In this interview given to Sally Bundock from BBC World News, Dr Carole Nakhle, CEO of Crystol Energy, discusses BP’s 2022 annual report’s results.
Key takeaways:
- BP’s results are aligned with the industry’s performance which benefited from high oil and gas prices that we saw last year.
- The oil industry is cyclical in nature and it is the market, not the energy companies, that sets prices.
- The oil sector is typically subject to a higher government take than other sectors in the economy. The UK is no exception.
- A cleverly designed tax system captures excess profits and at the same time incentivises energy companies to invest more in the sector rather than deterring them from doing so.
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