Posts on ‘June 22nd, 2008’

High Prices lead to high profits. High profits lead to high director remuneration. QED – ’tis in the interest of the high priced help in Shell (etc.) to keep the oil price high -whatever they may say!

By Gayle Just a bit of clarification on this article – “Time to draw a line in the oil sands” The proposed refinery or Extended Facility as Shell is not calling it is not in Sarnia. It is down river in a tiny community called Courtright, and the land that they want is currently wetland, farmland and woods. Some [...]

June 22 (Bloomberg) — Chevron Corp.’s Nigerian onshore oil output remained halted following an attack on a pipeline operated by the company, H. Odein Ajumogobia, the country’s minister of state for petroleum, said today

Gas prices are rising globally, reflecting the increasing cost and difficulty of finding and producing supplies to keep up with growing demand. According to John Mills, Executive Vice President for Shell’s Gas & Power business in North Africa, the Middle East and South Asia, this situation is not likely to change in the near future.

Saudi Arabia (Reuters) – Crisis talks over record high oil prices are unlikely to quickly turn the tables on roaring markets, the chief of Royal Dutch Shell said on Sunday.

HARRISBURG – Attorney General Tom Corbett announced a $120 million settlement of a U.S. class action lawsuit against Royal Dutch Shell, which was accused of overstating oil and natural gas reserves and artificially inflating stock prices over a five year period, from April 1999 to March 2004.

JEDDAH, Saudi Arabia -(Dow Jones)- Nigeria is pumping oil at its lowest level in 25 years, following militant rebel attacks on facilities in recent days operated by Royal Dutch Shell PLC (RDSB) andChevron Corp. (CVX), a senior Nigerian oil official said Sunday.

After months of struggling to assess the impact of a crumbling real-estate market, many stock investors are focusing more on another worry: Just how badly will high oil prices eat into economic activity and share prices?

JIDDAH, Saudi Arabia (AP) — The U.S. energy secretary said Saturday that insufficient oil production, not financial speculation, was driving soaring crude prices.

Saudi Arabia will try to coax its few OPEC peers who have spare production capacity to join the kingdom in pumping more barrels, although some in the cartel have been openly skeptical that raising output will rein in prices they believe are driven more by speculation than market fundamentals

Unfortunately, the evolving deals could well rekindle understandable suspicions in the Arab world about oil being America’s real reason for invading Iraq and fan even more distrust and resentment among Iraq’s competing religious and ethnic factions.

Oil prices have doubled in a year and this month hit $140 a barrel. In the UK, utility bills are heading in the same direction and last month the worst power cuts for a decade plunged parts of the country into darkness. Britain is in the grip of a global energy crisis that seems to get worse by the day.

Asked on the Today programme how the 14 per cent extra pay over two years awarded to Shell drivers fitted in with the government’s inflation policy, Darling said, if I heard him aright: ‘The particular problems in relation to this problem are peculiar to this particular problem.’ So there you have it.

Gordon Brown is flying to Saudi Arabia to call for a “new deal” between oil producers and consumer nations in an attempt to solve the crisis which has sent prices soaring throughout the world.

Tanker drivers for Shell, after holding motorists to ransom last weekend, extracted a 14% two-year pay rise.