Call for windfall tax on BP's 'obscene' £37 million a day profits

Ray Massey
UK Daily Mail
Wednesday, July 30, 2008

BP faced demands for a windfall tax yesterday as it announced 'obscene' half-year profits of £6.75billion on the back of record fuel prices.

With motorists, businesses and hauliers facing increasing pain at the pumps, the company's profits rose to around £37million a day or £430 a second - an increase of 23 per cent on the same period last year.

In the second quarter alone, the oil giant made profits of £3.44billion, an increase of 6 per cent on a year ago.

At the same time, motorists suffered an average 10p rise in the price of a litre of petrol to

118.2p, with average diesel prices up more than 14p to 131.6p, said the AA.

Unions and environmental groups last night demanded the Government impose a windfall tax on the oil giants.

However, BP insisted its profits were helping the economy and boosting pensions.

BP dividends contribute £1 in every £10 to UK pension funds, it noted.

But Tony Woodley, of the union Unite, said: 'While ordinary people struggle to make ends meet, BP's boardroom is wading through knee-deep profits.

'It is high time our Government moved to stop the fuel corporates picking the pockets of the poor and needy.'

Friends of the Earth also demanded a windfall tax, which it said should be used to fund cuts in domestic fuel bills and boost energy-saving projects for homes.

Full article here

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