Energy giant Shell announced profits of £9.5bn as householders struggle to pay their bills. The second quarter result is a record result for the firm as the fallout from the war in Ukraine continues to generate bumper earnings for the world’s oil and gas majors.
Following the announcement Shell said it will return billions of dollars to its shareholders. It will buy back £4.9 billion worth of shares from its investors.
Shell's profits are easy to trace, with the price of the barrels of oil it sells rising from 62.53 dollars a year ago to 101.42 today. The rising fuel prices are hitting drivers hard at the pumps while household energy bills are expected to spike to £3,850 in January.
