"Shell's chief executive, Wael Sawan, said the company's profits were gained through its relentless focus on operational performance in a quarter marked by unprecedented disruption in global energy markets. The disruption to oil and gas flows through the strait of Hormuz caused the international crude price to climb from about $61 a barrel in January to highs of $119 at the end of March."
"While people around the world struggle with soaring energy costs, Shell is raking in billions in added profit. The same crisis that is driving these windfalls is pushing millions closer to hunger and hardship. Governments must act now to tax these excess profits and use the money to protect vulnerable households and expand affordable, homegrown renewable energy."
Shell achieved first-quarter profits of $6.9bn, significantly exceeding analyst forecasts of $6.4bn, representing a 115% increase from the previous quarter's $3.2bn. The surge resulted from elevated oil and gas prices caused by disruptions to energy flows through the Strait of Hormuz during Middle East conflict. International crude prices climbed from $61 per barrel in January to $119 by late March. BP similarly reported stronger-than-expected first-quarter profits of $3.2bn, more than double the previous year's $1.38bn, attributed to exceptional oil trading. These substantial profits have triggered significant backlash from climate campaigners and advocacy groups, who argue that windfall taxes should fund support for vulnerable households struggling with rising energy costs and expand renewable energy infrastructure.
Read at www.theguardian.com
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