Oil giant Shell has reported record profits of £7.3bn for the first three months of 2022, prompting yet more calls for a one-off windfall tax to ease energy costs for ordinary households.
The news comes just days after BP announced profits of £5bn for the same three months – the highest quarterly profit recorded by the company in more than a decade.
Shadow climate change and net zero secretary Ed Miliband, accused the government of making a “political choice” by failing to levy a windfall tax on oil and gas companies.
Oil and gas companies have been making record profits during the energy crisis, with high demand for energy and the war in Ukraine pushing up prices globally.
Soaring profits have led campaigners and the Labour Party to call for a one-off windfall tax on oil and gas companies to help ordinary people pay their bills. Since April, millions of households have seen their energy costs rise by more than 50 per cent.
Countries such as Spain, Italy and Romania have levied windfall taxes on oil and gas companies, while in France, an energy price cap of 4 per cent has forced the national energy supplier to bear the brunt of higher costs.