Shell makes £2.5m an hour

OIL GIANT Shell is raking in a record £2.5 million an hour as motorists continue to struggle with heightened prices at the pumps.

OIL GIANT Shell pulled in annual profits of 22bn last year OIL GIANT: Shell pulled in annual profits of £22bn last year

Royal Dutch Shell today reported staggering annual profits of £22 billion in 2008 - the biggest in UK history.

Meanwhile stricken motorists continue to be hit hard by inflated prices at forecourts nationwide, as highlighted by our Daily Express Crusade.

Despite breaking its record-breaking yearly profits, Shell saw its takings more than halve in the last three months of the year.

But rocketing crude oil prices - which peaked at almost $150 last summer - still drove its annual profits up 14 per cent from 2007.

AA President Edmund King told Express.co.uk: "Shell’s annual profits are almost equivalent to what the Government takes in fuel duty from motorists – which is around £25billion a year.

"It’s interesting that one oil company is making almost as much as the Government is taking at the pumps."

"We monitor prices from retailers and Shell was offering competitive prices in the last quarter - which is when their profits fell. But the big oil companies would argue that their profits aren't made at the pumps."

Struggling motorists saw petrol break the psychological £1-a-litre barrier back in November 2007.

Prices peaked at a whopping 119.7 pence in July last year.

Had crude oil not recently slumped at $40 a barrel, the oil giant could have seen even higher profits.

EXPRESS MONEY: CHECK TODAY'S SHARE PRICES

Chief executive Jeroen van der Veer described the company’s final quarter performance as satisfactory given the impact on demand caused by the weaker economy.

He added: “Industry conditions remain challenging, and we are continuing the focus on capital and cost discipline in Shell.”

Shares in the oil giant held firm today - 3p higher at 1709p in the first hour of trading - despite widespread decline for the FTSE.

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