• Disrupting Power Since 2015
  • Donate
  • Login
Sunday, May 18, 2025
  • Login
  • Register
Canary
MEDIA THAT DISRUPTS
  • News
    • UK
    • Global
    • Analysis
    • Trending
  • Editorial
  • Features
    • Features
    • Environment
    • Lifestyle
    • Health
    • Money
    • Science
    • Business
    • Tech
    • Travel
    • Sport & Gaming
  • Media
    • Video
    • Cartoons
  • Opinion
No Result
View All Result
MANAGE SUBSCRIPTION
SUPPORT
  • News
    • UK
    • Global
    • Analysis
    • Trending
  • Editorial
  • Features
    • Features
    • Environment
    • Lifestyle
    • Health
    • Money
    • Science
    • Business
    • Tech
    • Travel
    • Sport & Gaming
  • Media
    • Video
    • Cartoons
  • Opinion
No Result
View All Result
Canary
No Result
View All Result

Outrage at Shell’s £7bn profits amid war and cost of living crisis

Joe Glenton by Joe Glenton
5 May 2022
in Trending, UK
Reading Time: 2 mins read
163 9
A A
0
Home Trending
319
SHARES
2.5k
VIEWS
Share on FacebookShare on Twitter

Amid war and a cost of living crisis, the oil firm Shell are making a killing. At over £7bn, the firm’s quarterly profits are their highest ever. However, the windfall comes as oil supplies are disrupted by the war in Ukraine, and bills have soared for ordinary people.

This is despite Russia, a major global exporter of oil, being hit by sanctions. All firms, including Shell, have reduced operations there. Campaigning groups like Greenpeace have already called for a special windfall tax on the giant’s profits.

Outrage

Others took to Twitter to air their views on the firm’s unprecedented quarter – including trade unionists, who called it “pure greed”:

Shell Petrol’s profits have just tripled to £7.3 billion in just 13 weeks.

£80 million pound profit every single day.

How dare politicians call this a cost of living crisis when it’s plain to see that it’s pure greed.

— Howard Beckett (@BeckettUnite) May 5, 2022

One economist called for a 100% tax on Shell’s massive profits:

If you're being polite, you can call this pure economic rent. If you're not being polite, it's profiteering.

The fairest and most efficient tax to levy on profits like this is 100%, incidentally.https://t.co/bXnovWdSAu

— James Meadway (@meadwaj) May 5, 2022

A professor of accounting said that the government had done nothing to intervene. This meant the gains were nothing short of profiteering:

Shell profits triple to $9.13bn (£7.3bn) in the first three months of the year.
Cost of producing gas/oil hasn't changed, selling price has.
Corporate profiteering = inflation = cost of living crisis.
Govt doing nothing to break up the cartels or check profiteering.

— Prem Sikka (@premnsikka) May 5, 2022

Meanwhile, a Labour MP suggested that the energy market was rigged in favour of the rich:

First BP
Now Shell

We are being ripped off.

The energy market only works for the wealthy.

https://t.co/QmiFslTyZI

— Jon Trickett MP (@jon_trickett) May 5, 2022

Having a good war?

Another social media user called for a tax to pay for people’s energy bills. They said Shell was “having a good war”:

https://twitter.com/Glostermeteor/status/1522096959171043328

Even the editor of the Financial Times said an exceptional tax in a time of conflict was justified:

Shell made $9bn profits in the first quarter of 2022, alone. Case for a windfall tax to offset exceptional energy bills unanswerable. Exceptional times like war require exceptional government intervention

— Lionel Barber (@lionelbarber) May 5, 2022

Another Twitter user quipped that Shell must have only eaten cheaper brands to make such a fortune. This was a reference to Tory suggestions that people reduce the quality of their food in the cost-of-living crisis:

Shell’s profits triple to over $7 billion, probably because they just eat supermarket own-brand food

— Toby Earle 🇺🇦 Threads tobyontv (@TobyonTV) May 5, 2022

Helpfully, someone else pointed out that Boris Johnson had already expressed his view on oil firm profits. Johnson previously told the BBC that energy giants “don’t want” a windfall tax – huge surprise there.

Shell has reported profits of £7.25bn in the 1st 3 months of the year & BP reported £4.9bn for the same period

but

Boris Johnson says the oil & gas companies "don't want a windfall tax"

With these kind of profits there's now excuse for not having a windfall tax#BBCBreakfast pic.twitter.com/sSSMYnbE9R

— Haggis_UK 🇬🇧 🇪🇺 (@Haggis_UK) May 5, 2022

Racket

Oil firms are making massive profits while ordinary people are afraid to turn their heating on. Boris’s excuse that big oil doesn’t “want” to pay taxes doesn’t hold water. In theory at least, it’s the job of government to intervene in the public’s interest. There are no excuses not to enforce a windfall tax on Shell’s billions.

Featured image via Wikimedia Commons/Shell Gas Station, cropped to 770 x 403, licenced under CC BY 2.0.

Share128Tweet80
Previous Post

Liberal media chose Johnson over Corbyn

Next Post

Channel 4’s plan for an alternative to privatisation

Next Post
Channel 4’s plan for an alternative to privatisation

Channel 4's plan for an alternative to privatisation

Black Lives Matter UK protest 2020

Seven years after Sheku Bayoh's death at the hands of police, his family will hear what really happened

immigration van

Immigration officers foiled by protesters during Edinburgh raid

PM under fire over ‘attacks’ on lawyers contesting Rwanda migrant plan

PM under fire over ‘attacks’ on lawyers contesting Rwanda migrant plan

The DWP logo and a man holding his face

The DWP just lied about not being able to increase benefits

Please login to join discussion
Liz Kendall lying to parliament over DWP PIP cuts
Analysis

Kendall caught misleading parliament four times in 23 minutes over DWP PIP cuts

by Steve Topple
18 May 2025
Israel's famine in Gaza: 93% of the population are now food insecure
Analysis

Israel’s famine in Gaza: 93% of the population are now food insecure

by Alaa Shamali
18 May 2025
المجاعة في غزة: 93% من السكان يعانون الآن من انعدام الأمن الغذائي
Analysis

المجاعة في غزة: 93% من السكان يعانون الآن من انعدام الأمن الغذائي

by Alaa Shamali
18 May 2025
Montage of Jason. Top left: Jason in face mask and with eye mask looking up from bed. Top centre: Jason on his most recent birthday, in hospital with a mask on his head like a party hat. Top right: cannula on Jason's hand. Bottom left: gross-looking mash potato and cauliflower in a bowl. Bottom centre: Multiple water jugs on a table with a cup. Bottom right: Jason's hand swelled up severe ME
Long Reads

A care home is leaving a severe ME patient dangerously dehydrated after multiple other failures

by Hannah Sharland
18 May 2025
On 15 May, Turkey hosted Ukrainian and Russian representatives for peace talks - yet it won't move on peace at home
Analysis

Turkish regime should focus on peace at home rather than posturing about peace abroad

by Ed Sykes
18 May 2025
  • Contact
  • About & FAQ
  • Get our Daily News Email
  • Privacy Policy
  • Cookie Policy

The Canary
PO Box 71199
LONDON
SE20 9EX

Canary Media Ltd – registered in England. Company registration number 09788095.

For guest posting, contact [email protected]

For other enquiries, contact: [email protected]

The Canary is owned and run by independent journalists and volunteers, NOT offshore billionaires.

You can write for us, or support us by making a regular or one-off donation.

© Canary Media Ltd 2024, all rights reserved | Website by Monster | Hosted by Krystal | Privacy Settings

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • News
    • UK
    • Global
    • Analysis
    • Trending
  • Editorial
  • Features
    • Features
    • Environment
    • Lifestyle
    • Health
    • Money
    • Science
    • Business
    • Tech
    • Travel
    • Sport & Gaming
  • Media
    • Video
    • Cartoons
  • Opinion

© 2023 Canary - Worker's co-op.

Before you go, have you seen...?

Liz Kendall lying to parliament over DWP PIP cuts
Analysis
Steve Topple

Kendall caught misleading parliament four times in 23 minutes over DWP PIP cuts

Israel's famine in Gaza: 93% of the population are now food insecure
Analysis
Alaa Shamali

Israel’s famine in Gaza: 93% of the population are now food insecure

المجاعة في غزة: 93% من السكان يعانون الآن من انعدام الأمن الغذائي
Analysis
Alaa Shamali

المجاعة في غزة: 93% من السكان يعانون الآن من انعدام الأمن الغذائي

Montage of Jason. Top left: Jason in face mask and with eye mask looking up from bed. Top centre: Jason on his most recent birthday, in hospital with a mask on his head like a party hat. Top right: cannula on Jason's hand. Bottom left: gross-looking mash potato and cauliflower in a bowl. Bottom centre: Multiple water jugs on a table with a cup. Bottom right: Jason's hand swelled up severe ME
Long Reads
Hannah Sharland

A care home is leaving a severe ME patient dangerously dehydrated after multiple other failures

ADVERTISEMENT
Business
Nathan Spears

Smart Delivery Positions Mr Nang as a Leader in Australia’s Cream Charger Market

Lifestyle
Nathan Spears

Social Media Activism: How Grassroots Movements Are Gaining Power Online

Travel
Nathan Spears

Best Destinations In Spain For A Couples Holiday