BP sees biggest profit in 114 year history after oil and gas prices soar

Not sure why the BBC changed the headline, but this article originally had the headline of this thread (I emailed it to myself and it was emailed with the original headline). Either way it is disgusting how people are going without when the greedy 1% are making record profits in times of national and global crisis!

I wonder what it will take for the people to say enough is enough?

Energy giant BP has reported record annual profits as it scaled back plans to reduce the amount of oil and gas it produces by 2030.

The company’s profits more than doubled to $27.7bn (£23bn) in 2022, as energy prices soared after Russia invaded Ukraine.

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

It has led to calls for energy firms to pay more tax as people’s bills soar.

BP boss Bernard Looney said the British company was “helping provide the energy the world needs” while investing the transition to green energy.

But it came as the firm scaled back plans to cut carbon emissions by reducing its oil and gas output.

The company - which was one of the first oil and gas giants to announce an ambition to cut emissions to net zero by 2050 - had previously promised that emissions would be 35-40% lower by the end of this decade.

However, on Tuesday it said it was now targeting a 20-30% cut, saying it needed to keep investing in oil and gas to meet current demands.

Climate campaign group Greenpeace, whose voice the BBC has included because of the impact of oil and gas production on the environment, said BP’s new strategy “seems to have been strongly undermined by pressure from investors and governments to make even more dirty money out of oil and gas”.

The oil companies have been shameless in their profiteering but while demand remains high they have the upper hand… :man_shrugging:

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Profit before people,that’s how we run our world.

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Not alot we can say , they are the supplier , and we are the buyer , No where else to go .

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