The Guardian – Outrage as oil firms rake in huge profits while bills soar

The Guardian – Outrage as oil firms rake in huge profits while bills soar 

Bumper profits of nearly £50bn shared by the world’s five biggest oil companies prompted a chorus of calls for higher taxes on the sector, according to the Guardian.

The UK firm BP was accused of “unfettered profiteering” after it said on Tuesday underlying profits had tripled to $8.5bn (£6.9bn) between April and June, thanks to high oil prices. It was its biggest quarterly profit in 14 years and BP said it would hand out nearly £4bn to shareholders as a result.