We may be in the dying days of the fossil fuel empire, but those companies are enriching themselves like never before, as people die from our climate crisis.
Oil giant Shell has just posted record profits for a second consecutive quarter, smashing its previous record from earlier this year.USD 11.5 billion for the second quarter of this year, beating the USD 9.1 billion from the first three months of 2022.This means in the first six months of this year the oil giant has earnings of over USD 20 billion. This is profiteering at its most greedy and grotesque.
Ironically, the company even produced less oil than in the first quarter, but raked in record profits due to Russia’s invasion of Ukraine. What it is doing with these record profits is also interesting. In a move that surprised many analysts, the company said it was putting USD 6 billion of these profits into a share buyback scheme, which rewards shareholders. This fact was not lost on the company’s critics, who pointed out that the company was enriching itself and shareholders and not investing in renewables.also reported record profits of USD 9.8 billion in the quarter.
The oil industry’s obscene profits come as millions of people face a cost of living crisis. In the UK, at least, energy bills are expected to rise again in the coming months.Influential commentators on Twitter were quick to criticize the obscene profits and the contrast to millions struggling to pay food and energy bills. The situation is predicted to get so bad that financial experts areAs Platform says, the system is broken.
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