Oil giants’ massive profits as bills soar
Profits made by oil giants in the first three months of this year were enough to give every household £450 towards their soaring energy bills.
An analysis by Shadow
Climate Change Secretary Ed Miliband reveals that Shell and BP made combined profits of £12.37billion in the first quarter of 2022.
And that could have delivered a massive cushion for the 28million British households that are facing crippling gas and electricity bills.
On Tuesday Miliband will renew his call for the Tories to impose a windfall tax on oil profits in an amendment to the Queen’s Speech.
He said: “It is astounding that the Conservatives have opposed it at every turn.
“This is a Government with the wrong values, unable to stand up for the needs of the British people.”
But Chancellor Rishi Sunak has indicated that he may now be ready to perform a U-turn on his opposition to such a tax.
He told the BBC: “These companies are making a significant profit because of elevated prices.
“I want to see significant investment back into the UK economy. And if that doesn’t happen, then no options are off the table.”
Shell made £7.3billion in the first three months of the year – nearly triple the profit the giant made over the same period in 2021 – while BP raked in more than £5billion.
Labour wants to see a one-off tax of 10 per cent on profits made by North Sea oil producers to raise £1.2billion. That would be used to help families hit by 54 per cent rises in energy costs.
Spain and Italy have already announced a similar tax and the move is backed here by the Lib Dems, the SNP and the Greens.