>The energy giant reported an underlying profit of $6.2bn (£4.9bn)
Absolutely stupid amount of money.
By the end of the week we’ll be told by random MP/mouth piece how this can’t be done because then they wouldn’t be willing to invest in renewables/clean energy like the other month
Land up like other regions where the giants spend more lobbying *against* the technology than actually on it if we’re not already at that point
Whole lot of guys who make £150k a year and drive a BMW will absolutely assume that “Tax the Rich” is talking about them and not things like this.
>Guy from EXXON OIL was interviewed on CNN earlier today. He first tried blaming clean energy programs for the price of fuel. After the interviewer called him out on it, noting that they could increase supply if they wanted to, the guy straight up said that they would not be increasing supply
>
>Didn’t even hide it. Talked about how they want to keep profits coming in, to make it up to their shareholders for money they lost during the lock downs
>
>Sure, we all know this. But to even try to blame anyone except for Big Oil, is just simply insane. Especially when they are straight up saying that they are intentionally keeping prices high simply for profit
If it did not happen in the spring budget, it is not going to happen any time soon. It is nice to have hope but the Tories are not going to act quickly, they are reactionary and might only go for a windfall tax if they lose a lot of seats in the council elections due to their handling of the cost of living. Even then, it won’t happen until the autumn budget at the earliest.
Cost of living crisis for the poor while the rich get richer & richer.
Won’t they just increase the price of oil if we increase their taxes?
Also I don’t hold any hope much of that extra tax revenue will trickle down to us anyway.
If profits are soaring then the current rise in prices is obviously not solely down to supply costs and we’re all being right and royally shafted
So fuel prices can go back down then, right? …right?
If you’re making excuses for BP in this thread then congratulations on being part of the reason these unprecedented economic crises keep happening.
They made a 20billion pound loss according to the same article
The idea of a windfall tax is so stupid it’s beyond belief. 31 energy suppliers failed last year. The companies that survived are the ones who did everything right – they hedged correctly, they had cash reserves to get them through COVID, and they even had enough extra capacity to accommodate the customers from other failing suppliers.
If the companies that did the right thing get punished with a windfall tax on their hard-earned profits, while the companies that prioritised lining their own pockets over conducting business responsibly get rewarded with a nice comfortable bankruptcy, what do you think the behaviour is going to be in the future?
If labour want to win the next election stop going after boris party shit and go after shit like this.
This company’s shares have underperformed compared to the market for the last two years. It was painful to hold this stock while waching everything else soar. However, maybe now it is time for it to finally do something.
BP, and other oil and gas companies, make fat profits in good years and lose money in bad years. They lost 20bn just last year.
That’s how their market works. If you keep dropping windfall taxes on them in good years, they will either go bankrupt or you will have to bail them out in bad years.
The fact no one can see past moneyoil-badcorporations-bad is really disappointing. Increasingly I worry we can’t stay a democracy if no one can get beyond talking points and emotion to actual facts and understanding.
BP is a public company so can’t be interfered with by a country’s government. That would be robbing shareholders.
On a completely unrelated note, the few hundred shares I got at BP went up 11p this morning. Pretty sure shareholders who own thousands if not millions of shares are pretty happy today.
Why did we all start to accept “Windfall Tax” as a common place thing, a one off tax is ridiculous. These companies make billions of pounds from us each year and they should be taxed, each year.
Please don’t tax them. They will run away and leave us, then we won’t have their tax revenu……….. wait a minute.
Everyone should really be thinking about journeys they can replace the car with and never use it again. I have a 7 mile each way commute to work and just abandoned my motorbike at the cost of leaving 5 mins early.) Don’t play the game anymore than you need to.
Grrrrrrrrrrrr
I watched this on the news earlier, and whilst I do think they should do more, they also explained how BP is investing £18b into the UK over this decade, and that people forget they took record loses during the Pandemic. Imagine if the windfall tax did come in (which Sunak did threatened), BP and others wouldn’t be investing into this Country, and that means the jobs they created wouldn’t happen either.
Again, I think the oil companies should do a lot more but I also think media outlets should tell the whole story and not just half.
What’s funny is bp is promoting a carbon pricing and dividend strategy as part of their net zero ambitions. Taxing oil and gas production to reduce end user energy bills is exactly the same thing but they rail against it. It’s almost as if the net zero ambitions are just marketing.
Scapping the competition law when there was the first petrol scare smells of collusion with the tories.
I’ll support a windfall tax when somebody in government explains exactly how the money received by the treasury will reduce my energy bill. That’s it, just tell me how it will be done
A windfall tax is a temporary solution to a permanent problem. High gas prices aren’t a temporary crisis, they are the new normal.
The £4.9bn profit is illusionary. BP shareholders are going to take a massive £19.53bn loss on its decision to exit its 19.75% shareholding in Russian energy giant Rosneft…
This article is so disingenuous given they actually made a tax loss of £20bn+ due to the write down of their Russian business. I can’t wait for all the articles about how they are not paying tax on next quarters profits as their tax losses this quarter will be offset against future profits. I bet they’ve already written those articles to spark more outrageous and the financially illiterate general public won’t have a scooby. This is the media once again creating their own stories, just like the fuel crisis last autumn.
Leave poor BP alone they are trying to invest to bring down prices in the long term, imagine they only made 3 billion profit they would have to shop at liddle
You can’t just steal money from a company just because it had a good year and you ‘want a taste’. It shows the kind of people the politicians really are.
Tories allow BP profits to soar, don’t get angry at BP when they are being allowed to do this. Give it two years and we will find out all the Tories are share holders in BP.
32 comments
>The energy giant reported an underlying profit of $6.2bn (£4.9bn)
Absolutely stupid amount of money.
By the end of the week we’ll be told by random MP/mouth piece how this can’t be done because then they wouldn’t be willing to invest in renewables/clean energy like the other month
Land up like other regions where the giants spend more lobbying *against* the technology than actually on it if we’re not already at that point
Whole lot of guys who make £150k a year and drive a BMW will absolutely assume that “Tax the Rich” is talking about them and not things like this.
[We’re being ripped off in broad daylight](https://i.redd.it/5cvqdfc3vtn81.jpg)
Another Redditor said:
>Guy from EXXON OIL was interviewed on CNN earlier today. He first tried blaming clean energy programs for the price of fuel. After the interviewer called him out on it, noting that they could increase supply if they wanted to, the guy straight up said that they would not be increasing supply
>
>Didn’t even hide it. Talked about how they want to keep profits coming in, to make it up to their shareholders for money they lost during the lock downs
>
>Sure, we all know this. But to even try to blame anyone except for Big Oil, is just simply insane. Especially when they are straight up saying that they are intentionally keeping prices high simply for profit
If it did not happen in the spring budget, it is not going to happen any time soon. It is nice to have hope but the Tories are not going to act quickly, they are reactionary and might only go for a windfall tax if they lose a lot of seats in the council elections due to their handling of the cost of living. Even then, it won’t happen until the autumn budget at the earliest.
Cost of living crisis for the poor while the rich get richer & richer.
Won’t they just increase the price of oil if we increase their taxes?
Also I don’t hold any hope much of that extra tax revenue will trickle down to us anyway.
If profits are soaring then the current rise in prices is obviously not solely down to supply costs and we’re all being right and royally shafted
So fuel prices can go back down then, right? …right?
If you’re making excuses for BP in this thread then congratulations on being part of the reason these unprecedented economic crises keep happening.
They made a 20billion pound loss according to the same article
The idea of a windfall tax is so stupid it’s beyond belief. 31 energy suppliers failed last year. The companies that survived are the ones who did everything right – they hedged correctly, they had cash reserves to get them through COVID, and they even had enough extra capacity to accommodate the customers from other failing suppliers.
If the companies that did the right thing get punished with a windfall tax on their hard-earned profits, while the companies that prioritised lining their own pockets over conducting business responsibly get rewarded with a nice comfortable bankruptcy, what do you think the behaviour is going to be in the future?
If labour want to win the next election stop going after boris party shit and go after shit like this.
This company’s shares have underperformed compared to the market for the last two years. It was painful to hold this stock while waching everything else soar. However, maybe now it is time for it to finally do something.
BP, and other oil and gas companies, make fat profits in good years and lose money in bad years. They lost 20bn just last year.
That’s how their market works. If you keep dropping windfall taxes on them in good years, they will either go bankrupt or you will have to bail them out in bad years.
The fact no one can see past moneyoil-badcorporations-bad is really disappointing. Increasingly I worry we can’t stay a democracy if no one can get beyond talking points and emotion to actual facts and understanding.
https://www.statista.com/statistics/268399/profit-of-bp-since-2003/
BP is a public company so can’t be interfered with by a country’s government. That would be robbing shareholders.
On a completely unrelated note, the few hundred shares I got at BP went up 11p this morning. Pretty sure shareholders who own thousands if not millions of shares are pretty happy today.
Why did we all start to accept “Windfall Tax” as a common place thing, a one off tax is ridiculous. These companies make billions of pounds from us each year and they should be taxed, each year.
Please don’t tax them. They will run away and leave us, then we won’t have their tax revenu……….. wait a minute.
Everyone should really be thinking about journeys they can replace the car with and never use it again. I have a 7 mile each way commute to work and just abandoned my motorbike at the cost of leaving 5 mins early.) Don’t play the game anymore than you need to.
Grrrrrrrrrrrr
I watched this on the news earlier, and whilst I do think they should do more, they also explained how BP is investing £18b into the UK over this decade, and that people forget they took record loses during the Pandemic. Imagine if the windfall tax did come in (which Sunak did threatened), BP and others wouldn’t be investing into this Country, and that means the jobs they created wouldn’t happen either.
Again, I think the oil companies should do a lot more but I also think media outlets should tell the whole story and not just half.
What’s funny is bp is promoting a carbon pricing and dividend strategy as part of their net zero ambitions. Taxing oil and gas production to reduce end user energy bills is exactly the same thing but they rail against it. It’s almost as if the net zero ambitions are just marketing.
Scapping the competition law when there was the first petrol scare smells of collusion with the tories.
I’ll support a windfall tax when somebody in government explains exactly how the money received by the treasury will reduce my energy bill. That’s it, just tell me how it will be done
Is anyone else just over everything?
This video does a good job of explaining how oversimplified the fuel crisis is in the mainstream media: https://www.youtube.com/watch?v=AQbmpecxS2w
A windfall tax is a temporary solution to a permanent problem. High gas prices aren’t a temporary crisis, they are the new normal.
The £4.9bn profit is illusionary. BP shareholders are going to take a massive £19.53bn loss on its decision to exit its 19.75% shareholding in Russian energy giant Rosneft…
This article is so disingenuous given they actually made a tax loss of £20bn+ due to the write down of their Russian business. I can’t wait for all the articles about how they are not paying tax on next quarters profits as their tax losses this quarter will be offset against future profits. I bet they’ve already written those articles to spark more outrageous and the financially illiterate general public won’t have a scooby. This is the media once again creating their own stories, just like the fuel crisis last autumn.
Leave poor BP alone they are trying to invest to bring down prices in the long term, imagine they only made 3 billion profit they would have to shop at liddle
You can’t just steal money from a company just because it had a good year and you ‘want a taste’. It shows the kind of people the politicians really are.
Tories allow BP profits to soar, don’t get angry at BP when they are being allowed to do this. Give it two years and we will find out all the Tories are share holders in BP.