Outrage as oil giants profit billions from Iran war – The Latest
5/7/202612 min
Shell has made $6.9bn in profits since the Iran war began, cashing in on soaring energy prices. The enormous profits have reignited calls for higher taxes on fossil fuel companies to fund support for those hardest hit by rising costs. Lucy Hough speaks to the Guardian’s energy correspondent, Jillian Ambrose – watch on YouTube. Help support our independent journalism at theguardian.com/infocus
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First 90 secondsLucy Hough· Host0:00
This is The Guardian.
Speaker 10:01
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Gillian Ambrose· Guest0:31
[upbeat jingle] [upbeat music] It does feel like these major profits are going to the big oil companies and, uh, people like you and I are having to foot the bill.
Lucy Hough· Host0:43
And a lot of rich shareholders are getting substantially richer as consumers are paying more.
Gillian Ambrose· Guest0:49
There's no getting away from the fact that an oil company makes more money when oil prices are high. For a lot of people, it is entirely obvious the way forward should be more green energy.
Lucy Hough· Host0:59
Europe's biggest oil and gas company, Shell, has raked in nearly seven billion dollars in profits since the Iran war started, reigniting calls for tougher windfall taxes and support for consumers. From The Guardian's Today in Focus, this is the latest with me, Lucy Hough. I'm joined by Gillian Ambrose, our energy correspondent. G- G- Gillian, since the start of this conflict, we've been talking about the impact on oil prices, which over the weekend soared to nearly $120 a barrel,