British oil and gas giant BP on Tuesday announced record profits of 25.8 billion euros (£23 billion) for 2022, the year oil and gas prices soared as a result of the war in Ukraine that began. on February 24. The company’s revenue is more than double that of last year, when it posted more than 11.9 billion euros (about £12.8 billion) in profit, according to the BBC.
The results of British Petroleum come after other oil companies such as Shell also posted record profits in 2022. In the case of Shell, the British firm announced last week that it had earned more than 37 million euros (about 40 million Dollars).
Record profits are being made not just in the UK but around the world after oil and gas prices hit sky-high levels last year. Also last week, Exxon, the largest oil company in the United States, announced that it posted its highest-ever profit of $55.74 billion in 2022, up 142% from the previous year.
Spectacular profits by British energy giants BP and Shell in early 2022 prompted the UK’s Conservative government, then led by Boris Johnson, to impose a one-time 25% tax on May windfalls Economists – from oil companies and gas. The UK Treasury expected the tax, which had been called for by the Labor opposition before it was passed, to generate around 5.8 billion euros in revenue.
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