Posted on Feb 2, 2023
Shell reports record profits as energy prices soar after Russia's invasion of Ukraine
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https://www.npr.org/2023/02/02/ [login to see] /shell-profits-russia-ukraine
Energy giant Shell has reported its highest annual profits in the company's 115-year history, after energy prices soared due to the Russian invasion of Ukraine.
London-based Shell's profits for 2022 were almost $40 billion, twice those reported for 2021, at a time of continued political debate about more targeted taxation on energy companies.
As U.K. households struggle thanks to elevated energy prices and correspondingly high inflation, Shell's announcement will fuel fresh demands that Prime Minister Rishi Sunak's government ratchet up a kind of "windfall" tax on such profits. The E.U. approved such a windfall tax in September.
Energy giant Shell has reported its highest annual profits in the company's 115-year history, after energy prices soared due to the Russian invasion of Ukraine.
London-based Shell's profits for 2022 were almost $40 billion, twice those reported for 2021, at a time of continued political debate about more targeted taxation on energy companies.
As U.K. households struggle thanks to elevated energy prices and correspondingly high inflation, Shell's announcement will fuel fresh demands that Prime Minister Rishi Sunak's government ratchet up a kind of "windfall" tax on such profits. The E.U. approved such a windfall tax in September.
Shell reports record profits as energy prices soar after Russia's invasion of Ukraine
Posted from npr.org
Oil
Oil and Energy
Shell Oil Company
Europe
London
Posted >1 y ago
Responses: 3
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PO1 William "Chip" Nagel
..."Critics are also demanding the government continue to hold down household energy costs past April, a program underwritten by taxes on energy firm profits.
Energy companies have been reporting blockbuster profits since last year, after Russia's invasion of Ukraine sent oil prices sharply higher, as NPR's Camila Domonoske reported earlier this week."
..."Critics are also demanding the government continue to hold down household energy costs past April, a program underwritten by taxes on energy firm profits.
Energy companies have been reporting blockbuster profits since last year, after Russia's invasion of Ukraine sent oil prices sharply higher, as NPR's Camila Domonoske reported earlier this week."
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