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Biden Urges Oil Companies to Cut Prices After Shell’s Profit Doubled

  • President says Shell profits doubled from third quarter 2021
  • Shell announced higher dividend, expanded share buybacks
Joe Biden

Joe Biden

Photographer: Chris Kleponis/CNP/Bloomberg 

Updated on

President Joe Biden criticized record energy company profits after Shell Plc announced its second-highest earnings ever while raising its dividend and expanding buybacks. 

“That’s more than twice of what they made in the third quarter of last year, and they raised their dividends as well, so the profits are going back in their shareholders instead of going to the pump and lowering the prices,” Biden said at an event in Syracuse, New York.