Shell has made profits of over £7.3 billion in just three months. That’s triple what it made last year. And it’s just going to hand them to shareholders.
Let’s be clear. These are profits that Shell is taking from us in higher energy and fuel bills: from pensioners, families with children, UK businesses. Shell is profiteering while British people are struggling. It's utterly obscene.
Shell will inevitably point to the investment it’s making in the UK. In the next couple of years, it is forecast to spend more money on developing new fields and exploring for more oil and gas than any other North Sea operator. But, nearly three quarters of this is in oil – and the UK exports 80% of all North Sea oil. This investment has next to no public benefit, and only means more profits for Shell.
Shell is a drain on the UK. It takes more from the UK in tax rebates than it pays, receiving £400 million from the UK Exchequer in net tax repayments on its North Sea operations since 2016. Even with record oil and gas prices last year, it received more – about £90m more – than it gave back to the UK.
It’s beyond time we stood up to companies like Shell and demanded more. We need to recognise that oil and gas companies, like Shell, make us all poorer – from soaring energy bills to the impact they are having on our planet. A windfall tax should be the absolute bare minimum we demand.
Support the demand for a windfall tax by taking these actions: signing these petitions from Fuel Poverty Action, 38 Degrees and Tax Justice UK and emailing your MP, using this tool from Robin Hood Tax.