Energy Giant BP Reports $28bn Record Profit

Energy giant BP has reported record annual profits of $28bn.

According to The BBC:

The company’s profits more than doubled to $27.7bn (£23bn) in 2022, compared with $12.8bn the year before.

Other energy firms have seen similar rises, with Shell reporting record earnings of nearly $40bn last week.

The profits have led to calls for energy firms to pay more tax as households face rising bills.

Energy prices had begun to climb after the end of Covid lockdowns but rose sharply in March last year when Russia invaded Ukraine, sparking concerns over supplies.

 

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