British oil giant BP achieved its highest profits in 14 years in the second quarter, earning $8.5 billion as drivers feel pain at the pump.
The record profits come as gas prices soar for consumers, with average prices sitting at $8.50 per gallon in the United Kingdom and $4.19 in the United States, according to AAA. While some analysts fear prices could rise amid sanctions against oil-rich Russia, BP celebrated the strong quarter.
BIDEN GOES AFTER OIL REFINERS FOR DRIVING UP GAS PRICES
“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,” CEO Bernard Looney said in the report.
The company announced a 10% increase in resilient dividend payments per share for shareholders as a result of the high profits, a marked increase from the $6.2 billion in profits reported the previous quarter.
The oil giant’s record profits drew widespread outrage from political figures in the U.S. and the U.K. who accused the company of profiteering at a time when consumers are suffering from record-high gas prices.
“While soaring energy bills force millions families into poverty, BP and its bosses enjoy record profits and multi-million payouts. We need urgent action to tackle the cost of living crisis, including a wealth tax now,” tweeted Jeremy Corbyn, a Labour member of Parliament, alongside a link to an article touting BP’s profitable quarter.
While soaring energy bills force millions families into poverty, BP and its bosses enjoy record profits and multi-million payouts.
We need urgent action to tackle the cost of living crisis, including a wealth tax now.https://t.co/V2Z3czsVAf
— Jeremy Corbyn (@jeremycorbyn) August 2, 2022
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In June, President Joe Biden criticized BP and other oil refiners over accusations that they were profiteering and responsible for the increase in gas prices.
BP estimated that gas prices would remain high as a result of disruptions in Russian supply.
