Tax on obscene profits of oil giants urged
“OBSCENE” profits of £2.2billion made by BP in three months show the need for a real windfall tax on oil giants, the scottish Greens have said.
Mark Ruskell MSP said the Tory Government’s current oil profits levy is “not fit for purpose” after the energy giant raked in around £1million per hour from January to March.
Westminster’s 35 per cent windfall tax has long been criticised for loopholes which enable firms to easily dodge it, such as if they commit to new north sea drilling projects.
oil chiefs also insist they’re investing in the green energy revolution and have claimed the loss of tax breaks could hamper the journey to net zero.
it comes as – despite scotland’s mild and wet spring – the planet continues to endure record heat as climate change tightens its grip.
Last month was the world’s hottest april and 2023 was the hottest year for at least 100,000 years.
Responding to BP’s latest profits, Ruskell hit out: “This is obscene... the world is burning around us, but fossil fuel giants like BP are raking in eye-watering profits.
“Yet the UK Government’s windfall tax isn’t fit for purpose. it is too low and it’s full of loopholes and incentives to encourage even more domestic drilling.”