May 4, 2023
Shell reports stronger than expected profits
Oil and gas giant Shell has reported a stronger than expected profit of $9.6bn for the first three months of the year. Fossil fuel firms have been reaping record profits due to a surge in oil and gas prices following Russia's invasion of Ukraine last year. Earlier this year, Shell reported profits of $39.9bn for 2022, double the previous year's total and the highest in its 115-year history. The jump in oil and gas prices following the start of the war in Ukraine has led to big profits for energy companies, but also fuelled a rise in energy bills for households and businesses. Last year, the UK government introduced a windfall tax on profits made from extracting UK oil and gas - called the Energy Profits Levy - to help fund its scheme to lower gas and electricity bills.
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