Shell accused of profiteering bonanza

Despite the fall in oil and gas Shell’s profits easily beats predictions.

Shell was accused of a “profiteering bonanza” after it made more than $9.6bn (£7.6bn) a record first-quarter profit.

This year has also beaten last year’s first-quarter profit which was set at $9.1bn for the same period.

This means the company will be offering shareholders $4bn in share buybacks over the next three months.

Analysts expected a first-quarter figure of $4.3bn and although it came in at a lower figure than last year it was still well up on Analysts’ predictions.

Sharon Graham the general secretary of the Unite Union, said Shell and BP were “continuing the profiteering bonanza.”

She went on to say: “The scale of profiteering displayed today by Shell and earlier this week by BP is one of the corporate scandals of our times. And this is practically untouched by Rishi Sunak’s so-called windfall tax.

Charlie Kronick a senior climate advisor at Greenpeace, UK said “As temperatures soar from Madrid to Mogadishu, Shell is once again posting bumper profits while promising to keep extracting fossil fuels for years to come.”

“Millions around the world are already feeling the effects of the climate crisis and it’s those who did the least to cause it who are paying the heaviest price.”

“It’s time for oil giants to start feeling the heat. The UK government should stop issuing new oil and gas licences and force Shell and the rest of the industry to start using their obscene profits to pay for the damage that their fossil fuel habit is causing to lives and livelihoods around the world.”