Critics Accuse Shell of Profiting, From the War in Ukraine .
Critics Accuse Shell of Profiting, From the War in Ukraine .
BBC reports that oil and gas giant Shell saw record annual profits in 2022 after energy prices soared following Russia's invasion of Ukraine.
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In 2022, profits for Shell hit $39.9 billion, double the total of the year prior and the highest in the company's 115-year history.
In 2022, profits for Shell hit $39.9 billion, double the total of the year prior and the highest in the company's 115-year history.
Energy firms around the world have been registering record earnings since the price of oil and gas jumped amid Russia's war with Ukraine.
The record profits come as households around the world are struggling with the rising cost of bills.
The record profits come as households around the world are struggling with the rising cost of bills.
BBC reports that opposition parties called Shell's record profits "outrageous" and accused the government of letting energy firms "off the hook.".
No company should be making these kind of outrageous profits out of Putin's illegal invasion of Ukraine, Ed Davey, Liberal Democrat leader, via BBC.
Following Russia's invasion, the price of Brent crude oil shot to nearly $128 a barrel.
Last year, the U.K. government introduced the Energy Profits Levy on the "extraordinary" earnings of energy firms to help reduce the price of gas and electricity bills.
On February 2, Shell said that it was due to pay $134 million in taxes to the U.K. and an additional $500 million in 2023.
However, critics point out that the U.K.-based company has been paying more to its shareholders than it spends on investments in renewable energy.
However, critics point out that the U.K.-based company has been paying more to its shareholders than it spends on investments in renewable energy
