BP profits could fuel every household in Burnley for 216 years

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 billion (£33.2 billion), with opposition parties and campaign groups urging the Government to act while the general public faces a cost-of-living crisis.

Labour shadow climate change secretary Ed Miliband has called for a "proper windfall tax", which would raise money to help people with their bills.

To see just how far BP's profits would go, we worked out how many years the energy giant could fuel every home in your area.

Department for Business, Energy and Industrial Strategy figures show households in Burnley consumed a total of 519 gigawatt-hours (GWh) of gas and 128 GWh of electricity in 2021.

At the current charging rates capped by the Government with the Energy Price Guarantee, the approximate total cost of fuelling every home in Burnley in 2021 was £107 million.

It means BP would be able to pay the bill of every household in the area for around 216 years.

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.

"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.

Chancellor Jeremy Hunt responded during Commons Treasury questions, describing his department’s plan as "balanced and fair".

Mr Hunt added: "We will be responsible because we want lower bills, more investment in transition and more money for public services like the police."