We’ve been suffering greatly from the continuous increase in pump prices across the globe. However, it appears the companies who keep selling us these expensive fuel products are making a lot of money in the process.
According to a report by The Associated Press, Shell has set a record for first-quarter earnings amid the rising oil prices. The company published its adjusted earnings that rose from $3.2 billion in the same period last year to $9.1 billion. This beat analyst expectations of $8.2 billion.
AP says major industry players such as Shell are getting a boost in profits due to the high oil and gas prices resulting from supply uncertainties in Russia. Brent crude oil, a leading benchmark for global oil prices, was at $102.23 on average during the first quarter of the year, good for about a 67% year-on-year increase.
“The war in Ukraine is first and foremost a human tragedy, but it has also caused significant disruption to global energy markets and has shown that secure, reliable and affordable energy simply cannot be taken for granted,” said Shell CEO Ben van Beurden. “We have been engaging with governments, our customers, and suppliers to work through the challenging implications and provide support and solutions where we can.”
The massive impacts of the skyrocketing pump prices are being felt even in first-world nations like the UK. Reports have yet to say when the situation will finally normalize, as this will depend on when the tension between Russia and Ukraine ease up. For everyone’s sake, we hope things take a turn for the better sooner rather than later.