BP Profits Highest in Four Years as Iran War Pushes Up Oil Price

The news that BP’s profits have surged to a four-year high, thanks in part to the ongoing conflict in Iran and its impact on global oil prices, should come as no surprise. The company’s profit of $5.73 billion between April and June is more than double what it made in the same period last year.

The price of crude continues to soar, driven by disruption to global supplies through the Strait of Hormuz. This has allowed BP and other oil giants to reap the benefits of a crisis that they, in part, helped create through their years of resistance to renewable energy.

BP’s decision to prioritize profits over people is particularly egregious given the company’s rhetoric about sustainability and climate change. In an interview, CEO Meg O’Neill justified her strategy by pointing to the need for “value, not sentiment or history.” This euphemism masks a pursuit of profit above all else that is at odds with the company’s stated values.

Environmental and poverty campaigners have been quick to condemn BP’s actions. Angharad Hopkinson from Greenpeace noted that the company’s decision to sell off its North Sea operations highlights the folly of prolonging a “parasitic relationship” between corporations and governments that prioritizes corporate gains over public good.

The sale of BP’s US renewable natural gas business Archaea is another example of the company’s priorities. While it may be seen as a step towards divestment and decarbonization, closer inspection reveals a company still wedded to fossil fuels and unwilling to invest in clean energy.

BP’s decision to sell off its North Sea business after 60 years of production is also a blow to the UK’s already-strained energy landscape. As the country looks to transition towards net-zero, companies like BP are not doing their fair share – and in some cases, are actively hindering progress.

The world needs to ask itself: what does this mean for our collective future? Will we continue to allow companies like BP to reap the benefits of a crisis that they helped create, or will we take bold action to hold them accountable?

Concrete policy changes that prioritize people and planet over profits are needed. Governments around the world must regulate companies like BP with the urgency and clarity that this crisis demands.

Until then, we can expect more of the same – a continued emphasis on short-term gains over long-term sustainability, and a further widening of the gap between corporate interests and public good. The writing is on the wall: it’s time to choose a different path.