BP’S CONTINUING “obscene” profits have sparked calls for Labour to close “supertanker-sized loopholes” in the windfall tax on oil and gas giants.

The company has enjoyed a cash bonanza as oil and gas prices plunged millions into fuel poverty over the last three years, and those profits have continued — they today announced another £2.25 billion profit over the last three months.

Chief executive Murray Auchincloss boasted that new oil and gas developments in the Gulf of Mexico “while scaling back plans for new biofuels projects” drove the bumper profits. 

Warm This Winter’s Fiona Waters retorted: “BP’s obscene profits today and the fact they have made £38.4 billion since the start of the energy crisis shows they’re not interested in turning off their oil and gas cash cow.

“They have rolled back on their green pledges that would mean lower bills, an end to energy price shocks and would also help save the planet.”

Global Justice Now’s Izzie McIntosh said: “Labour has made some promising signals about a move toward green energy — it now needs to throw its weight behind tackling the rampant profiteering of oil and gas companies. It can do this by introducing a windfall tax and other measures to fund the UK’s contribution to a globally just fossil fuel phase-out.”

Scottish Green co-leader Patrick Harvie branded the profits “disastrous for our planet” and accused BP of “profiteering while the world is burning.”

Calling for the closure of windfall tax loopholes offering tax relief of 91p for every pound spent on new North Sea oil and gas operations, he said: “With a new Labour government in Downing Street, these corporate giveaways must be ended, bringing in billions of pounds to tackle the cost of living crisis and fund a green transition for our communities.”

HM Treasury spokesperson said: “We are extending and increasing the Energy Profits Levy, and closing its core investment allowance, to ensure oil and gas companies contribute more towards our clean energy transition.”