EXTRACT: In an accounting scandal in 2004-2005, Shell reduced its proven oil reserves, a move that continues to drag on profits. The company reserved $500 million in its second quarter to cover shareholder class action lawsuits.
THE ARTICLE
10/07/2006
Associated Press
LITTLE ROCK — If gasoline prices continue to drop, shareholders of Royal Dutch Shell PLC can take heart.
Lower prices create more demand, which will drive the price back up and bolster the profits of the big oil companies.
The president of the No. 3 oil company’ U.S. division, John Hofmeister, made that point during a stop in Little Rock as part of a 50-city tour. Hofmeister said he has selected personal appearances over an advertising campaign as a way to explain Shell’s take on the oil business to consumers. read more
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