Shell reports record 1st-quarter earnings as oil prices soar

By DANICA KIRKA
Associated Press

LONDON (AP) — Energy giant Shell has reported record first-quarter earnings after a surge in oil prices. The news Thursday fueled calls for the British government to impose a tax on energy companies’ windfall earnings to help consumers struggling with the soaring cost of living. London-based Shell says adjusted earnings rose to $9.1 billion from $3.2 billion in the same period last year. That beat analyst expectations of $8.2 billion. High oil and gas prices, partly due to uncertainty about supplies from Russia, are boosting the profits of major energy companies and feeding inflation worldwide. In Britain, that’s triggered demands for a special tax on energy company earnings to help consumers.