BP profits surge as high gas prices hit household finances

LONDON (AP) — BP PLC has reported its biggest full-year profit for eight years. Its coffers have been boosted by soaring oil and gas prices that have hiked domestic fuel bills for millions of people.

The British energy giant said its underlying replacement cost profit was $12.8 billion for 2021, compared with losses of $5.7 billion the previous year.

BP has rebounded from a 2020 slump caused when the coronavirus pandemic shuttered large chunks of the global economy. Its profits come as British households and businesses struggle with surging energy bills.

U.K. opposition parties are calling for a windfall tax on energy firms, something the Conservative government has so far ruled out.