OIL giant BP has reported that for the first three months of this year profits have more than doubled following oil and gas prices soaring.

With an underlying profit of £4.9 billion, compared to £2.1bn in the same period last year, this is well ahead of expectations. It is no wonder that BP boss Bernard Looney has described his company as a “cash machine”.

Rising profits have naturally renewed calls for a one-off windfall tax on energy companies to help UK households grappling with rising household bills.

READ MORE: BP profits skyrocket amid demands for windfall tax to tackle cost of living

While gas prices have increased five-fold from prior to the pandemic and oil prices have almost doubled as economies open up, the choice for many, pushed into fuel poverty, will be between heating and eating.

The pockets of the oil companies are deep, having profited from higher wholesale prices, and a one-off windfall tax on excess profits on fossil fuel giants helping hard-pressed households cope with record energy bills is urgently required.

Alex Orr