Opposition parties are criticizing the government for its lack of action regarding the massive profits made by oil companies, despite the decrease in oil and gas prices. BP recently reported net profits of $2.6bn for the three months ending in June. While this figure is significantly lower than last year’s results, it has further fueled criticism of the government’s handling of the industry, which has benefited from the Ukraine conflict and subsequent rise in energy prices. The Labour party has called for a windfall tax on oil and gas giants, while the Liberal Democrats have urged the government to maintain the windfall tax despite falling energy prices. BP attributed the decline in profits to planned maintenance work and lower margins in its refining business. However, the company still plans to increase cash returns to investors through higher dividends and a share buyback. Shell also recently reported weaker-than-expected profits for the quarter.
Labour and Lib Dems accuse Sunak of failing to implement windfall tax, allowing oil giants to evade billions in payments – UK politics live | Politics
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