BP, Shell, TotalEnergies, and Equinor report record profits for 2022
Why it matters
The record profits of these oil and gas majors have prompted calls for a windfall tax on the sector as households struggle to pay energy bills. The UK government has already imposed a temporary windfall tax of 25% on oil and gas companies to help fund a £15bn package of assistance for households struggling with energy prices. The EU has also announced proposals for a windfall tax on energy firms to help citizens with energy prices amid the cost-of-living crisis.
What the papers say
The Guardian, The Independent, Reuters
How we got here
The profits have been attributed to higher oil and gas prices since Russia invaded Ukraine. The UK government has already imposed a temporary windfall tax of 25% on oil and gas companies to help fund a £15bn package of assistance for households struggling with energy prices. The EU has also announced proposals for a windfall tax on energy firms to help citizens with energy prices amid the cost-of-living crisis.
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