Shell 3Q earnings double, stir debate on energy profit tax

[groundloop]

Source: ABC News

LONDON -- Shell’s earnings more than doubled in the third quarter, fueling the debate over taxes on energy producers’ windfall profits as they have benefited from high oil and natural gas prices following Russia’s invasion of Ukraine.

Adjusted earnings, which exclude one-time items and fluctuations in the value of inventories, jumped to $9.45 billion from $4.13 billion in the same period last year, Shell said Thursday. The London-based energy giant also announced a $4 billion share buyback and plans to increase its fourth-quarter dividend by 15%.

“We are delivering robust results at a time of ongoing volatility in global energy market,” Chief Executive Ben van Beurden said in a statement. “At the same time we are working closely with governments and customers to address their short and long-term energy needs.”

[snip]

The U.K., Spain and Italy have already imposed taxes on the windfall profits of energy producers as high oil and gas prices — which have fallen from summer highs — squeeze homes and businesses. The European Union passed such a levy last month.

Read more: https://abcnews.go.com/Business/wireStory/shell-3q-earnings-double-stir-debate-energy-profit-92179348

[Joe Cool]

1. Fetterman was right about this in the debate!

[ck4829]

2. Time for taxes

[Bluethroughu]

3. We need it to be called the Greed tax, so people understand exactly what kind of tax it is.

[groundloop]

4. Or at least something like "Excess Profits Tax"

[Bluethroughu]

5. People will complain that is communist...not me, but the righties.

Greed, makes people on both sides understand it's gouging.

Maybe call it the price gouging tax.

[PSPS]

6. In other words, it's mostly "greedflation" and not "inflation."

[Lonestarblue]

7. I call it predatory pricing to enlarge multimillion dollar CEO bonuses.

[gab13by13]

8. I guarantee the MSM will ignore this.

I got criticized for saying there should be a temporary ban on oil, diesel, gasoline exports.

[Bayard]

9. $9.45 billion

Would taxes on that be covered under the Inflation Reduction Act?

[Samrob]

10. They have always been in control of domestic energy costs...not OPEC. It's called "gouging." nt

[BlueIdaho]

11. A windfall profits tax

Is always in order whenever Big Oil gets greedy.

[ck4829]

12. Yep. It's time.

[Yo_Mama_Been_Loggin]

13. But what about the poor shreholders?

[ck4829]

14. Kick

[dalton99a]

15. Kick