Shell announces record annual profits of £32.2bn, its highest in 115 years

“Not everyone is suffering from a cost of living crisis."

Shell lorry

Oil and gas giant Shell has announced eye-watering profits of $39.9bn (£32.2bn), its highest in 115 years, as millions of families up and down the country struggle to make ends meet amid soaring fuel and energy bills.

The obscene profits are double those recorded a year earlier and far exceed the previous record of $31bn in 2008, with the majority of profits coming from the company’s gas operations.

Gas prices have soared following Russia’s invasion of Ukraine, after a number of countries tried to reduce Russian fuel imports.

The profits come as fuel poverty in the UK reaches record levels, with 8.4 million households expected to be in fuel poverty from April, according to National Energy Action.

News of the profits drew immediate condemnation online, with Labour MP Nadia Whittome tweeting: “Not everyone is suffering from a cost of living crisis.

“In 2022, Shell made £32,200,000,000 in profit – by far the most in its entire history.

“Time to end this profiteering from misery. Instead of another bill hike, we need a proper windfall tax.”

Another social media user wrote: “Slap in the face for millions of households facing the biggest cost of living crisis in our generation.

“This is Tory Britain.”

Discussing the record profits on LBC, environmental campaigner and CEO of Global Witness Mike Davis said: “Last year, how much did Shell pay in that windfall tax? Absolutely nothing.

“That’s because on the one hand while the government talks what seems like a positive game about windfall taxes, the way in which the tax structure is set means that these companies can basically disguise their profits by saying ‘well we have to pay for decommissioning, we made these losses here and there’ and actually not contribute to the public treasury and instead really spit in everyone’s faces by talking up and boasting about these huge profits while everybody else suffers and really struggles to figure out how they’re going to pay their energy bills.”

Basit Mahmood is editor of Left Foot Forward

(Picture credit: Youtube)

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