Demand for fuel has also increased as more commuters return to the road and to their pre-pandemic workplaces.
Are oil companies taking advantage of global chaos?
Naturally, Shell, one of the largest multinational corporations in the world, used the opportunity to state that its record profits indicate the importance of a strong fossil fuel industry despite growing pressure to transition to renewable energy and, for consumers, electrified vehicles.
As NYT reports, Shell used market volatility to make profits in trades, while also cutting its costs during the pandemic, which improved its prices once pricing and sales increased.
Are oil companies really investing in green energy?
Van Beurden told journalists on a call that the company’s profits could possibly be funneled toward clean energy efforts. The company is currently working on some hydrogen projects that aren’t without their own controversy.
But again, it’s lip service—both Shell’s green energy investments and the auto industry’s commitment to electrification—until they have something to show for it.
Hurting at the pump? Think about going electric