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Daily Record
Daily Record
Politics
Chris McCall

BP profits branded 'obscene' as energy giant rakes in £6.9bn while Scots struggle to pay bills

BP has been branded "obscene" after the energy giant reported massive profits at a time many Scots are struggling to pay their bills.

The London-based firm today announced that its underlying profits hit £6.9 billion in the three months up to June - more than triple the amount it made at the same time last year.

Campaigners said it proved the UK's energy system was "fundamentally broken".

BP reported its profit boost on the same day it was estimated typical household energy bills have been forecast to hit more than £3,600 a year this winter.

Its rival Shell also reported record profits last week while British Gas owner Centrica saw a huge rise in earnings.

Scottish Labour MSP Monica Lennon said: "It’s obscene that BP has made its highest profits in 14 years during this cost of living crisis.

"Experts fear catastrophic loss of lives this winter unless governments take bold action.

"We need urgent investment in clean, renewable energy."

Alan Brown, SNP energy spokesman, said: "The cost of living with Westminster is getting worse by the day, as households across Scotland are being hammered by rising inflation, rising bills and woeful support from the Tory UK government.

BP took in £5billion of profits in the first 3 months of the year (AFP via Getty Images)

"It is important that big companies with big profits play their part in supporting consumers right now - that's why the SNP argued for a more expansive, fairer windfall tax which would affect all major companies with excessive profits."

Mark Ruskell, environment spokesman for the Scottish Greens, said: "It is obscene that oil and gas companies are raking in record profits while millions of households are being hit like never before by bills that are about to get even higher.

"It is not even a case of families being forced to choose between heating and eating, as many are already finding themselves unable to afford either.

"Things can't go on like this. We need real and immediate action from the Treasury before costs go up again.

"That means a meaningful windfall tax to deliver real relief for people here and now, but it also means a major investment in renewable energy so that we can finally break the link between fossil fuel prices and household bills."

Freya Aitchison, oil spokeswoman for Friends of the Earth Scotland, said: "This announcement of yet another obscene profit for BP is a clear sign that our energy system is fundamentally broken.

"Rising energy prices are a key driver of the cost of living crisis which is plunging millions of people in the UK into fuel poverty, yet bosses and shareholders at BP are getting even richer by exploiting one of our most basic needs."

The UK Government has opposed calls for a fresh windfall tax to be imposed on the record profits being claimed by energy giants.

Tory minister Jacob Rees-Mogg said: "I’m not in favour of windfall taxes. The energy industry is enormously cyclical.

"You need to have a profitable oil sector so it can invest in extracting energy."

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