May 5, 2022

Shell profits nearly triple as oil prices surge

Energy giant Shell has reported its highest ever quarterly profits as oil and gas prices surge around the world. The firm said pulling out of Russian oil and gas due to the Ukraine conflict had cost it $3.9bn.On Tuesday, rival BP also reported a sharp rise in profit, but the UK has so far ruled out a windfall tax. The invasion of Ukraine has helped oil and gas prices skyrocket. Oil prices were already rising before the Ukraine war as economies started to recover from the Covid pandemic. Shell rivals, including BP and TotalEnergies have also reported a sharp rise in profits.

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