BP profits could fuel every household in Dacorum for 123 years

BP could fuel every household in Dacorum for 123 years after the energy giant announced record profits, figures suggest.

The oil company logged record post-tax profits of $27.7 billion (£23 billion) last year, more than double its 2021 earnings and outstripping the previous record of around $26 billion (£21.6 billion) in 2008.

Shell also announced record profits of almost $40 million (£33.2 million), with campaign groups urging the Government to act while the public faces a cost-of-living crisis.

Labour shadow climate change secretary Ed Miliband has called for a "proper windfall tax", which would raise money to help people with their bills.

Department for Business, Energy and Industrial Strategy figures show households in Dacorum consumed a total of 839 gigawatt-hours (GWh) of gas and 255 GWh of electricity in 2021.

At the current charging rates capped by the Government with the Energy Price Guarantee, the approximate total cost of fuelling every home in Dacorum in 2021 was £188 million.

It means BP would be able to pay the bill of every household for around 123 years.

Mr Miliband said: "What is so outrageous is that as fossil fuel companies rake in these enormous sums, Rishi Sunak still refuses to bring in a proper windfall tax that would make them pay their fair share.

"In just eight weeks’ time, the Government plans to allow the energy price cap to rise to £3,000.”

Paul Nowak, general secretary of the Trades Union Congress, said BP was making billions as the Government refuses to give decent pay rises to public sector workers.

"As millions struggle to heat their homes and put food on the table, BP is laughing all the way to the bank," Mr Nowak added.

"Ministers are letting big oil and gas companies pocket billions in excess profits, but they are refusing to give nurses, teachers and other key workers a decent pay rise."

Labour’s shadow chancellor Rachel Reeves accused the Government of "shielding the energy companies" and called on the Government to introduce a windfall tax.

Chancellor Jeremy Hunt responded during Commons Treasury questions, describing his department’s plan as "balanced and fair".

Mr Hunt added: "We will be responsible because we want lower bills, more investment in transition and more money for public services like the police."