BP reports huge profits as energy bills soar

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BP reports huge profits as energy bills soar
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The firm reported profits of $8.45bn in the second quarter of the year as oil and gas prices jumped.

However, as the legalisation wasn't formally introduced until July, the tax will not apply to profits announced by BP and others between April and June.

But on Tuesday he said the company's staff had helped to solve an "energy trilemma" which he added was "secure, affordable and lower carbon energy". However, the company's half-year figures were affected by a massive £19.9bn hit from its move to ditch the its near-20% stake in Russian oil producer Rosneft in response to the Ukraine war.

BP's profit from April to June was triple the amount than last year and is the second highest in the company's long history.

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