People up and down the UK are suffering from a 54% price hike in their energy bills.
Energy regulator Ofgem announced the changes on February 3, and confirmed there will be a jump in the price cap from £1,277 to £1,971 from April 1.
Prices had already risen significantly last year and as a result, oil and gas companies like BP and Shell have enjoyed some serious profits, while everyday people have struggled.
Most UK homes rely on gas. As recently as 2018, 86% of UK households used gas as fuel for their central heating system, according to Statista.
The price rise comes as costs for gas and oil soars amid a triple-whammy that is impacting demand.
Meanwhile, pressure is mounting for Boris Johnson to impose a windfall tax on firms like Shell, after Energy CEOs continue to pocket millions of pounds of profit.
So while the crisis continues for hard-up Brits, how much profit have oil and gas companies made in recent months?
How much profit did Shell make in 2021?
Energy company Shell recorded their best quarterly profit in eight years.
£4.7 billion worth of profit was made by the company in the final quarter of 2021 alone. For the whole year, they made an incredible £14.2 billion in profit, compared to £3.57 billion the year before.
As a result of the huge profits, the Labour Party have called for a windfall tax on energy companies.
Shadow Chancellor Rachel Reeves said: "Our plan, paid for with a one-off windfall tax on North Sea oil and gas profits, would save most households £200 off their bills, with targeted support of up to £400 on top of that to the squeezed middle, pensioners and the lowest earners."
In response and as reported by The Guardian, Shell's CEO Ben van Beurden said: "I’m not sure that windfall taxes, popular though they may seem, [are] going to help us with [energy] supply or help us with demand. But, of course, we stand ready to be in dialogue with the government on all measures."
The Shell boss was reported to have netted £5.2million in pay and perks in 2020, and nearly £70million since he took charge in 2014.
How much profit have BP made?
BP will publish their latest results on February 8 but are expected to announce almost £3 billion in profit for the final three months from 2021.
As BP made £2.4 billion in the third quarter in the third quarter of last year, CEO Bernard Looney described the company as a "cash machine".
Chief executive Bernard Looney said: "When the market is strong, when oil prices are strong and when gas prices are strong, this is literally a cash machine."
How have oil companies made so much money while bills go up?
Prices have soared amid the high demand for gas.
On February 1, Exxon posted a fourth-quarter profit of £6.5 billion, their biggest for eight years.
It won't be welcome news to Brits facing a cost of living crisis which has seen the Consumer Price Index (CPI) rise to a 30 year high.
The CPI measures the average change in common products and is a good way of looking at how much inflation is rising.
Friends of the Earth Scotland’s Ryan Morrison, said: "People will be enraged to watch companies like Shell and Exxon celebrating billions in profit as the energy price rise is expected to push millions more homes into fuel poverty and forcing people to choose between heating and eating."
CPI inflation jumped from 5.1% in November to 5.4% in December 2021.
With everyday products generally more expensive, a National Insurance tax rise around the corner and a massive increase in the price of energy bills scheduled, it is no wonder many Brits are worried about their finances.
Oil companies will not be worrying quite so much.
