Saturday, May 13, 2023

"One of the Corporate Scandals of Our Times": Shell Posts Record $10 Billion in Profits


“The British oil behemoth Shell reported a record $9.6 billion in first-quarter profits on Thursday and announced $4 billion in stock buybacks, prompting fury from environmentalists and progressive lawmakers who say the fossil fuel industry's profiteering is grotesque amid a worsening climate emergency and cost-of-living crises across Europe.

“Shell CEO Wael Sawan—who recently declared that the ‘world will need oil and gas for a long time to come’ and called fossil fuel production cuts ‘unhealthy’—hailed his company's ‘strong results and robust operational performance’ and touted the new share buyback program as ‘part of our commitment to deliver attractive shareholder returns.’

“Climate advocates reacted with disgust to Shell's earnings announcement, which came days after BP posted nearly $5 billion in profits for the first three months of 2023…

“British MP Jeremy Corbyn, an ex-Labour Party leader, echoed that message on Twitter, writing that political leaders face a straightforward choice: ‘Protect fossil fuel profits or protect the future of our planet. I choose the future of our planet. We need a Green New Deal that transforms our economy, creates secure jobs, and provides publicly owned renewable energy for all.’…”

Jake Johnson, Common Dreams

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