BP could fuel every household in Ryedale for 365 years after the energy giant announced record profits, figures suggest.
The oil company logged record post-tax profits of $27.7 billion (£23 billion) last year, more than double its 2021 earnings and outstripping the previous record of around $26 billion (£21.6 billion) in 2008.
The figures come in the wake of Shell also announcing record profits of almost $40 million (£33.2 million), with opposition parties and campaign groups urging the Government to act while the general public faces a cost-of-living crisis.
Calls for 'proper windfall tax'
Labour shadow climate change secretary Ed Miliband has called for a "proper windfall tax", which would raise money to help people with their bills.
Department for Business, Energy and Industrial Strategy figures show households in Ryedale consumed a total of 197 gigawatt-hours (GWh) of gas and 110 GWh of electricity in 2021.
READ MORE: Record Shell profits could pay every Ryedale employee 48 times over
At the current charging rates capped by the Government with the Energy Price Guarantee, the approximate total cost of fuelling every home in Ryedale in 2021 was £63 million.
It means BP would be able to pay the bill of every household in the area for around 365 years.
'Only fair' for companies that have made windfall profits after war to contribute more
Kevin Hollinrake, MP for Thirsk and Malton, told the Gazette & Herald: “I completely understand the concern among Ryedale residents regarding energy prices. Constituents will know that after the pandemic and Russia’s invasion of Ukraine, Europe has endured unprecedented pressures on living costs.
“It is only fair that companies that have made genuine windfall profits as a result of the fallout of the war in Ukraine contribute more to fund the Government’s cost of living support.
“That is why the Government introduced the Energy Profits Levy from 26 May 2022, which was increased from 25 to 35 per cent by the Chancellor at the Autumn Statement.
“This means that oil and gas producers operating on the UK continental shelf are subject to a tax rate of 75 per cent on their profits, with certain allowances for investment.
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“Taken together with the Electricity Generator Levy, these measures will raise £14 billion this year and £52 billion over the next six years.
“Shell and BP are also global companies and much of their profits are generated abroad and outside the UK tax system.
“I will continue to support constituents and local business in every way I can, in both my role as constituency MP and BEIS Minister.
Outrage as 'fossil fuel companies rake in these enormous sums'
Mr Miliband said: "What is so outrageous is that as fossil fuel companies rake in these enormous sums, Rishi Sunak still refuses to bring in a proper windfall tax that would make them pay their fair share.
"In just eight weeks’ time, the Government plans to allow the energy price cap to rise to £3,000. Labour would use a proper windfall tax to stop prices going up in April."
Paul Nowak, general secretary of the Trades Union Congress, said BP was making billions as the Government refuses to give decent pay rises to public sector workers.
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"As millions struggle to heat their homes and put food on the table, BP is laughing all the way to the bank," Mr Nowak added.
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