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BP Profits Triple To $8.5 Billion As Millions Struggle With Cost Of Living

BP Profits Triple To $8.5 Billion As Millions Struggle With Cost Of Living

The profits of energy giant BP have tripled to a whopping $8.5 billion while millions are stuck with bills higher than ever.

Energy giant BP has announced their profits for the second quarter of 2022 soared to $8.5 billion (around £7 billion).

That $8.5 billion profit goes on top of the money BP has already made in the first three months of 2022, as they announced profits of $6.2 billion (£5.3 billion) in the first quarter of the year.

That figure is a 14-year high for BP, and it brings their total profits for 2022 thus far to around $14.7 billion (£12 billion), nearly triple the $5.4 billion (£4.4 billion) in profit they raked in during the first six months of 2021.

By stark contrast, millions of people are facing a cost of living crisis as their energy bills have risen significantly and look set to go even higher.

Many people are already faced with the stark choice between paying to heat their homes and being able to afford to put food on the table after bills went up earlier this year. By October, there could be an even more desperate situation as energy bills are set to rise once again.

BP are one of many energy giants posting large profits in a cost of living crisis.
Zoonar GmbH/Alamy Stock Photo

BP told UNILAD they would be investing up to £18 billion in the UK over the decade, and would be paying more in taxes.

They said: "We’re investing up to £18 billion in the UK in its energy security and transition this decade – growing and building out offshore wind, low carbon hydrogen and EV charging across the country.

"We’ve previously said we expect to pay £1.25 billion in tax in the UK this year. Since then, the energy profits levy has come in, so this will now be even higher."

BP aren't the only energy giant posting huge profits at a time when millions of people are feeling the squeeze.

British Gas owner Centrica reported that their half-year profits had surged to £1.3 billion, while Shell has raked in $11.5 billion (£9.5 billion) profits in the second quarter of 2022.

Calls have been made for the government to bring in more windfall taxes on mega profits to help people through the cost of living crisis.
Shaun Daley/Alamy Stock Photo

Meanwhile, something other than BP's profits have also tripled compared to last year, as Citizens Advice said the number of people coming to them seeking help with energy bills has shot up by a similar margin.

They say the number of people asking them for help with energy has shot up by 237 percent compared to last year.

They predict that 8.7 million households in the UK will fall into fuel poverty once the energy price cap rises in October.

Renewed calls have been made for a windfall tax on the massive profits made by energy companies so the government can invest it in more income support for households set to struggle.

The government is already sending households hundreds of pounds to help with bills, but given the massive energy price increases we've already endured and those expected in the coming months it may not cover the full increase in costs.

If you have a story you want to tell, send it to UNILAD via [email protected] 

Featured Image Credit: PhotoEdit/Greg Balfour Evans/Alamy Stock Photo

Topics: UK News, Money