https://sputnikglobe.com/20220803/bps-soaring-oil-profits-sit-uncomfortably-as-brits-brace-for-ordeal-to-keep--warm-this-winter-1098059416.html
BP’s Soaring Oil Profits ‘Sit Uncomfortably’ as Brits Brace for Ordeal ‘to Keep Warm This Winter’
BP’s Soaring Oil Profits ‘Sit Uncomfortably’ as Brits Brace for Ordeal ‘to Keep Warm This Winter’
Sputnik International
Earlier this week, BP reported that its oil profits had more than tripled in the second quarter to a whopping $8.5 billion. UK Shadow Chancellor Rachel Reeves... 03.08.2022, Sputnik International
2022-08-03T05:47+0000
2022-08-03T05:47+0000
2023-05-28T15:20+0000
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The UK energy giant BP’s recent mega oil profits “raise the temperature of the political debate about a cost of living crisis” in Britain, which is mainly being driven by higher energy prices, the news agency Bloomberg has reported.On Tuesday, BP posted $8.5 billion in profit for the second quarter, which is more than three times what the company made during the same period in 2021. The British energy behemoth also pointed out that it would increase its dividends to shareholders by 10%.Bloomberg noted that all this “sits uncomfortably alongside the very real pain that will be experienced by many British households in the coming months.”A new study conducted by the research firm Cornwall Insight has, meanwhile, revealed that Britons, who are now struggling with inflation that has hit a 40-year high, may see their energy bills increase this winter.According to the survey published on Tuesday, the average energy bill is expected to rise 83% from its current level to top £3,600 ($4,397) per year beginning in January for millions of UK households, which is up 7% from Cornwall Insight’s previous estimate made in early July.As a result, the average British household will most likely spend more than £300 a month ($366) to power their homes, the study suggested.Lowrey also said that Cornwall Insight’s “new figures show that even increasing support for October will not make much of a dent in what is likely to be a sustained period of high energy bills.”In a separate development on Tuesday, the End Fuel Poverty Coalition, a campaign group, tweeted that “the market is failing and millions will struggle to keep warm this winter.”Last month, the UK’s Office for National Statistics said last month that the country’s hit new 40-year high of 9.4% in June, which was driven by record prices for gasoline and diesel, as well as the soaring cost of food, clothing, and furniture.UK ministers previously warned that the “severe” sanctions Western countries slapped on Russia over its ongoing special military operation in Ukraine would have a knock-on effect on the cost of living in Britain. Shortly after Moscow’s operation to demilitarize and de-Nazify Ukraine was announced by President Vladimir Putin on February 24, British Foreign Secretary Liz Truss acknowledged that Britain would take an “economic hit” due to the anti-Russian sanctions.
https://sputnikglobe.com/20220613/uk-economy-slumped-by-03-in-april-amid-onslaught-of-cost-of-living-crisis-ons-data-shows-1096268096.html
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BP’s Soaring Oil Profits ‘Sit Uncomfortably’ as Brits Brace for Ordeal ‘to Keep Warm This Winter’
05:47 GMT 03.08.2022 (Updated: 15:20 GMT 28.05.2023) Earlier this week, BP reported that its oil profits had more than tripled in the second quarter to a whopping $8.5 billion. UK Shadow Chancellor Rachel Reeves reacted by saying that the “eye-watering profits” showed that the government was “totally wrong” to have given significant tax breaks to oil companies.
The UK energy giant BP’s recent mega oil profits “raise the temperature of the political debate about a cost of living crisis” in Britain, which is mainly being driven by
higher energy prices, the news agency Bloomberg has reported.
On Tuesday, BP posted $8.5 billion in profit for the second quarter, which is more than three times what the company made during the same period in 2021. The British energy behemoth also pointed out that it would increase its dividends to shareholders by 10%.
Bloomberg noted that all this “sits uncomfortably alongside the very real pain that will be experienced by many British households in the coming months.”
A new study conducted by the research firm Cornwall Insight has, meanwhile, revealed that Britons, who are now struggling with inflation that has hit a 40-year high, may see their energy bills increase this winter.
According to the survey published on Tuesday, the average energy bill is expected to rise 83% from its current level to top £3,600 ($4,397) per year beginning in January for
millions of UK households, which is up 7% from Cornwall Insight’s previous estimate made in early July.
As a result, the average British household will most likely spend more than £300 a month ($366) to power their homes, the study suggested.
Craig Lowrey, a principal consultant at Cornwall Insight, said in a press release that “it is not only the level — but the duration — of the rises that makes these new forecasts so devastating.” He added that “this level of household energy bills currently shows little sign of abating into 2024.”
Lowrey also said that Cornwall Insight’s “new figures show that even increasing support for October will not make much of a dent in what is likely to be a sustained period of high energy bills.”
In a separate development on Tuesday, the End Fuel Poverty Coalition, a campaign group, tweeted that “the market is failing and millions will struggle to keep warm this winter.”
The remarks came as Doug Parr, chief scientist for Greenpeace UK, told Bloomberg that “while households are being plunged into poverty with knock-on-impacts for the whole economy, fossil fuel companies are laughing all the way to the bank.” Parr urged the UK government to “bring in a proper windfall tax on these monster profits.”
Last month, the UK’s Office for National Statistics said last month that the country’s hit new 40-year high of 9.4% in June, which was driven by record prices for gasoline and diesel, as well as the soaring cost of food, clothing, and furniture.
UK ministers previously warned that the “severe” sanctions Western countries slapped on Russia over
its ongoing special military operation in Ukraine would have a knock-on effect on the cost of living in Britain. Shortly after Moscow’s operation to demilitarize and de-Nazify Ukraine was announced by President Vladimir Putin on February 24, British Foreign Secretary Liz Truss acknowledged that Britain would take an “economic hit” due to the anti-Russian sanctions.
