ALBAWABA - British oil and gas company Shell has seen its profits more than double compared to the same period last year as oil prices surge amid Strait of Hormuz conflict between the U.S. and Iran.
The company’s net profit hit $9.84 billion dollars in the second quarter of the year after Brent oil prices jumped from $60 a barrel in January to $114 in early May at the peak of the conflict.
Shell’s chief executive said there had been “severe disruption in global energy markets” due to the war as the company reported a 30% drop in production; despite the disruption, or indeed because of it, Shell has seen their profits double in less than a year.
As energy and oil prices soar across the world, and as Shell's margins grow wider, Environmental groups in Britain demand a windfall tax on the oil and gas giant saying:
“Europe is engulfed by apocalyptic wildfires, communities across Asia are reeling from devastating floods, and the UK battles through drought and yet more dangerous heat.
“These aren’t anomalies, they’re the defining story of the fossil fuel age. Shell takes the profits, and the rest of us pick up the catastrophic bill.”
With Robert Palmer, deputy director at the campaign group Uplift, saying “The world is literally on fire and Shell wants to add more fuel.”
