BP's Profits Soar Despite ~$20B Hit from Russia Distancing
The Facts
British Petroleum's profits soared above $6B in Q1 to the highest in a decade on the back of rising oil and gas prices. BP's windfall occurred even as it lost billions from writing down its 20% stake in Rosneft, a Russian oil company.
BP cleared its four refineries in Spain, Germany, and the Netherlands of Russian crude oil and expects to be free of most of its long-term contracts with Moscow by the end of the year.
The Spin
Left narrative
BP is making money hand over fist while the public suffers under rising costs of living. Prices for everyday items are becoming unbearable, and BP should feel obligated to help the British public as best it can.
Right narrative
BP has already bowed to the government's demands to cut ties with Russian oil and gas, and it has clearly shown that it's an ally of the British public. A windfall tax would only strip away profits that the company can reinvest in the UK - including in renewable energy infrastructure.
