Shell Profits Double as Tar Sands and Liquefied Natural Gas Move Forward


Image: Lee Jordan via flickr

Second quarter profits are out, and it's good news for Shell: $8.7 billion in the period from April to June, up from $4.4 billion in the same period last year, The New York Times reports. It's an even larger jump than the shocking 42 percent in the first quarter, and Shell chief executive Peter Voser is looking forward to "new projects" driving growth even further in future quarters.

What are those projects? The Canadian tar sands for one—the "most destructive project on Earth" that anyone reading the news these days knows is the focus of a little bit of controversy.

Shell has also been investing in liquefied natural gas operations, one up and running in Qatar and another in Australia that is still in early stages. But despite all the talk about LNG being a source of "clean energy," the Sierra Club is one of many to point that liquefied natural gas is just another source of smog-creating pollution.

So while prices at the gas pump continue to soar, Shell continues to profit more by the day—and use that money to invest in more destruction around the world.

More on Shell:
Shill, Baby, Shill: Big Oil Still Getting Big Tax Breaks
Shell Emissions Up by 9% Last Year, Natural Gas Flaring Up 32%
Shell Denies Allegations in Nigeria, Where an Exxon Valdez-sized Spill Occurs Annually
$3.94 A Gallon -- Where Is All the Money Going?

Tags: Energy | Oil

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