Shell has reported record annual profits after energy prices skyrocketed last year due to the war in Ukraine. This morning, the oil and gas giant reported adjusted earnings of $39.9bn (£32.2bn) for 2022.
According to The BBC:
Fossil fuel firms have been reaping record profits after a surge in energy prices following Russia’s invasion of Ukraine.
The profits have heaped pressure on firms to pay windfall taxes as households struggle with inflation.
Last year, the UK government introduced a windfall tax – called the Energy Profits Levy – on the profits of firms to help fund its scheme to lower gas and electricity bills.
It was reported earlier this week that oil giant ExxonMobil made a record $55.7bn (£45.2bn) in profit last year.
A White House statement said that it was “outrageous that Exxon has posted a new record for Western oil company profits after the American people were forced to pay such high prices at the pump amidst [Russian President Vladimir] Putin’s invasion.
White House spokesman Abdullah Hasan told the press:
“The latest earnings reports make clear that oil companies have everything they need, including record profits and thousands of unused but approved permits, to increase production, but they’re instead choosing to plough those profits into padding the pockets of executives and shareholders.”
