Shell Posts Record Profits as Diesel Prices Continue to Set Records of Their Own

Image for article titled Shell Posts Record Profits as Diesel Prices Continue to Set Records of Their Own

Illustration: Angelica Alzona (Shutterstock)

Abandon Hope All Ye Who Enter Here. If you’re driving a diesel car or truck right now, God help you. The average price of a gallon of diesel fuel now sits at $5.47, according to AAA. It’s the fourth consecutive day a new record price has been set. It’s also a pretty significant jump of four cents over yesterday’s record high.

In fact, there isn’t a single state in the nation where the average price of diesel is below $5 per gallon. Wisconsin is currently the cheapest at $5.01, and you guessed it, California is the most expensive at $6.49.

The story isn’t much better when you look at gasoline prices, either. We’re still about eight cents away from the record that was set back in the middle of March. Today’s national average for a gallon of regular gasoline is $4.25. That in itself is two cents higher than yesterday.

This sounds like some super bad news for all of us doesn’t it? Well, it is – unless you happen to be a giant oil company. If you’re a giant oil company reading this story, you are probably hyped.

Shell just posted record profits despite leaving the Russian market, according to Bloomberg.

The London-based company surpassed even the highest analyst estimate as extreme volatility in the energy markets helped its trading division to boost earnings.

…

Shell posted its highest quarterly earnings on record in the first quarter

The majors — with the exception of Chevron Corp. — have written off a combined $37 billion as they sever ties with the Kremlin after its invasion of Ukraine. BP took the biggest hit on Tuesday, announcing that the dumping of its near 20% stake in Kremlin-backed Rosneft PJSC plus other assets in the country would cost it $25.5 billion.

Shell’s return on average capital employed — a measure of how effectively the company is putting its investors money to work — rose above 10% for the first time in more than a decade. That may come as a relief for Van Beurden, who has long promised double-digit returns and last year came under attack by activist investor Dan Loeb, who wants to break up the company.

For the first time, Shell reported the earnings of its renewables and energy solutions division. The unit, which is relatively small today but will be key in convincing shareholders that the company can make a profitable transition to clean energy, posted adjusted net income of $344 million, compared with a loss of $102 million a year earlier.

So that sucks for all of us! Anyway, let’s take a look at who’s got the “best” and worst deals on gas across the country.

Here is the highest average gas prices in the country in order of highest price for a gallon regular:

Here is the lowest average price of gasoline in the country in order of lowest price per gallon of regular: