Critics claimed the case for hiking a windfall tax on energy giant was “overwhelming” after BP revealed profits of more than £900 a second on Tuesday.
The oil and gas goliath announced a forecast-shattering £7.1billion haul for the three months to September, more than double what it raked in the same time last year.
BP said it was so awash with excess cash it planned to hand another £2.2billion to investors by buying back some of its own shares.
The “eyewatering” profits, coming after similarly bumper results from rival Shell last week, once again fuelled demands for the Government to impose an increased windfall tax on producers.
Analysts are forecasting that profits at the world’s seven biggest oil firms will soar to almost £150billion this year, boosted by sky-high gas prices on the back of Russia ’s war in Ukraine.
BP has made almost £20billion in profits for the first nine months of this year alone.
The company sought to head off criticism by estimating it would pay around £2.2billion in tax on its North Sea operations this year.
Of that, almost £700million is expected to come from a windfall tax that was introduced this May.
Murray Auchincloss, BP’s finance boss, said: “We understand this is very difficult for society right now.”
But Labour, along with campaigners, want new Prime Minister Rishi Sunak and Chancellor Jeremy Hunt to go further in the autumn Budget later this month.
Ed Miliband, Labour’s Shadow Climate Change and Net Zero Secretary said: “Rishi Sunak should be hanging his head in shame that he has left billions of windfall profits in the pockets of oil and gas companies, while the British people face a cost of living crisis.
“Even if he U-turns on a windfall tax now, the oil and gas companies have taken billions from the cash machine that is the British people’s energy bills —and Rishi Sunak has let it happen.”
Unite general secretary Sharon Graham said: “Workers and communities face financial calamity this winter while energy giants like BP are making billions in unfettered profits.
“It’s clear our economy is broken.”
Friends of the Earth energy campaigner Sana Yusuf said: “With the economy sinking, energy bills soaring and the climate crisis deepening, Rishi Sunak must surely act on the excessive profits that fossil fuel firms like BP are raking in.
“The case for a bigger, bolder windfall tax is now overwhelming.”
And Tessa Khan, founder of the pressure group Uplift, said: “BP’s soaring profits are not because of anything it has done, but because of the surge in gas prices caused by the Ukraine war.
“BP must be laughing all the way to the bank.
“While oil and gas giants like BP are making these obscene profits, seven million UK households face fuel poverty this winter.”
Calls for windfall taxes on producers have come from other countries too.
US President Joe Biden said earlier this week: “It’s time for these companies to stop profiteering.”
Even the energy companies themselves concede that higher taxes are likely.
Ben van Beurden, Shell’s boss, said last week the sector should be ready to “embrace” them.
