BP, like its competitors, looks like becoming a ‘cash machine’ again this week as it surfs the wave of soaring gas prices
Millions of British homes are preparing for a cost of living crisis prompted by the global gas supply crunch, but the high market prices mean big revenues for the world’s fossil fuel giants. That includes BP, which is forecast to reveal a historic return to multibillion-dollar profits in its results this week.
The oil company is expected to have raked in a profit of almost $4bn for the final quarter of last year, compared with a thin $115m in the same period the year before, in large part due to record-breaking energy market prices around the globe.