CNN BUSINESS
Brits face a massive increase in energy bills. BP and Shell could be on the hook to pay
London (CNN Business)The UK government is coming under mounting pressure to increase taxes on oil and gas companies, including BP and Shell. The aim: to help British households cope with skyrocketing energy bills.
The main opposition Labour Party this weekend called on Prime Minister Boris Johnson to impose a windfall tax on companies pumping oil and gas from the North Sea, saying that the money raised could be used to cut £200 ($272) from soaring household bills.
BP (BP) and Shell (RDSA) both operate in the North Sea, and have benefited from rising gas and oil prices. BP CEO Bernard Looney told the Financial Times in November that surging commodity prices had turned the company into a “cash machine.” The company posted profits of $3.3 billion in the third quarter of 2021, and said it planned to return an extra $1.25 billion to shareholders.
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