BP has announced a return in emphasis to its traditional business of producing oil, citing the inescapable appeal of oil's latest high profits. However, this Shift has been made at a time of $28 billion in record corporate profits for BP, records also seen by other oil majors, such as ExxonMobil and Shell. With the lure of these type of returns from the traditional petroleum business, it is difficult to see or sustain financial motivation to shift away. A price cap on oil could help energy-importing developing countries, as well as vulnerable households there and elsewhere, avoid the harmful impact of the high oil prices experienced in 2022.

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