British multinational oil and gas group, one of the world’s supermajors
Energy bills in Great Britain are forecast to increase significantly from July, with Cornwall Insight predicting a rise to nearly £1,929 annually due to soaring wholesale prices driven by Middle East conflicts. The government is considering targeted support as the current price cap remains until June.
BP has upgraded its first quarter oil trading guidance following a weak final quarter in 2025. The company reports increased volatility due to ongoing conflicts in the Middle East, with oil prices surging over 60% this year. BP expects flat upstream production and higher net debt, with results to be released on April 28.
Oil and gas companies have benefited from the Iran conflict, with profits reaching hundreds of billions of dollars. Major firms like Saudi Aramco, ExxonMobil, Shell, and Russian companies are experiencing record windfalls as oil prices stay high. Governments face pressure to impose windfall taxes to ease public burdens.
European finance ministers and lawmakers are pressing for windfall taxes on oil and gas profits spurred by the Iran conflict and Gulf tensions. BP and TotalEnergies have reported strong Q1 earnings, renewing calls to redirect excess profits to consumers and energy transition efforts. The debate echoes past attempts and faces questions about revenue performance and corporate behavior.
Global oil majors are posting higher first‑quarter profits as supply disruptions, including the Strait of Hormuz tension and related price spikes, bolster trading and refining margins. Shell and BP report earnings well above forecasts, while Aramco highlights a critical export artery from its east coast to the Red Sea, helping cushion markets.
Campaigns protest rising energy costs as Shell and other oil majors report rising profits; governments are weighing measures to curb profiteering while households confront higher energy and food prices amid global tensions.
California lawmakers are finalizing a $356 billion state budget with Gov. Newsom. A tax package is advancing, including a health care provider tax and a software sales tax, while critics warn of higher costs for families and businesses. The package aims to balance revenue gaps amid federal funding shifts.
A growing class-action suit accuses major gas retailers of using Kalibrate's AI pricing to coordinate higher gas prices across more than 1,700 California stations. The suit cites six-cent average increases, up to 30 cents in dense Kalibrate usage areas, and potential billions in annual driver costs.