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BP Profits Rocket Above $8 Billion Amid Cost Of Living Crisis

Energy giant BP has posted its largest profit since 2008 amid soaring energy prices.

Posted: 2nd August 2022 by
Finance Monthly
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BP saw underlying profits reach $8.45 billion (£6.9 billion), a figure which is more than triple the sum it made at the same time last year and its second highest figure ever.

In a statement, BP chief executive Bernard Looney said: "Today's results show that BP continues to perform while transforming."

"Our people have continued to work hard throughout the quarter helping to solve the energy trilemma – secure, affordable and lower carbon energy."

"We do this by providing the oil and gas the world needs today – while at the same time, investing to accelerate the energy transition."

The news of BP’s record-high profits comes as energy consultant Cornwall Insight warned regular gas and electricity bills in England, Wales and Scotland could reach £3,615 in January.

Cornwall Insight’s principal consultant, Craig Lowrey, commented, “While the rise in forecasts for October and January is a pressing concern, it is not only the level – but the duration – of the rises that makes these new forecasts so devastating.”

“Given the current level of the wholesale price, this level of household energy bills currently shows little sign of abating into 2024.”

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