Home Energy system ‘Obscene’: Activists warn oil and gas profits could bring misery to millions

‘Obscene’: Activists warn oil and gas profits could bring misery to millions

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On Tuesday, oil giant BP said it made nearly £10 billion in profits last year.

Environmental campaigners say there is clear evidence the UK’s energy system is fundamentally broken after an oil and gas giant announced ‘obscene’ profits amid the cost of living crisis in Great Britain.

Tuesday BP said it made a profit of £9.5 billion ($12.8 billion) last yearwhich Friends of the Earth Scotland say would cost millions of people across the UK misery.

Campaigners say the UK’s oil and gas energy system is ‘broken’ because the UK government has allowed it to be run in the interests of oil and gas companies, and it continually fails to meet people’s basic needs. have a warm home. .

BP is the latest fossil fuel company to report billions in profits as rising wholesale gas prices drive up energy bills and push millions of households into fuel poverty. Estimates suggest there are now 15 million people in fuel poverty.

Last week, Ofgem announced a 54% increase in the energy price cap, due to rising global gas prices.

Meanwhile, the oil giant Shell announced $19.3bn (£14.5bn) in profits for 2021 and Exxon said it made $23bn (£16.9bn) in profits last year.

Climate science has demonstrated that there should be no new oil and gas development in the world if we are to stay within the agreed limit of 1.5°C of dangerous temperature rise.

Governments reaffirmed their commitment to this goal at the United Nations climate conference in Glasgow.

Ryan Morrison, just transition campaigner with Friends of the Earth Scotland, said: “Once again we see these wealthy corporations reaping billions in profit from one of our most basic needs.

“BP and other fossil fuel bosses are getting richer as energy prices push millions more homes into fuel poverty and force people to choose between heating and eating.

“The UK’s energy system is fundamentally flawed and this is clear evidence that it is not working for people or the planet.

“Oil company bosses are allowed to make obscene profits from the degraded climate and the gas price crisis against a backdrop of widespread devastation for people around the world.

“Instead of allowing these companies to continue wreaking social and environmental havoc out of pocket, we need to overhaul our energy system to end our dependence on oil and gas. It’s time for a rapid increase in investment in renewable energy and energy efficiency while phasing out fossil fuel production to create affordable renewable energy for all.

“A just transition will not be achieved while profit-obsessed fossil fuel companies call the shots.”

BP has been approached for comment.