BP accused of profiteering... again

Oil giant BP, no stranger to controversy, is under fire once again for
being seen to be profiteering from the Iran war, at the expense of
households which have seen fuel prices rocket at the pumps

When taking a wider view of past 15 years of BP profits, latest earnings
report looks rather tame compared to other events in its recent history

BP’S ROLLERCOASTER PROFITS RIDE (quarterly, $ billions)

2010 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

10
5
0
-5
-10
-15
-20

Profits slump: Global oil glut driven by
U.S. shale oil production and OPEC’s
refusal to cut production sees price
of oil fall to around $27 a barrel

Record profits: Energy
prices surge in wake
of Russia’s invasion
of Ukraine

Q2, 2022:
$8.45bn

Q1, 2026:
$3.20bn

$16.97bn loss:
Deepwater Horizon oil rig
explosion and subsequent
800-million-litre oil spill

$6.68bn loss:
Covid-19 pandemic
and global lockdowns
hammer fuel demand

Sources: BBC, Reuters, PA, BP
Picture: Getty Images
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