Record Shell profit on soaring energy prices sparks outrage

LONDON: British energy giant Shell on Thursday unveiled record annual net profit of $42.3 billion thanks to surging oil and gas prices, sparking outrage from green groups and unions as the UK endures a cost-of-living crisis.

The post-tax figure, fuelled by the invasion of Ukraine by major energy producer Russia, was more than double the amount achieved in 2021, Shell’s earnings statement revealed. Revenue rocketed 45 percent to a dizzying $381 billion in 2022, mirroring huge gains by rivals.

Colossal profits for energy majors worldwide have sparked public fury as consumers see the cost of heating and lighting their homes and businesses rocket.

Environmental campaigner Greenpeace on Thursday protested outside Shell’s London headquarters, arguing that the group is “profiteering from climate destruction”. The Trades Union Congress said an increased windfall tax could help fund wage rises for public sector workers currently locked in a wave of strikes in protests over pay that lags soaring inflation.

“Instead of holding down the pay of paramedics, teachers, firefighters and millions of other hard-pressed public servants, ministers should be making big oil and gas pay their fair share,” said TUC general secretary Paul Nowak.