October 28, 2022

Ah, yes. Shell Oil is doing just fine -- even doing a stock buyback and increasing their fourth-quarter dividend. Must be nice! The rest of us are struggling to buy groceries, but you do you, Shell Oil. Via ABC News:

LONDON -- 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.

Adjusted earnings, which exclude one-time items and fluctuations in the value of inventories, jumped to $9.45 billion from $4.13 billion in the same period last year, Shell said Thursday. The London-based energy giant also announced a $4 billion share buyback and plans to increase its fourth-quarter dividend by 15%.

[...] The U.K., Spain and Italy have already imposed taxes on the windfall profits of energy producers as high oil and gas prices — which have fallen from summer highs — squeeze homes and businesses. The European Union passed such a levy last month.

If that's going to happen here, it probably won't be until after the election. But it's something that desperately needs to be done.

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