Why the case for a windfall tax on oil company profits is growing stronger

BP and others stand to benefit from high prices, even as they face large costs from exiting Russia, writes Ben Chapman

An oil platform in the North Sea (Reuters)

Calls for a windfall tax on oil and gas company profits are growing after BP reported that its underlying earnings had jumped to £5bn in the latest quarter.

Like all oil giants, the London-based multinational is riding a wave of high oil prices, fuelled by Russia’s invasion of Ukraine.

Shell reported record profits on the day that Ofgem announced that the average household would see their energy bills rise by almost £700 a year.