February 4, 2008

Shell makes £13.9 billion

Making nearly £14 billion profits in a single takes some doing and the UK based oil company Shell have done just that, but instead of being applauded by everyone they are getting criticism from many sides including the unions.

This sort of profit, which is a record for a UK company, comes off the back of a controversial increase in oil prices, it was not that long ago when the price of a barrel of oil reached over $100, but as the price has gradually fallen back, it is around $90 per barrel, the actual prices that motorists have to pay at the pumps have hardly moved from the high levels.

This has lead from calls by unions and other organisations for the major fuel retailers to cut the prices that they are charging, however apparently there is not much profit in fuel at the pump according to the retailers. Meanwhile Shell is making £38 million a day!

Source [Huffington Post]