June 15, 2023
Source: BBC News
The big oil companies – from the UK-based BP and Shell to international giants such as ExxonMobil and Norway’s Equinor – have been announcing astonishing profit figures.
They are all benefitting from the surging price of oil and gas following the invasion of Ukraine.
While they rake in the profits, people around the world are struggling to pay their energy bills and fill up their cars – leading to calls for higher taxes on these companies.
So how are they making so much money, and should the government step in to stop them?