Cost of living crisis: Sheffield fury at huge BP profits prompts calls for ‘green energy revolution’ and windfall tax

Sheffield Hallam Labour MP Olivia Blake called for a ‘green energy revolution’ as BP announced profits of £6.9bn from April to June – more than triple made in the same months last year.

She said: “At the same time that energy bills are set to reach over £3,500 a year it’s truly abhorrent that BP have trebled their profits.

“We’re seeing more and more people being pushed into poverty due to our dependence on oil and gas.

“We need a green energy revolution to help break the link between cost of electricity and the cost of gas.

“While other nations have taken active measures to control energy prices, the Tories are choosing to put record profits for polluters before households struggling to meet spiraling costs of living.”

‘Making money out of people’s poverty’

Sheffield City Council Green Party group leader Coun Douglas Johnson said: “We talk about this cost of loving crisis but it is not a crisis for everyone.

“Some people are making an awful lot of money out of people’s poverty – money is bring distributed from lots of people into the hands of very few.

“It is a massive problem for society but a perfectly solvable problem.”

He said it was time to end our reliance on fossil fuels as supplies are starting to run out anyway.

Locally, he suggested investment in better insulation for homes and more solar panels, “making energy production a popular DIY activity”.

Coun Johnson wants to see countries developing their renewable enregy industries to end their reliance on gas and oil supplies vulnerable to disruption by war.

He said Sheffield needs a renewable energy strategy.

The Liberal Democrats renewed their call for a windfall tax on oil and gas producers who have profited from massive price increases in energy bills.

The party claims that families are paying an extra £425 on food, drink and clothing than a year ago, while an additional £310 is needed to refill a car.

‘It’s a massive gut punch’

The Liberal Democrats said a windfall tax on oil and gas producers who have benefited from the price hikes would generate enough money to give more than seven million households £300 off their heating bills – an estimated £5 billion.

Sheffield Liberal Democrat Leader Coun Shaffaq Mohammed commented: “Only half of Sheffield households feel they can keep their current lifestyle according to data from Legal and General. One in five fear they will be unable to cope.

“Meanwhile, oil and gas companies have seen profits soar. It’s a massive gut punch to everyone who has seen their bills increase recently.

“BP made £6.9bn between April and June, three times the amount it made last year. Shell made around £10bn over the same period. This winter, household energy bills are set to hit more than £3,600 a year. It’s not on.

“The Liberal Democrats are calling on the Government to deliver a plan that can ease the immediate cost of living crisis this year and address the longer-term challenge of delivering an energy supply that is affordable, secure and net zero.”

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