BP Joins Rival Oil Firms As It Doubles Profit To $8.2-B

BP more than doubled its third-quarter profit from a year earlier to $8.15 billion, lifted by strong natural gas trading, Ron Bousso and Shadia Nasralia reported for Reuters.

Photo Insert: Biden had accused Chevron, Exxon Mobil, Shell, TotalEnergies, and other large energy corporations of profiting due to the shortage of supply and the sanctions imposed on Russia for invading Ukraine on Feb. 24, 2022.

The company also expanded its share buybacks by $2.5 billion amid rising calls to increase taxes on the energy sector.

US President Joe Biden has been leading the pressure campaign for petroleum companies to be assessed windfall taxes, both CNN and the Associated Press (AP) reported.

Biden had accused Chevron, Exxon Mobil, Shell, TotalEnergies, and other large energy corporations of profiting due to the shortage of supply and the sanctions imposed on Russia for invading Ukraine on Feb. 24, 2022.

Biden claimed that huge petroleum companies have been “earning more than God” and must be assessed higher taxes.

To maintain high oil prices, Saudi Arabia and the OPEC cartel, along with OPEC+ headed by Russia, agreed to cut back daily crude production by 2 million barrels per day (mbpd), infuriating the US further.

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