Due to High Gas and Oil Prices, BP Expects Enormous Profit

BP Expects Enormous Profit

The oil giant made $8.2 billion (£7.1 billion) during that time, doubling its profit from the corresponding period in 2017.

A tax on profits from the extraction of UK oil and gas, according to BP, will cost the company $800 million this year. Due to the enormous profits made by oil companies, there will likely be new calls for an increase in this windfall tax on energy companies.

When Rishi Sunak served as chancellor, he instituted the windfall tax. At the time, Mr. Sunak predicted that the tax, dubbed the Energy Profits Levy, would bring in £5 billion in its first year.

We must actively encourage oil and gas companies to invest in renewable energy to raise more money through a windfall tax on them, exclaimed UK COP President Alok Sharma.

According to BP, Treasury sources, an extension of the windfall tax is reportedly being discussed ahead of the Autumn Statement on November 17,

which will outline plans for tax increases and spending reductions as the government tries to close a “black hole” in the public finances.