Shell profits nearly triple as oil prices surge amid Russia-Ukraine war – BBC News

Energy giant Shell has reported its highest ever quarterly profits as oil and gas prices surge around the world.

Shell made $9.13bn (£7.3bn) in the first three months of the year, nearly triple its $3.2bn profit it announced for the same period last year.

But the firm said pulling out of Russian oil and gas due to the Ukraine conflict had cost it $3.9bn (£3.1bn).

On Tuesday, rival BP also reported a sharp rise in profit, but the UK has so far ruled out a windfall tax.

#Russia #Ukraine #BBCNews

[GanghisKhan]

Amazing how many people are quick to defend a company making billions over people struggling to even feed themselves while they are in WORK

[paulgibbon]

It's disgusting. We are struggling to run our cars and shell make record profits. The government needs to step in and demand shell reduce the price oil if they want to operate in the UK. McDonald's are losing 50 million pounds a week by closing all their restaurants in Russia. So it's absolutely appalling to hear shell have made 7 billion profit because of the war in Ukraine.

[normanhull]

It's almost as if one of the primary driving factors behind these monetary issues is corporate greed. Strange.

[antm]

So there was no actual reason to put up fuel prices other to make a bigger profit

[BoltRM]

They just raised prices cuz they could? Not due to increased costs? I'm shocked I tell you, shocked.
And stunned.

[MrRandomname]

When the government cut 5p tax of a litre of fuel, surprise surprise Shell's prices stayed the same

[profoundclarity]

cap the amount these companies can make damn....theyre strangling the entire fuckign world

[polemius]

Well, I for one am so relieved that those wonderful oil company executives can afford that third vacation home and fifth yacht!

[ryangunwitch-black]

Oh, So you're saying gas prices are simply dependent upon the greed of the company selling the gas.... I've been saying this for 20 years. Next.

[awesomeevents]

Now I understand why everyone is encouraging Ukraine to keep fighting🧐

[martywild]

Yes, all the Oil Companies are profiteering, but so too are Governments when Petrol is taxed as a percentage of the price.

[nikushim]

Of course they did, OPEC and oil companies have been artificially keeping prices high by restricting supply. Even countries like the US are getting massive spikes in prices. Despite the fact that less than 5% of their supply actually came from Russia. If all of OPEC went full production, the prices plummet to what they equivalently (after accounting for inflation) were in the 70's and 80's. Its just a case of what happens when companies and countries ally together in a oligopoly.

[therakshasan]

I wonder where Shell is getting it's Oil & Gas? Some 3rd or 4th party seller that does trade with Russia?

[rae]

We're lucky. When the oil companies jack up the price we just buy less. Running around like a teenager in heat is no longer on our To Do list.
These fuel prices, especially for home heating oil, are completely out of control. Governments are useless - worse - they too are profiting from the gouging - talk about a conflict of interest! Any government that allows this to go on for long is DOOMED at the next election.

[BabaG_]

And in Germany they wanted to give oil companies money to lower the prices until they found out that they didnt drop the prices becuase they just wanted this money. Its so stupid we defently need to regulate big companys much more and have a limit on how much percent of profit they can put on goods and oil etc. its getting really out of hand

[IAmNumber]

How long will it be before people figure out that they can strike for travel compensation?

[richardwarren]

In Normal cases wether the economy is booming or not Why the fuck are prices so high at service stations from tobacco to food to infact everything

[Twichblade]

*its not hard, boycott the 4 bug players and use supermarket fuel instead*

*watch how the price drops*

[Krytern]

Prices didn't have to go up they just wanted more profit and used an excuse. For some reason I'm not surprised wonder why that is 🤔

[bec]

If you want a great example of how totally screwed up the world has become, then this story is for you.