Just as the covid epidemic brought the golden age of the pharmaceutical industry, the "Russian-Ukrainian" war is a paradise for energy companies. Oil and gas giant Shell has posted annual profits of £32bn as households and businesses struggle with rising energy prices due to the war. Shell has never had it so good in its 115-year history. But Norway also played the role of Europe's savior, earning 180 billion euros in profit from gas exports since the war in Ukraine.
The main reason for this is from energy prices that went away . The price of Brent crude oil was close to $128 per barrel after the invasion, but has since fallen to around $83. The price of gas also jumped, but has already declined from the peak.

The companies even achieved astronomical revenues by imposing an extra profit tax on energy sector players in several countries.

However, not many people are happy about the huge profits of energy companies. The rise in electricity, gas and fuel prices has brutally increased the cost of households and businesses. Together with rising food prices, this raised inflation to a 40-year high in Europe, the BBC .

Energy giant Shell's profits rose to 32 billion pounds ($39.9 billion) in 2022 on the back of rising oil prices following the Russian invasion of Ukraine. This is the company

The highest profit in its 115-year history,

exceeding the expectations of industry experts, reports the Daily Mail.

shell gas station

Photo: MTI/Zoltán Máthé

Who counts what?

The London-listed oil company told investors that adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 53 percent from a year earlier, after energy prices also soared following the Russian invasion of Ukraine .

When Shell's results were announced, Greenpeace activists erected a huge gas station price sign in front of the company's London headquarters. The 10ft sign shows Shell's £32.2bn profit in 2022, with a question mark showing the amount the company will pay to cover climate losses and damages.

While Shell is counting record billions, people around the world are facing record droughts,

they count the damage caused by heat waves and floods caused by this oil giant"

- said Elena Polisano, one of Greenpeace's campaign managers.

Source: hirado.hu

Cover photo: László Róka / MTI