Calls are growing for the government to implement a windfall tax on North Sea oil giants after they reported massive profits while household energy bills soared.
In February, BP's finance director said it was possible the company was raking in "more cash than we know what to do with" - and in the first three months of 2022, it reported an underlying profit of £4.9bn, its biggest quarterly profits in over 10 years.
Meanwhile, in April Ofgem's energy price cap increased by 54%, driving up the annual household bill by £693, due to rises in the wholesale cost of gas.
According to the Office for National Statistics (ONS), 40% of Brits are now struggling to pay their energy bills.
What is a windfall tax?
Windfall taxes are a form of one-off taxation that can be placed on companies if they make unexpected profits from circumstances beyond their control.
Geopolitical issues - such as a surge in demand for energy as lockdowns ease globally, or Russia's invasion of Ukraine - have pushed up oil prices, driving up profits.
A windfall tax implemented by the government would target this extra money.
Will the UK introduce a windfall tax?
For months government has resisted a windfall tax, claiming it could deter investment in green infrastructure by energy companies at a time the UK is trying to become less reliant on Russian hydrocarbons and aiming for net zero.
However, Rishi Sunak signalled in April he may be open to one.
"If we don't see that type of investment coming forward and if the companies are not going to make those investments in our country and in our energy security, then of course that's [a windfall tax] something I would look at," he told Mumsnet.
Other countries have implemented windfall taxes on oil giants to help with rising energy bills, such as Italy - who hiked theirs from 10% to 25% in May after introducing one in January.
What are the energy companies saying?
BP on Tuesday indicated that a windfall tax would not necessarily deter their decisions to provide cash for green infrastructure.
The chief executive told the Times "there are none that we wouldn't do" when it comes to their green plans if a windfall tax were to be introduced.
At present, BP say they will spend £18bn over eight years on green energy - including on wind farms and electric car charging points.
What do experts think?
On Wednesday Dr Miatta Fahnbulleh, chief executive at the New Economics Foundation (NEF), said introducing the tax now is "an absolute no brainer" when oil giant profits are so high.
"We should be asking them to take a hit in order to help people who literally eating one meal a day and not heating their homes," Fahnbulleh told LBC.
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Paul Johnson, director at the Institute for Fiscal Studies, in March said generally windfall taxes are "not a great idea" - but the case is "relatively strong" given the current circumstances.
"Putting in place windfall taxes willy nilly can create problems for investment and certainty," said Johnson.
He added: "A much better policy would have been to make it clear that the tax rate would rise at a point when profits or prices went above a particular level."
Where does each political party stand on the issue?
The main opposition parties are united in calls for a windfall tax.
Labour has said it would knock £200 off the average household energy bill, and up to £600 for those on the lowest incomes, by introducing a windfall tax.
"The current chief executive of BP says that their company's got more money than they know what to do with," Reeves told Yahoo News UK in April.
"So why not [tax their profits]? Why not? It's not like it's some unprecedented, Marxist, money-grab: George Osborne did this on the profits being made by North Sea oil and gas companies to reduce fuel prices."
The Scottish National Party (SNP) has called for a "broad-based" windfall tax on the excess profits of major companies to fund a package of support for families and tackle the rising cost of living.
The Liberal Democrats have called for a "Robin Hood tax" on oil and gas firms seeing record profits to give over seven million households £300 off their energy bills this year.
And the Green Party is also calling for a windfall tax to help Brits struggling with the cost of living.
Watch: Environment secretary: Tax on oil industry may deter North Sea investments