Shell shares are the biggest riser on the FTSE 100, up more than 4% after it reported bumper £8.2bn profits for the quarter from July to September, and announced a $4bn share buyback alongside a 15% hike in the dividend. Rival BP is also up, by around 2%.
The TUC’s general secretary Frances O’Grady said: “These profits are obscene – especially at a time when millions are struggling with soaring bills.
“The government has run out of excuses. It must impose a higher windfall tax on oil and gas companies.
“The likes of Shell are treating families like cash machines. Today is another reminder of why need to bring our energy sector back into public ownership. Households across Britain are being fleeced.”