TheVoiceOfJoyce It’s never too late to Regulate and clawback profits from BP and other Fossil Fuel companies. The world is burning because we’re heavily invested in the use of Fossil Fuels. People are dying from Climate heating and climate extremes. Why are our Countries still subsidizing the Fossil Fuel industry? Isn’t time for the Fossil Fuel Industry to contribute to major infrastructure improvements and new job growth?

Posted on by jaslvr

www.theguardian.com/business/2023/aug/01/bp-profits-climate-crisis-oil-prices

BP has angered climate campaigners by reporting profits of $2.6bn (£2bn) for the second quarter of the year as the climate crisis triggers extreme heatwaves around the world.

The fossil fuel company blamed falling oil and gas markets for the drop in profits from $8.5bn in the same period last year when Russia’s invasion of Ukraine ignited a rise in global energy markets.

BP will increase its shareholder dividends by 10% to $2.3bn, despite the worse than expected profits. It will also return a further $1.5bn to investors through a share buyback over the next three months.

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BP’s chief executive, Bernard Looney, said the payouts reflected the company’s confidence in its strategy and the outlook for its future cashflows.

BP’s profits have increased growing anger at fossil fuel companies among green groups, which have accused the oil companies of “obscene” profits at the expense of families and the environment.

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