Shell was not alone in reporting record earnings. Its French rival, TotalEnergies also reported record profits of USD 9.8 billion in the quarter. Tomorrow, it is expected that Exxon Mobil and Chevron will report record profits, too.
The oil industry's obscene profits come as millions of people face a cost of living crisis. In the UK, at least, energy bills are expected to rise again in the coming months. One estimate is that they could hit nearly GBP 4,700 a year by early next year.
Influential commentators on Twitter were quick to criticize the obscene profits and the contrast to millions struggling to pay food and energy bills. The situation is predicted to get so bad that financial experts are warning that intervention is needed.
As Platform says, the system is broken. We may be in the dying days of the fossil fuel empire, but those companies are enriching themselves like never before, as people die from our climate crisis and die this winter from lack of food and heating. Families will be destitute. And all the while, politicians sit idly by. This situation cannot be allowed to continue.