Commodities

Biden accuses Shell of misusing its profits by failing to reduce gas prices

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© Stocksak. U.S. president Joe Biden arrives at Hancock Field Air National Guard Base, Mattydale, New York, U.S.A, October 27, 2022. REUTERS/Evelyn Hockstein

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SYRACUSE N.Y. (Stocksak) – The U.S. President Joe Biden blasted Shell plc (LON:) plc Thursday for funneling profits instead of lowering gasoline prices. This after the British oil company said it would increase its dividends and buy back shares.

Shell announced earlier Thursday that its third quarter profit was near-record $9.45Bn. It also increased its dividend by 15%, and announced plans for $4 billion stock purchases over the next three-months.

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