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Amid Climate Crisis, Shell’s Financial Windfall Is Profiteering At Its Most Grotesque

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Amid Climate Crisis, Shell’s Financial Windfall Is Profiteering At Its Most Grotesque

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.

ANDY ROWELL: July 31, 2022

Oil giant Shell has just posted record profits for a second consecutive quarter, smashing its previous record from earlier this year.

Shell posted adjusted earnings of a staggering USD 11.5 billion for the second quarter of this year, beating the USD 9.1 billion from the first three months of 2022.

Europe’s largest oil group was boosted by the sky-rocketing energy prices caused by the Ukraine war.

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.

Unloveable Shell, the Goddess of Oil – Andy Rowell

15 Nov 1997 — Unloveable Shell, the Goddess of Oil. The Guardian (London) November 15, 1997. For a century, Shell has explored the Earth to make our lives …
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