Share to ClassroomShell Makes Big Profit from Oil
Shell is a big oil and gas company in Europe. It made $6.9 billion in profit in three months. This is much more than last year. The Shell boss said the company did well in a difficult time.
Oil prices went up because of the Iran war. Before the war, oil cost about $73 a barrel. After the war started, the price went above $120. Now it is about $101. The Strait of Hormuz, where many oil ships go, has been closed. So Shell made more money from buying and selling oil.
Many people are angry. They say oil companies make too much money. They want a special tax on these profits. In the United Kingdom (UK), energy bills will go up about £200 in July. Shell's oil and gas production also went down. Attacks damaged its gas plant in Qatar.
