Shell’s Profits Almost Triple To £7.3 Billion Amid Surging Fuel Prices
Amid soaring energy prices, oil giant Shell has seen its profits almost triple to £7.3 billion for the beginning of the year.
Shell announced the record first-quarter profits on Thursday, saying it had seen “strong results in volatile times.” The results come at a time when calls for a windfall tax in the UK are getting increasingly louder amid the cost of living crisis which is pushing many families to breaking point.
The energy sector has been reaping the benefits of soaring energy prices in recent months, pushed up further again by the Russia-Ukraine War and rocketing demand as economies begin to recover from the Covid-19 pandemic.
“The war in Ukraine is first and foremost a human tragedy, but it has also caused significant disruption to global energy markets and has shown that secure, reliable and affordable energy simply cannot be taken for granted,” said Shell CEO Ben van Beurden.
“The impacts of this uncertainty and the higher cost that comes with it are being felt far and wide. We have been engaging with governments, our customers and suppliers to work through the challenging implications and provide support and solutions where we can.”