after a surge in oil prices, fuelling calls for the British government to impose a tax on energy companies' windfall earnings to help consumers struggling with the soaring cost of living.
Prime Minister Boris Johnson on Wednesday rejected calls for a windfall profits tax, saying it would reduce investment in Britain just as the country is trying to diversify its energy industry and increase production from renewable sources. But opposition parties stepped up pressure after Shell's earnings report.
Brent crude, a benchmark for global oil prices, averaged $102.23 a barrel during the first quarter, 67% higher than during the same period last year. Shell rival BP on Tuesday reported its highest quarterly profit in more than a decade. The London-based company said adjusted earnings rose to $6.2 billion in the first quarter, from $2.6 billion in the same period last year.
Dump your profits into renewables already, ffs
No price gouging going on here. Right.
Got to make up for the free gas at the beginning of the plandemic the only reason the price was 55cents a liter was taxes
🤔so are we still blaming just the politicians for the steep prices, or can we add the greed of big oil too.? Asking fer a friend
Also don’t forget Shell bought their oil from Russia.
This is what happens when governments all over the western world create a shortage with crippling moronic policies designed to sink our economy.
🛢 $$$$
Gee....i wonder how 🤔
I though price fixing was illegal
White collar crime!
Corporate Greed
They did not go woke, they did not go broke. They stood their ground against green reform. They conquered it and showed great results. Gas prices are really high, damn.
Big oil is price gouging … of course they have record profits!
Shell that's a gooder haha all that damn shelling in Ukraine haha!
Surprise! Surprise!
Oh that inflation!!! Who knew
No Shit...
price gouging
of coarse they did