Shell’s record profits branded ‘obscene’

  • guardian.co.uk,
  • This article was first published on guardian.co.uk on Thursday January 31 2008. It was last updated at 09:50 on January 31 2008.

    Shell petrol pump

    Shell petrol pump. Photograph: David Sillitoe

    Shell was today accused of making “obscene” profits at a time when pensioners, motorists and industry are struggling with higher energy prices when it unveiled annual earnings of $27.6bn (£13.9bn).

    The oil major has made British corporate history with the record figures, which are equivalent to more than £1.5m an hour and come at the end of a three month period when crude prices have averaged over $90 a barrel.

    Jeroen van der Veer, chief executive of Royal Dutch Shell, described the performance as “satisfactory” and admitted that overall production for the year had actually dropped 2%.

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