Oil Giant BP Announces Over $8 Billion In Quarterly Profits

The rising cost of just about everything has hit everyone in some way throughout 2022. From groceries to interest rates to energy prices and everything in between, it can often feel as though there’s no end to it all. Still, rising gas prices are something that appears to have gotten almost out of control throughout the last 12 months.

Now, plenty are having to choose between gas for their car or food for their family, making the news that oil giant BP announces over $8 billion in quarterly profits even tougher to swallow for many. Amazingly, it seems the company is raking in profits that are almost three times what they were this time last year.

BP announces over $8 billion in quarterly profits

Millions of people have been dramatically affected by the rising cost of gas and oil. While many can no longer afford to put gas in their cars, millions across Europe have been forced to choose between food and heating their homes. That’s why so many are upset to learn that oil giant BP has raked in $8.2 billion in the third quarter - Q3 - of the year. That comes after the $8.5 billion from Q2 and is compared to the $3.3 billion profits BP made this time in 2021. According to Refinitiv, BP was only expected to make $6 billion in Q3. The news of the company’s profits has also seen them write off some of their debts, announcing it’s been reduced to $22 billion from $22.8 billion. 

People have accused top oil companies of war profiteering

One of the major reasons that oil prices have been dramatically rising throughout 2022 is due to the global conflict that’s gripped much of Europe throughout the year. However, many have since accused BP and other oil giants of war profiteering. That’s because BP, Chevron, Exxon, TotalEnergies, and Shell have announced combined Q3 profits of almost $50 billion. After all, the companies have seen unheard-of earnings ever since prices skyrocketed since the start of the conflict, with many accusing the rising costs of being a driving force behind the increasing inflation.

Campaigners are calling for desperate measures to introduce a windfall tax

Environmental groups have spent years campaigning against oil giants, including BP, in the hopes of looking to more sustainable energy sources. Sana Yusuf is a campaigner for Friends of the Earth and says BP’s profits are a “slap in the face.” She adds that calls for windfall tax “is now overwhelming,” suggesting the money used from the taxes could be pumped into “a street-by-street, home insulation programme” that would reduce emissions and cut energy bills. Jonathan Noronha-Gant from Global Witness added that “A proper windfall tax on the profits of big polluters” has gone from “a far cry” to “a necessity.” 

BP’s CEO claims it’s their job to pay taxes and invest

BP’s CEO Bernard Looney has faced a lot of criticism since news broke of the company’s over $8 billion in quarterly profits, but it seems he’s not worried about the backlash. Instead, Looney spoke in the UAE at the ADIPEC conference, where he defended the number of taxes BP pays. Looney stated the population is “facing a very difficult winter” in Europe and the UK. Still, the CEO says, “Our job is to pay taxes; our job is to invest.” According to Looney, the company has just invested $4 billion in the US in a project involving “renewable natural gas,” which shows BP is still giving back to the world and trying to help the planet.

According to the company, they are dedicated to giving back to the planet and working on renewable energy sources. Still, when oil giant BP announced over $8 billion in quarterly profits, many were less than impressed with anything the company had to say. After all, the news comes at a time when most people are feeling the pinch more than ever before.