BP's $3.2bn record first quarter profits are nothing short of outrageous and a blatant example of price-gouging during a devastating cost of living crisis caused by a barbaric US/Israeli war.
People Before Profit Cllr Shaun Harkin said,
"While ordinary people struggle to pay their bills and put food on the table, BP bosses exploit global instability to artificially inflate prices and boost their already obscene profits.
This is not just unethical; it is a direct assault on the well-being of millions. The continued reliance on fossil fuels is driving the climate crisis, yet companies like BP prioritise short-term gain over the planet’s future."
Instead of investing in clean, renewable energy sources that could provide sustainable power and jobs, they double down on destructive practices that accelerate global warming and environmental degradation. Bold action is required.
"These obscene profits make clear the need for fuel and energy price caps. Significantly higher taxes must be imposed on their vast profits to support households struggling with energy costs and to fund the transition to clean energy."
Harkin notes that we don't need to limit overdue profit checks to minimalist tax-and-continue strategies which don't change the fundamental role of for-profit fossil fuel companies in capitalism today.
He says "This would be a step towards the nationalisation of energy companies to put what they do under public control and regulate prices. Destructive fossil fuel capitalism can't be patched up, it must be brought to an end. People and the planet must be prioritised over corporate greed to ensure energy is sustainable and affordable for all."