BP has been accused of profiteering after reporting its strongest quarterly profits in four years, boosted by volatile energy prices during the Middle East conflict. The oil giant's second-quarter profits more than doubled to $5.73 billion (£4.2bn), up from $2.3bn (£1.7bn) a year earlier, vastly outperforming analyst expectations.
New boss promises 'urgent action'
The sharp jump in profits came as new boss Meg O'Neill said she is taking "urgent action" to create more value for shareholders. Rivals including Shell and ExxonMobil have also reported stronger profits after the boost linked to the conflict.
Trump criticises oil companies
Even Donald Trump has slammed oil companies for "making too much money" from the global energy market disruption caused by his war on Iran. He said the companies would "give some of that back to the public", adding: "They're making too much money based on a shortage... I don't like it."
Green campaigners respond
Green campaigners accused BP of profiteering from a "climate crisis". Friends of the Earth's head of campaigns Rosie Downes said: "Clearly not everyone is feeling the pain of the energy crisis." She warned that "millions of households are paying the price through sky-high energy bills and a climate crisis accelerating rapidly out of control".
End Fuel Poverty Coalition's Simon Francis said: "The price shock profiteers have banked more billions from a crisis that has created real hardship for millions of households." Greenpeace political campaigner Angharad Hopkinson said: "We've just experienced the driest July on record and BP has driven record-breaking droughts, unprecedented wildfires and extraordinary excess heatwave deaths."
