Calls for a UK windfall tax on oil and gas giants to soften the blow of the cost-of-living crisis are intensifying across the political spectrum after Shell and BP posted record profits for the first quarter of 2022.
Company filings show that the two firms’ quarterly profits are at their highest point over the past two years, with Shell’s latest profits almost tripling to $9.1bn, compared with the first quarter of 2021. BP’s profits more than doubled during the same period to $6.2bn, as the company said its trading division had an “exceptional” first quarter of 2022.
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