Bumper profits at Shell and BP have reignited calls for a windfall tax on oil giants to combat soaring energy bills, but shareholders say the move would be “short-term meddling” by the government.

“I’m not that wild on governments intervening in markets on an ad hoc basis, particularly in businesses like this when lead times on investments are very long,” one top 20 shareholder in BP and Shell told Financial News. “Anything that discourages long-term planning — and short-term intervention would discourage long-term investment — would be very problematic.”