Shell profits soar on high oil prices

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I believe as I said of the Bush economy....as long as gas prices continue to dig into the discretionary spending of consumers...the economy will never break free...even if it's recovering. The problem for US Americans, progressive elites like high gas prices and so do corporatist righties (corp profs)...

Oil major Royal Dutch Shell said Thursday that net profits almost doubled to $8.6 billion (6.0 billion euros) in the second quarter, when the energy sector was boosted by surging crude oil prices.

"Our second quarter 2011 earnings were higher than year-ago levels, driven by increased energy prices and Shell's operating performances," Chief Executive Peter Voser said in a results statement.

Profits in the second-quarter of 2010 had stood at $4.4 billion, according to Shell, which is Europe's biggest oil company.

Adjusted net profits, stripping out gains in the value of Shell's energy inventories, jumped to almost $8.0 billion between April and June from $4.5 billion last time around.

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