GASSING UP PROFITS

Shell Slammed for Reporting Highest Ever Profits While Energy Bills Soar

“No company should be making these kind of outrageous profits out of Putin's illegal invasion of Ukraine,” U.K. Liberal Democrat leader Ed Davey swiped.

Shell, the oil and gas giant, reported its highest ever annual profits as the company and Conservative Party face criticism amid a surge in energy prices. The U.K.-based business profited almost $40 billion in 2022, doubling 2021’s total, as gas prices soared amid Russia’s invasion of Ukraine. The major profit comes despite the U.K. saying it’ll impose a windfall tax on energy firms to help reduce gas and electricity bills. Officials from Prime Minister Rishi Sunak’s office said they have no plans to increase the windfall tax to accommodate for higher prices. With families are paying more than twice as much in energy bills as they did before Russia’s invasion, Labour and Liberal Democrat party leaders took swipes at the Conservative Party’s handling of the energy crisis. “No company should be making these kind of outrageous profits out of Putin’s illegal invasion of Ukraine,” Liberal Democrat leader Ed Davey said.