Shell Profits Double Amidst Energy Crisis, Fueling Outrage

Shell has announced a significant increase in its profits, doubling to £7.29 billion in the second quarter of 2026, a period marked by soaring oil prices and widespread consumer hardship. The energy company attributed the surge in earnings to higher base prices and the volatility in oil markets, exacerbated by the ongoing conflict between the U.S. and Iran. This has led to accusations of "pure corporate greed" from consumer advocacy groups.

Brent crude oil prices have risen to approximately $91 a barrel, a notable increase from the pre-war level of around $72. This price hike has directly impacted motorists, with the Royal Automobile Club (RAC) predicting that petrol prices could reach a new record of over 160 pence per liter. This contrasts sharply with prices around 131 pence per liter before the conflict began in late February.

"This is pure corporate greed," said Howard Cox, founder of FairFuelUK, criticizing what he described as "sky-high petrol and diesel prices since the conflict in Iran began." He added that "oil fat cats are laughing all the way to the bank as hardworking families, van drivers and hauliers get clobbered at the pumps."

Katherine May, Oxfam Scotland advocacy adviser, questioned the government's commitment to easing household budget pressures. "If he's serious about that, he should start by making the biggest and richest polluters pay their fair share," she stated, referencing the Prime Minister's agenda. This financial windfall for Shell occurs as Europe experiences intense heatwaves and wildfires, raising further concerns about the company's contribution to the climate crisis.

Simon Francis, coordinator of the End Fuel Poverty Coalition, highlighted the stark disparity between corporate earnings and household income, noting that "Shell makes more profit in a single minute than most people in this country earn in a year." He further commented, "As wildfires rage and temperatures climb, the very fuels heating the planet are also heating company profits, while households pay the price on their bills."

The company's financial performance has also prompted debate regarding future energy policies. While Shell has proposed the potential to supply 10% of the UK's natural gas needs from North Sea oil fields, climate campaigners are urging for such projects to be blocked. Francis argued against increased drilling, stating that the "drill more, bill more approach simply locks households into another cycle of gas price shocks."

Environmental groups have voiced strong opposition. Danny Gross, energy campaigner for Friends of the Earth, called the bumper profits "outrageous," particularly in light of extreme weather events and the ongoing climate crisis. "These profits have been built on an energy crisis that’s left households across the country struggling with high energy bills at home and expensive fuel at the pumps," Gross said.

Green Party leader Zack Polanski described the situation as "obscene," noting the parallel rise in global oil and gas company profits while the cost of living crisis continues to escalate.

Shell CEO Wael Sawan defended the company's performance, stating, "Shell’s operational performance enabled very strong results during another quarter of severe disruption in global energy markets, as we worked hard to provide critical energy supplies and products to our customers." The company also announced $3 billion in new share buybacks, in addition to $1.2 billion previously announced.