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Russo-Ukrainian War

3 days ago

Critics Accuse Shell of Profiting From the War in Ukraine

Wibbitz Top Stories
Wibbitz Top Stories
Critics Accuse Shell of Profiting, From the War in Ukraine .
Critics Accuse Shell of Profiting, From the War in Ukraine .
BBC reports that oil and gas giant Shell saw
record annual profits in 2022 after energy prices
soared following Russia's invasion of Ukraine. .
In 2022, profits for Shell hit $39.9 billion,
double the total of the year prior and the
highest in the company's 115-year history.
In 2022, profits for Shell hit $39.9 billion,
double the total of the year prior and the
highest in the company's 115-year history.
Energy firms around the world have been
registering record earnings since the price of oil
and gas jumped amid Russia's war with Ukraine.
The record profits come as
households around the world are
struggling with the rising cost of bills.
The record profits come as
households around the world are
struggling with the rising cost of bills.
BBC reports that opposition parties called Shell's record profits "outrageous" and accused the government of letting energy firms "off the hook.".
No company should
be making these kind
of outrageous profits
out of Putin's illegal
invasion of Ukraine, Ed Davey, Liberal Democrat leader, via BBC.
Following Russia's invasion,
the price of Brent crude oil
shot to nearly $128 a barrel.
Last year, the U.K. government introduced the Energy
Profits Levy on the "extraordinary" earnings of energy
firms to help reduce the price of gas and electricity bills.
On February 2, Shell said that it was due
to pay $134 million in taxes to the U.K.
and an additional $500 million in 2023.
However, critics point out that the U.K.-based
company has been paying more to its shareholders
than it spends on investments in renewable energy.
However, critics point out that the U.K.-based
company has been paying more to its shareholders
than it spends on investments in renewable energy