As the non-stop bad news cycle shows a record fall in household savings and a record credit-card debt the same month in the cost-of-living crisis – some are having a great time. BP is one of them.

BP has just recorded its highest quarterly earnings in more than a decade. Of course, it is taking full advantage of soaring prices for hydrocarbons and “exceptional” oil and gas trading revenues. Interestingly, this earnings record includes the value of its business write-down in Russia to almost zero.

In February, BP decided to divest its near 20 per cent stake in Russian oil producer Rosneft after Russia’s invasion of Ukraine. The move resulted in a paper loss for the quarter of $20.4bn – as the oil major had to stop reflecting a share of Rosneft profits in its accounts.

In the final quarter of 2021, Rosneft had added $745mn to BP’s adjusted profits.

The UK-listed oil major’s underlying profit for the first three months of the year rose to $6.2bn, more than double the $2.63bn it recorded a year earlier.

What seemed to surprise analysts was that this number far exceeded their estimates of $4.49bn and was up from $4.07bn in the final three months of 2021.

BP’s soaring quarterly profits were already the highest in eight years.

The consequence of such huge windfalls is that opposition politicians in the UK are likely to demand higher taxes on oil and gas companies like BP to help consumers facing surging energy costs.