BP Profits and Cost of Living

That the Parliament is deeply concerned by the recent announcement by BP of its profits for 2021, which increased to $12.8 billion, in the midst of what it considers to be a cost of living crisis; condemns the language of BP’s CEO, who has reportedly described the company as “literally a cash machine” when reflecting on its profits; understands that people across the UK are facing energy bill increases of up to 54% from April 2022; believes that this news, combined with earlier reports of Shell’s 2021 profits increasing to $19 billion, paints a worrying picture of what it considers to be company profiteering on the backs of people, across the country, who are already facing the greatest increase in living costs in almost three decades; notes action reportedly taken in France to cap energy bill increases at 4% by state intervention, and calls for a windfall tax on companies who have benefited from increases to profits at the expense, it believes, of consumers, in order to mitigate what it sees as the worst of skyrocketing energy bills.