In the first quarter of this year, Shell made nearly triple the profit from the same period last year. Credit: Tonktiti / Shutterstock.
The cost of living vs energy profits
In April, consumer-price inflation in the UK reached 9%, which is its highest rate since 1982. This is happening due to a number of intertwining factors, including the increased borrowing and spending amid the Covid-19 pandemic and the subsequent lockdowns. The effects of the Russo-Ukraine conflict are also being seen in inflated oil and gas prices.
Despite a record cost-of-living crisis for many, energy companies are seemingly enjoying profits across the board. SSE announced an operating profit of £1.5bn ($1.8bn), a 15% year-on-year increase. Shell made £7.3bn ($9.2bn) in profit in the first…