Shell again reports record earnings -- $11.5 billion -- for second quarter

July 28 (UPI) -- Shell, one of the largest oil producers in the world, on Thursday reported record earnings for the second quarter in a row as energy prices are running high and fueling inflation.

In its second-quarter earnings report, the oil giant said its earnings topped a record $11.5 billion for the April-June period. The previous record, $9.1 billion, was set in the first quarter of 2022.

Shell's earnings were aided by high prices for gasoline and natural gas, which have both been affected by Russia's war in Ukraine.

"With volatile energy markets and the ongoing need for action to tackle climate change, 2022 continues to present huge challenges for consumers, governments and companies alike," Shell CEO Ben Beurden said in a statement.

"Consequently, we are using our financial strength to invest in secure energy supplies which the world needs today, taking real, bold steps to cut carbon emissions and transforming our company for a low-carbon energy future."

Shell's second-quarter earnings a year ago -- when gas prices were still depressed as a result of the COVID-19 crisis -- were $5.5 billion.

The company said that refining fuel alone contributed about $1 billion in profits.

Shell noted in its report that it plans to invest a large natural gas field off British waters and a floating liquefied natural gas terminal in the Netherlands.

In May, the House passed a bill that would give Federal Trade Commission authority to investigate energy companies for price gouging. That bill is languishing in the Senate with opposition from Republican lawmakers.

The national average for gasoline in the United States was $4.28 per gallon -- a decline of 2 cents from Wednesday and down 16 cents over the past week.