Call For Action On Oil Company Profits

The Labour MP for Livingston, Jim Devine, has today written to Chancellor Alistair Darling demanding action against what Devine describes as the excessive profits of BP, following the company's announcement today that they have made £3.4bn profit in the last quarter.

BP reported first-half profits up 23% to $13.4bn (£6.7bn) on the back of soaring oil prices and a strong performance from its Russian joint venture, TNK-BP.


In the second quarter the company made a replacement cost profit result of $6.85bn (£3.4bn), up 6 per cent on the same quarter last year.

Commenting on the figures, Devine said: "At a time when hard working families are experiencing ever-rising petrol prices this announcement from BP is quite frankly obscene.

"To have made £3.4bn profit in the last three months relates to £37m per day, £1.5m per hour or £26,000 per minute. This company is making nearly £500 per second profit."

He added: "BP is ripping off the motorists of Britain and that is why I have today written to the Chancellor demanding that action is taken on one of two fronts; either the Labour Government should be implementing a windfall tax on companies such as BP or we should be forcing BP to reduce prices at the petrol pump."

(GK/JM)