Energy Profits Soar: Shell Enjoy a Profiteering Bonanza Leaving Consumers Struggling to Pay Bills

Shell’s Record Profits Leave Consumers Struggling to Pay Energy Bills

Shell, Europe’s largest oil and gas company, is enjoying a “profiteering bonanza” while the rest of the nation suffers from their #Greedflation in the midst of a cost of living crisis they and other Energy companies caused.

Shell recorded first-quarter profits are over $9.6bn (£7.6bn) this year. Despite declining oil and gas prices from last year’s highs, the company’s adjusted earnings exceeded expectations, topping the previous first-quarter profit record set last year at $9.1bn for the same period. The company attributed its success to its trading teams, who were able to mitigate against the falling market prices for oil and gas.

Once again, the energy companies’ stranglehold on Western nations reveals the parasitic relationship between private enterprise and government. We, the people, are held hostage by their extortionate prices, while our supposed leaders cower in their shadow, refusing to hold them accountable through legislation or the once-bold promise of nationalisation. It is a shameful display of powerlessness and cowardice that should leave us all questioning who truly holds the reins of power in our so-called democratic societies.

Shell will offer shareholders $4bn in share buybacks over the next three months. Meanwhile, BP reported a profit of $4.96bn for the first quarter, down from $6.2bn in the same quarter last year but well above the $4.3bn expected by analysts.

Unite union’s general secretary, Sharon Graham, accused both Shell and BP of “continuing the profiteering bonanza” and referred to it as one of the “corporate scandals of our times.” Graham criticized Rishi Sunak’s “so-called windfall tax” for not curbing Big Oil’s profiteering. Last year, Shell’s UK tax bill reached $134m, and it expects to pay more than $500m this year after the government increased the windfall energy profits levy from January.

Greenpeace UK’s senior climate advisor, Charlie Kronick, stated that Shell’s profits came at a time when millions worldwide already feel the effects of climate change. Kronick called for the UK government to stop issuing new oil and gas licenses and force the industry to pay for the damage their fossil fuel habit is causing.

The situation has nothing to do with the war in Ukraine, as some suggest. Only in part from the monopoly of Western Energy companies after Bidens act of terrorism on the Nord Stream pipelines.

Wholesale energy prices increased rapidly from the second half of 2021 onwards, leading to a 12% increase in the energy price cap in October 2021. Rising wholesale prices then led to a much larger increase of 54% in April 2022. Despite the subsequent plummet in wholesale prices, energy companies are keeping their prices hiked and using strong-arm tactics, such as fitting prepayment meters, to ensure payment.

Critics argue that energy companies are acting like the Robber Barons of old, and the government is too weak and corrupt to take them on. The oligarchy’s power and influence over politicians through lobbying, donations, and the revolving door have allowed them to manipulate energy

The revolving door from Westminster to the boardrooms of oil and gas companies is a reality that perpetuates the oligarchy’s rule. The lack of inclination from both the Tories and the Labour Party to curtail the obscene profits made by Big Oil has created the present cost of living crisis. The windfall energy profits levy put in place last year was a start, but it is clear that it is not enough to stop the profiteering plundering from continuing without end.

The news of Shell’s record profits is just one example of how energy companies are exploiting consumers, while the government stands by and does nothing. Inflation and a declining economy are a direct result of these companies hiking prices to extortionate levels, leaving consumers struggling to pay their bills.

Government Fails to Protect Consumers Against Energy Company “Robber Barons”

The government’s failure to regulate the market and protect the public is a clear indication that politicians are beholden to the energy companies through lobbying, donations, and the revolving door between Parliament and corporate boardrooms. This corrupt system is an attack on the common people, and it needs to be stopped.

It is time for the government to take action and protect consumers against the oligarchy that controls the energy industry. The energy companies should be publicly owned, for the sake of our national interest and security. This would prevent them from manipulating energy prices and would ensure accountability.

The effects of this situation on the economy are far-reaching. If left unchecked, we face not only high energy bills and a race to the bottom in living standards but also the collapse of the economy and the system as we know it. The government must act now to protect consumers and ensure a fair and just energy system for all.

Shell’s record first-quarter profits of over $9.6bn (£7.6bn) this year are a prime example of this. While millions worldwide are already feeling the effects of climate change, the company promises to keep extracting fossil fuels for years to come. As temperatures soar from Madrid to Mogadishu, it’s time for the oil giants to start feeling the heat. The industry must use its obscene profits to pay for the damage its fossil fuel habit is causing to lives and livelihoods worldwide.

Government Must Take Action to Protect Consumers

Nationalisation must be put back on the agenda to tackle the cost of living crisis, fuel poverty and for the sake of national security.

It’s not just about paying taxes; it’s about being accountable and responsible for the consequences of actions taken to maximize profits. The UK government must stop issuing new oil and gas licenses.

Nationalisation should be the priority of all political parties. it is clear that Energy companies are willing to destroy the economy for their own profits. This cost of living crisis is a direct result of greed.

The industry as a whole must use its resources to research build and then switch to renewable energy. The transition to a low-carbon economy must be a priority, not just for the environment but also for economic stability. The cost of inaction will be too high for all of us to bear, and let’s not pretend these profits are going into innovation they are going into shareholders’ pockets and the vast majority of these shareholders are foreign states or globalists like BlackRock, Inc. who have the controlling shares in BP, British petroleum.

As Christopher Hitchens said, “The essence of the independent mind lies not in what it thinks, but in how it thinks.” It is time for the government to think independently and protect the people, not the oligarchy or the market.