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Shell follows BP in reporting massive rise in profits
Shell, Europe’s biggest company, has followed BP in announcing a massive rise in profits following the rebound in oil and gas prices over the past year.
The Anglo-Dutch conglomerate Wednesday reported profits of $3,2 billion for the first three months of the year, nearly three times more than in the previous quarter and an increase of almost 50 per cent on the same period in 2009.
Shell's chief executive Peter Voser said the turnaround in results were "driven largely by our own actions" despite the hike in oil prices which increased to an average of $76 per barrel in the first quarter of 2010, compared with an average of $41 per barrel a year ago.
On Tuesday, BP, Britain’s largest company, reported a surge in replacement cost profits to $5.6 billion in the first three months of this year up from $2.39 billion in the equivalent period of 2009.
BP’s announcement prompted a call by Britain's biggest union, Unite, for the government to impose a windfall tax on the oil giant’s profits.
"If the companies themselves won't play fair with consumers then the government must make them do so through a windfall tax on excessive profits," said Unite joint general secretary Derek Simpson.
President of the AA motoring association Edmund King questioned the high profit margins being made at a time that British drivers were paying record prices for petrol.
"We accept that, following the 2008 collapse of fuel prices, refiners had to revive profit margins to stay in business, but we question whether the recent surge in the petrol wholesale price has gone too far," King said.
Britain’s Labor government imposed a windfall tax on the “excessive profits” made by recently privatized energy companies after it came to office in 1997 but has since resisted repeated calls to follow suit with oil companies.
The Anglo-Dutch conglomerate Wednesday reported profits of $3,2 billion for the first three months of the year, nearly three times more than in the previous quarter and an increase of almost 50 per cent on the same period in 2009.
Shell's chief executive Peter Voser said the turnaround in results were "driven largely by our own actions" despite the hike in oil prices which increased to an average of $76 per barrel in the first quarter of 2010, compared with an average of $41 per barrel a year ago.
On Tuesday, BP, Britain’s largest company, reported a surge in replacement cost profits to $5.6 billion in the first three months of this year up from $2.39 billion in the equivalent period of 2009.
BP’s announcement prompted a call by Britain's biggest union, Unite, for the government to impose a windfall tax on the oil giant’s profits.
"If the companies themselves won't play fair with consumers then the government must make them do so through a windfall tax on excessive profits," said Unite joint general secretary Derek Simpson.
President of the AA motoring association Edmund King questioned the high profit margins being made at a time that British drivers were paying record prices for petrol.
"We accept that, following the 2008 collapse of fuel prices, refiners had to revive profit margins to stay in business, but we question whether the recent surge in the petrol wholesale price has gone too far," King said.
Britain’s Labor government imposed a windfall tax on the “excessive profits” made by recently privatized energy companies after it came to office in 1997 but has since resisted repeated calls to follow suit with oil companies.