'We’re almost desensitised to BP’s profits'
Oil and Gas company BP has raked in £2bn of profits for the second quarter of the year, as climate change continues to cause devastation.
The company says that falling oil and gas markets are responsible for the drop in profits from $8.5bn in the same period last year after Russia’s invasion of Ukraine.
Nonetheless, the obscene profits recorded by the oil and gas company at a time when the UN General Secretary is warning that the era of global warming has ended and “the era of global boiling has arrived” and after scientists confirmed July was on track to be the world’s hottest month on record, with heat waves causing wildfires in Europe’s Mediterranean region, has led to widespread anger and criticism.
Campaign group 350.org, which works to bring about the end of fossil fuels, called for a complete overhaul of our energy system.
Tommy Vickerstaff, UK Team Lead at 350.org said: “We’re almost desensitised to BP’s profits at this point because the government has continuously failed to take action to redistribute them. But there is nothing normal or routine about BP’s profit margins or about the destructive heatwaves we’re seeing across Europe that BP is directly responsible for causing.
“We need a complete overhaul of our energy system that takes power out of the hands of these companies and guarantees ordinary people access to clean, reliable energy from renewable sources that won’t cause more devastating fires and floods.”
Greenpeace tweeted: “BP are posting billions in profit while wildfires and floods continue to wreak havoc around the world.
“Oil and gas giants have been allowed to cash in on the climate crisis for far too long while ordinary people pay the price.”
The TUC called BP’s profits plain wrong.
Commenting on today’s profits by BP, TUC General Secretary Paul Nowak said: “While households struggle to make ends meet, energy giants are delivering a cash bonanza to shareholders.
“It’s plain wrong. The government could have imposed a proper windfall tax on excess profits. But instead it has chosen to leave billions on the table.
“We need a fairer approach that stops energy companies treating working families like cash machines.
“We could have lower household bills and an energy system that served the public, if the government taxed excessive profits and introduced new clean power under public ownership.”
Basit Mahmood is editor of Left Foot Forward
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