Fuel giant BP DOUBLES its profits as British drivers struggle to afford to fill their tanks

WHILE you're struggling to afford a tank of fuel, BP has announced strong financial results.

Profits at the oil giant have doubled during the first three months of 2022 to $6.2 billion or £4.9 billion.

That's up from $2.6 billion or just over £2 billion during the same period last year.

That's despite BP taking a huge financial hit earlier this year after its decision to pull out of Russia after abandoning its stake in Rosneft.

BP gave the reason for the huge jump in profits as "exceptional oil and gas trading."

BP's chief executive Bernard Looney said: "In a quarter dominated by the tragic events in Ukraine and volatility in energy markets, BP's focus has been on supplying the reliable energy our customers need."

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This comes after BP also announced it would be investing £18 billion back into the UK's energy system by 2030.

Looney said: “We’re backing Britain.

"It’s been our home for over 110 years, and we’ve been investing in North Sea oil and gas for more than 50 years.

"We’re fully committed to the UK’s energy transition – providing reliable home-grown energy and, at the same time, focusing on the drive to net zero.

"And we have ambitious plans to do more and to go faster. Our plans go beyond just infrastructure – they see us supporting the economy, skills development and job opportunities in the communities where we operate. We are all in.” 

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Rishi Sunak has told energy bosses to invest in the UK or face a crippling windfall tax.

He told Mumsnet: “If we don't see that type of investment coming forward, and if the companies are not going to make those investments in our country and in our energy security, then of course, that's something I would look at.

“Nothing is ever off the table.

“But right now, what I believe the right thing to do is to encourage those companies to invest so we have more energy security and support the economy.”

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