Shell 3Q earnings double, stir debate on energy profit taxLONDON (AP) — Shell’s earnings more than doubled in the third quarter, fueling the debate over taxes on energy producers’ windfall profits as they have benefited from high oil and natural gas prices following Russia’s invasion of Ukraine. Brent crude, a benchmark for European oil prices, averaged $100.84 a barrel in the third quarter, 37% higher than a year earlier. Wholesale natural gas prices in Europe more than tripled in the same period. Opposition parties are pressuring Prime Minister Rishi Sunak, who took office this week, to increase the windfall profits tax as he rushes to stabilize Britain’s finances with new tax and spending plans. Despite “booming oil profits,” the government still refuses to impose a “proper windfall tax on energy producers,” she tweeted after Shell reported earnings.

Source: National Post October 27, 2022 10:28 UTC