“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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