Shell sees $1 billion gain in refining on record fuel prices

The recent prices of fuel have had different implications in different parts of the world. Shell “is the first indicator of just how much cash was flowing into the coffers of major oil companies due to the inflationary surge in the price of gasoline”. Fuel climbed above 4% per gallon for the first time in the United States. Shell’s indicative refining margin jumped to $28.04 per barrel in the second quarter from $10.23 in the first three months of the year. That’s a positive impact of about $800 million to $1.2 billion compared to the prior period.

Oil costs have jumped by more than 30% this year with the war in Ukraine at the beginning of the year. Transport Topics reported that the company “took a $3.9 billion impairment in the first quarter, stemming from its planned exit ventures in Russia. Click here for the full story.