins
3rd May 2022 | Local News
Oil giant BP's profits have more than doubled in the past year as oil and gas prices soared for households across the West of England.
The company today ( May 3) reported an underlying profit of £4.9bn compared to £2.1bn in the same period last year - its highest for more than a decade.
The profits come amid a cost-of-living crisis that has left many in the region struggling to afford basic essentials. Surges in fuel, energy and food prices are hitting people's pockets, with inflation running at a 30-year high.
Metro Mayor Dan Norris said the profits were "indefensible" at a time when so many households were grappling with rising bills and prices. He once again backed calls for a windfall tax on oil and gas companies to help cash-strapped households in an emergency budget.
Mayor Norris said "At a time when households across our region are being hammered by the rising cost of living, these profits are simply indefensible. Oil and gas firms may be doing their job for their shareholders, but the Government is failing to do its job for the people of the West of England. The Chancellor must stop making excuses and introduce a windfall tax on oil and gas companies that are making billions in the North Sea as part of an Emergency Budget. The case for this is now unanswerable".
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