Tax energy profits

OIL giant BP has reported that for the first three months of this year profits have more than doubled following oil and gas prices soaring.

With an underlying profit of £4.9billion, compared with £2.1billion in the same period last year, this is well ahead of expectations. no wonder BP boss Bernard Looney calls his company a ‘cash machine’.

Rising profits have naturally renewed calls for a one-off windfall tax on energy companies to help uk households grappling with rising household bills.

While gas prices have increased five-fold from before the pandemic and oil prices have almost doubled as economies open up, the choice for many pushed into fuel poverty will be between heating and eating.

the oil companies’ pockets are deep. A windfall tax to help hardpressed households cope with record energy bills is urgently required.

ALEX ORR, edinburgh.