{"id":89170,"title":"Despite the gas price crisis, Shell and BP oil giants reap huge profits","publisher":"Share Talk","author":"sharetalk","published":"2021-10-25T11:30:16+00:00","modified":"2021-10-25T11:30:16+00:00","canonical_url":"https://www.share-talk.com/despite-the-gas-price-crisis-shell-and-bp-oil-giants-reap-huge-profits/","markdown_url":"https://www.share-talk.com/despite-the-gas-price-crisis-shell-and-bp-oil-giants-reap-huge-profits.md","json_url":"https://www.share-talk.com/despite-the-gas-price-crisis-shell-and-bp-oil-giants-reap-huge-profits.json","category":"Blogs","categories":["Blogs","Energy"],"tags":["Asian liquified gas","BP","COP26","gas","Glasgow","Hydrocarbons","oil","petrol","Shell","UK"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"After the global rise in gas prices, Oil giants like Shell and BP expect to make huge profits.\n\nNew data shows that petrol prices are at an all-time high, having risen by nearly 30p over a year. Diesel, however, is just a fraction of its former record.\n\nAccording to the AA, the average UK petrol price was 142.94p per litre on Sunday. This beats the previous record of 0.46p set in April 2012.\n\nDiesel reached 146.5p per litre on Sunday, just short of its record high of 147.93p.\n\nWhen Shell reports on Thursday, it will project a post-quarterly revenue forecast of £1.5bn in natural gas division.\n\nGlobal shortages of gas have caused global increases in gas prices.\n\nSince the beginning of the year, suppliers have seen their gas prices rise by 250 percent.\n\nAsian liquified gas (LNG), reported prices that were four times higher than those of the third quarter of 2020.\n\n13 energy companies have stopped trading in the UK since September due to sharply rising wholesale costs.\n\nConsumers are protected currently by Ofgem’s PS1,277 annual cost cap. This is expected to rise at the next review, April 2022.\n\nBrent has risen more than 60% since the beginning of the year. Brent reached a nine-year high of $86.10 per barrel last week.\n\nShell shares have risen 35% to £17.49 during the same period, while BP shares have risen 40% to 356p\n\nBP will release its third-quarter results in November.\n\nWith governments meeting in Glasgow later this week for the COP26 conference on climate change, there is increasing pressure on the sector to invest in renewables.\n\nBP has committed to 2050 net-zero carbon emissions and announced plans to tenfold low carbon investments by the end of the decade.\n\nShell aims to reduce its carbon footprint by 20% by 2030 and 100% by 2050 for all of its products."}