Why are oil firms making record profits and how are my energy bills changing?

Both oil and gas prices have eased back from their recent highs.

The UK’s two energy giants have reported record profits (Andrew Milligan/PA) (PA Archive)

BP has followed Shell in reporting record annual profits and the businesses are handing billions of pounds to their shareholders.

Why is this happening at a time when people are struggling to pay for their energy, what is the Government doing, and what do campaigners and politicians want to happen?

Why are oil companies making record profits?