'Leaving this industry with the power to profit without consequence is not only morally abhorrent—it's plainly ludicrous in the face of a climate catastrophe that threatens us all.'
While BP's profits for the second quarter of 2023 were far lower than the massive $8.5 billion it logged during the same period last year—a drop caused by falling global oil prices—the company has still raked in $7.6 billion in profits so far this year. The company hasin its earnings announcement that it will repurchase another $1.5 billion worth of its shares over the next three months.
"In 2021, BP's CEO described his company as a 'cash machine' after soaring oil and gas prices boosted profits," Jonathan Noronha-Gant, a senior campaigner at Global Witness, said in a statement Tuesday."Nearly two years on, and BP is riding the wave of the energy crisis, and handing huge sums of money to its shareholders while the U.K.'s poverty rates spiral."
"This is what a broken energy system looks like—oil giants get richer because the rest of us get poorer," Noronha-Gant added."For BP the energy crisis has been a giant cash grab; for parents across the country it has been an impossible choice between feeding their children and paying their bills."BP's earnings report comes after its rival, Shell,
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