1. I agree with the sentiment, it’s fucked and needs a huge windfall tax and ultimately nationalisation. We should have had more like the Norway model where they’ve been able to invest oil revenues in a huge national investment fund.

  2. Well, in Poland the main oil company is nationalized and it still has record profits, high prices and nothing changed for the better, a lot of politicians are the same kind of maggots as profit driven CEOs.

  3. If we'd kept it we would have drastically downsized it over time in pursuit of green energy. So I'm not entirely convinced that this would have happened as you describe it.

  4. Yep. It was 100% all her. Not a single other person involved. Damn. Why hasn’t Scotland Yard hired you?

  5. While I generally agree with the public ownership bit, is there an impediment to you buying shares yourself and getting dividends? (aka your share of the excess earnings)

  6. Instead of thinking about the future and creating long term investments, she brought the UK tax cuts, wellfare for the millions of unemployed and privatized whatever she could get her hands on.

  7. How exactly does a nation locked into a two party system with no effective way to help correct the course when the proverbial shit hits the fan, combined with 15 years of austerity find the fight in them, exactly?

  8. It’s not just being robbed either. The wage stagnation has been going on for so long that the grip has been slowly tightening each year.

  9. so many things that increased in price ‘because of the ukraine war’ are still making immense profits. it is not and never was the reason for increased prices, it was an excuse

  10. My feelings perfectly summarised. Lobbying in this country has reached a critical threshold. The right controls public opinion through pretend newspapers like the Sun. They keep the public distracted and spiteful over social issues that go almost nowhere, while gradually eating away at their quality of life. For a rich country the quality of life of our bottom 20% is disgraceful, and demonstrably getting worse. Meanwhile the top 0.5% take more and more from everyone else. This is clear and easily verifiable, and yet we seem content to accept it

  11. JRM speaking out against the windfall tax is what makes me scream into a pillow. I’m not sure if there has ever been a greater shill in the history of politics. He’d happily starve the poorest to death and suggest other poor people use their bodies cheap fuel than deny a shareholder their dividend. I was brought up very religious (atheist now) but the fact that he calls himself a Christian without even the remotest self awareness that he is the devil incarnate or the antithesis of the spirit of Christianity is mind blowing. Im surprised he and Theresa May didn’t instantly start to burn when they step foot in churches. If I was the Priest I would respectfully tell him to come back when he’s actually read and understood the bible.

  12. If the Conservatives do not lose the next general election there's something genuinely wrong with society. 14 years in power, society falling apart, food banks and warm banks popping up like McDonald's yet it still somehow inexplicably going to be Labours fault.

  13. I was thinking about this the other day too. The government can rob us to our last penny and kill our pets but since we’re stuck in this matrix of going to work to pay bills and have a roof over our heads no one will get together and do anything about it. In contrast look at Sri Lanka, everyone raided the president’s house and has forced him to flee because of all the corruption. That will never happen in the UK

  14. I'm honstley breaking down with levels of frustration at this i cant understand why people arnt outraged. When I speak to someone like me mum about it, her go to response when I tell her oh yeh its upsetting. Is oh dont worry about its not like we can change anything anyway. At that point I just leave because inside my head I'm screaming (ITS ATTITUDES AND THINKING LIKE THAT, THAT HAVE LED US TO THIS FUCKING MESS)

  15. This purposeful poor reporting is the most frustrating thing. If it was a £7bn revenue increase due to the war that would be understandable but this is just purely war profiteering, that the media just waves away as ‘because of the war’ rather than greed and lack of regulation for the oil industry.

  16. The wealthy will be sat in their New Zealand bunkers guarded by killer robots while the rest of us eat each other alive.

  17. Fucking disgusting. Of course inflation is going to keep spiralling when the transfer of wealth is only getting worse during a cost of living crisis. Transfer of wealth and power continues from the bottom to the top and we're feeling the crunch down here while those who have already won continue to abuse the system so they can watch the numbers go up without any thought for the people they crush to get there. We have the resources to make this work for everybody, and this is only becoming more true - yet those at the top continue to siphon everything towards themselves at the expense of the masses in their psychotic little game.

  18. We will all laugh when the world is destroyed because than they will see that their money does not matter after death we will laugh because they have already raped us of everything

  19. If prices are surging shouldn’t they be recording record losses? Oh no wait, the losses are out in those who can’t afford them.

  20. they have a fixed cost base and sell the commodity at whatever the market price is, which has risen recently... it's as simple as that.

  21. I love how they are selling this as most profits will go back to shareholders and which include pension funds. The biggest chunk will go to rich executives and rich shareholders. It is classic case of money moving upwards.

  22. The whole pension fund argument is bollocks anyway. Why do I care about money I might get in 35 years when I’m struggling right now? The way things are going, adding in cuts to things like public services and food quality, I’ll probably die before then anyway.

  23. Cost of living crisis, what cost of living crisis? Back of a beer mat estimate is that's £233 per household in the UK (per quarter). Of course BP operate worldwide however they're not the only company making profits like this.

  24. A lot of comments about this thread seem to be acting as if BP control the wholesale oil price. The wholesale price has gone up (primarily to my understanding) because of the war in Ukraine reducing supply. If BP started selling their oil at below the going rate out of the kindness of their hearts I assume someone else would just buy it and sell it at the wholesale oil rate to make a profit.

  25. Exactly. People are far too quick to comment without any real understanding of how the oil industry operates. Oil companies don’t produce crude out the ground then refine it themselves to fill their own petrol stations and sell it at sky high prices.

  26. Not only that but if the people running BP did that then they'd be sued by the stockholders and lose their jobs. People seem to forget that their job is not to help the majority, it's to make the most out of what they have responsibility for, same as the rest of us. Personally I'd an advocate of UBI, at least for a time, and longer-term of massive expansion of energy production in whatever forms are most reliable and can be produced domestically

  27. I'm up for it. I'm on disability benefits because I'm mentally unstable, I have no idea how tf I'm going to survive winter tbh. I'd rather freeze than starve.

  28. Someone on the radio was arguing that we should feel sorry for BP because it's not them that set the wholesale prices.

  29. Not even shocked at this point. Now that these big companies have seen the massive profits they can make there is no chance they are going back to how it was before. As much as I hate the term, I can't help but feel this is the new normal.

  30. A lot of talk of nationalisation because of the Q2 profit. We’re people still for nationalisation during the Q1 loss?

  31. I simply don’t understand how ANYONE, regardless of how nakedly capitalist, can think this is sustainable. If you have capped wages but uncapped profits and rising dividends, there will come a point of no return.

  32. The Ukraine war is obviously causing the current spike in the cost of oil but the price per barrel is currently only slightly higher than it was from 2011-2014. What not many people are talking about is the fact that the pound being weak against the dollar is much to blame as oil is priced in US dollars.

  33. The USD is getting stronger pretty much against any foreign currency atm for obvious reasons. It is all connected

  34. Headline: Company with fixed cost base that sells commodity at variable price, makes more money when commodity prices increase

  35. UK launches sanctions on Russian Energy. Price hikes. Rolled on to the public to lift the weight. Public includes service and goods providers. Prices go up on everything for everyone But weak suffer most. Rich get more rich. Middle class erased.

  36. I just want to say reading this just fills me with dread. We are totally fucked. I have no faith in anyone to lead this country and to do right by the people. They only want to look after themselves and if what I’ve heard is right a huge portion of the shareholders in energy companies are in the Conservative party? I’m not a highly educated gal in terms of politics and this is hearsay may not be exactly right but if that’s the case I’m sick to the back teeth of those fuckers in Westminster. The whole system is wrong, morally wrong. Drs and Nurses pay for their lunches, they can charge them to the tax payer. Drs and nurses pay to park their cars, they charge to the tax payer. Westminster have a crèche, drs and nurses pay extortionate childcare. I’m honestly so fed up and annoyed. I have never felt such a pull to stand on a bloody picket line… vive the bloody resistance!!!!

  37. To the people in this thread saying it should be nationalised, would you have bought shares in Blockbuster at the end of its corporate life if the internet was down for a bit?

  38. BP runs by far the cheapest petrol stations near me now. They used to be 3-7p more expensive than Tesco and are now up to 9p a litre cheaper, it really is quite something

  39. Can somebody please ELI5 on how this works exactly? Obviously higher cost due to the war will mean that they pay more for oil, and as a result we will pay more for oil. However, I don't see why that means they make record profits. They make record profits because they are increasing their prices even more than that price increase surely? Its not because of the war that they are making record profit, but that they are greedy cunts. Am I missing something obvious here?

  40. Imagine you're a wheat farmer. You harvest bushels of wheat, and you go to the town market to sell your bushels. You sell at an auction; buyers bid against each other and you sell at the price at which the bids "settle". The folks buying wheat are generally the flour-millers, who sell their flour to bakers, who eventually sell bread to customers. You have some fixed costs to run your business; you have to pay laborers, feed your cattle, maintain your equipment, etc.

  41. There's less oil available because of the war in Ukraine, as such the market rate of oil has gone up. BP drills the oil but the cost of doing that won't have changed much. BP sells the oil at the price the market's currently willing to pay which is a lot higher than it used to be and so make bigger profits.

  42. This isn't yearly profits, this is just how much they made in the time its taken me to get through a small tub of margarine

  43. Welcome to modern society, where corruption shits all over you telling you bullshit and lies that you eat up without a question only to later find out you're getting fucked.

  44. I literally can’t get my head around this. I’ve been off work sick for a few months due to mental health issues and my SSP and Universal Credit is barely keeping me and my family going. Ironically the rising prices and how the world is fucked in general is making my mental health worse and stopping me going back to work.

  45. I hate them, making massive profits from our countries natural resources that they never should have had access to. And in the process sending millions into poverty.

  46. It is in our power (as yet) to go out and protest, makes our voices heard. Unbridled capitalism puts private corporation profits ahead of the welfare of the general population. Is it worth millions starving and freezing so a few thousand can afford a bigger yacht?

  47. Is it just where I live or is BP now one of the cheapest petrol stations? Morrisons and Asda have gouged to the point that they're the most expensive but BP is now a reasonable price!

  48. It seriously boils my piss. Next year they’ll post more record profits while continuing to rob us all blind. Winter is just three months away, energy bills are expected to be at least £300 a month. People are literally going to die and our government has just said “get used to it”.

  49. You could literally be one today if you set up an account with a broker and bought some shares. You’re most likely too late to the party however.

  50. No. Oil prices surge because they can get away with charging more for it because of the excuse of the war. They are choosing to Jack prices.

  51. Good for them! Its about time someone like them made some profits! Its a cruel world out there and we all have to help each other out right?…… Right!?

  52. Nationalise everything. I’m so over this - they’re going to keep making money over the expectation of never ending exponential growth and that will never trickle back down. Privatising does not benefit anyone but billionaires hoarding wealth. The Tories will not do it so vote in someone who will.

  53. ‘We’re all in this together’, by that they mean their billionaire mates as they laugh at us barely surviving from month to month and with no choice but to hand over our money.

  54. What I'm wondering is what happens when large sections of society simply can't afford to pay their bills?? When we hit breaking point, what happens?? Half the country gets cut off? I mean what will physical happen??

  55. OK so when these profits are announced is it that these are from their mining arm and the providers are actually making loses or no profit at all? When we talk about nationalising the energy companies are people talking the loss making providers or the money making miners ? Genuine question if someone could clarify please?

  56. So prices don’t need to “surge” if they’re getting all this profit. Uk fuel prices are ridiculous other places in the world have cheap fuel.

  57. Wow. It’s almost as if these giant corporations are trying to use global upheaval to line their own pockets with cash.

  58. Today my energy bills direct debt went up from £126 to £245 per month..albeit, my total energy use is 3% lower than same time last year!! I dono what to do or how to express/vent my anger!!

  59. “Because of war” seems to imply there’s less to go around, as if that’s an excuse for the excessive profit. They don’t have to raise the price and take in profits. The war is just an excuse.

  60. Hash-tag NationaliseIt. Nothing essential should be private or profit-driven. Every essential service and commodity that was privatised under Thatcher has demonstrated again and again that they cannot be trusted to maintain their infrastructure, keep prices in a survivable range, or not cut jobs or service to below a functional level in the pursuit of profits. From Southeastern trains embezzling to Thames Water tripling prices while mains water floods the streets to the current fuel price gouge while the regulators sit around with their thumbs up their bums, essential products and services are the playthings of bad people with selfish intentions.

  61. Why are these headlines written in passive voice?! Prices didn’t just “surge” on their own - people make these choices. They can also make different choices. (Yes, I know this involves markets to some degree, but if you are bidding with the assumption that prices will go up then you are making a choice to continue this over and over, you are engaged in confirmation bias.)

  62. I stopped shopping at BP years ago when the oil pipeline broke under the ocean and BP did jack shit to fix it! Too bad my boycott doesn't do more but at least they aren't getting my money.

  63. Let's not also forget that the UK gov massively profit from the increased fuel prices too. The amount of tax per litre of fuel when it's nearly £2 a litre is a decent chunk more than it was when it was £1.40

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