Outrage at earnings rising to £7.7 billion as "families are struggling to make ends meet," according to Shell's figures

Huge profits for the energy companies coincide with millions of people struggling to pay skyrocketing bills due to the cost of living problem.

Shell have announced huge profits for the first quarter of 2023

Despite rising oil and gas prices, Shell reported first-quarter profits of about £7.7 billion ($9.65 billion).

Despite millions of people struggling with skyrocketing bills as the cost of living crisis continues to bite, the energy giant reported enormous earnings.

It comes as pressure mounts on the government to enact a higher windfall tax on energy firms, which have made enormous profits as the conflict in Ukraine drove up petrol and oil prices.

While families across the UK are finding it difficult to pay their bills for food and energy, opposition MPs have criticized the energy industry's behemoths for making enormous profits.

As with BP, Shell also outperformed expectations, reporting a 5.7% increase in adjusted earnings for the first quarter of the year.  

Due to negative tax changes, the firm said it generated less money from wholesale petrol and oil than it did in the last three months of 2022. However, this was partially offset by higher trading profits for its products and chemicals as well as by lower operating expenses.

Energy tycoon BP said earlier this week that it made £4 billion ($4.96 billion) in profit in the first three months of the year.

This amount was lower than the £4.96 billion ($6.2 billion) that BP earned during the same period last year, but it was far higher than the experts' estimated $3.44 billion ($4.3 billion).

The increase in earnings has rekindled calls for an increase in the windfall tax to pay for a council tax freeze that will shield low-income people from rising costs.

The Energy Profits Levy, a windfall tax on profits from UK oil and gas extraction, was previously enacted by the government as a means of financing its program to reduce gas and electricity costs. As a result, it is anticipated that family expenses will start to decrease this summer.

If her party is elected, shadow chancellor Rachel Reeves has pledged to "tackle the cost-of-living crisis" by raising taxes on large energy companies.

"Shell reports £7.6 billion in profits for its first quarter, but the Tories refuse to introduce a real windfall tax on oil and gas tycoons to freeze council tax this year, as Labour would," the Labour MP stated.

We'll address the rising cost of living challenge while prioritising working people.

Sir Ed Davey, the leader of the Liberal Democrats, claimed that Shell's earnings show the necessity of a "robust" windfall tax to shield poor households.

Energy behemoths like Shell, he argued, shouldn't be able to reap enormous profits when families all around the nation are trying to make ends meet.