Should Shell’s oil mega-profits fund struggling families?

<p>Shell has announced a shock jump in its profits - nearly triple what it was last year, which has sparked calls for a windfall tax on oil and gas giants to help families struggling with the cost-of-living squeeze.</p><p>The Standard reports on Thursday how Royal Dutch Shell published underlying profits of $9.1 billion (£7.2 billion) for the first financial quarter of this year.</p><p>The biggest shock is the size of the profits, which are up 43 per cent thanks to soaring oil and gas prices.</p><p>Now, there are calls for a one-off tax on the likes of BP and Shell, suggesting a windfall payment could bring in £9 billion for the Treasury’s covid-ravaged coffers and help households&nbsp;.</p><p>It comes after BP announced another huge earnings jump to $6.2 billion.</p><p>Back in February, both BP and Shell were among multinational companies exiting the Russian market.</p><p>But is there a moral argument that some corporations could still be war profiteering as a knock-on effect of the invasion of Ukraine?</p><p>It comes as the Bank of England raises interest rates and warns of a recession.</p><p>To examine today’s developments, by the Evening Standard’s City Editor, Oscar Williams-Grut.</p><p><br></p><br /><hr><p style='color:grey; font-size:0.75em;'> See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for privacy and opt-out information.</p>