Shell has revealed record first-quarter profits thanks to soaring oil and gas prices. The oil giant posted better-than-expected underlying earnings for the first three months of 2022, at 9.1 billion US dollars (£7.2 billion) – nearly three times the 3.2 billion dollars (£2.5 billion) reported a year earlier.
This comes just days after bumper earnings from rival BP were also announced. The fellow FTSE 100 firm unveiled its highest quarterly underlying profits for more than a decade, at 6.2 billion US dollars (£5 billion).
In response Labour and the Liberal Democrats have called for a windfall tax on oil and gas firms to help ease the cost-of-living crisis.
