Insight and inspiration in turbulent times.
The House Financial Services Committee in the United States plans to begin a hearing Wednesday on the oil reserve scandal at Royal Dutch/Shell, a move that is sure to expose the company to more public criticism, and could provide additional fuel to class-action suits.
Russian oil giant Yukos faced being torn apart after bailiffs said they would sell off its main operating arm to settle a $3.4bn bill for back taxes.
When Shell admitted to misleading investors, down went the share price. And, as Mr Montagnon explained, “most people will have a stake in this, if they’ve got a pension, because Shell is such a large company”.
The oil industry has lavished more than $440 million over the past six years on politicians, political parties and lobbyists in order to protect its interests in Washington, according to a new report by the Center for Public Integrity.
British Petroleums latest statistical review of energy reserves and consumption shows a glaring discrepancy compared to last year – the magical appearance of an additional 100 billion barrels of oil!
A significant factor behind the higher prices this year is the fear that the global oil industry is close to capacity.
The International Energy Agency is planning to unveil plans in October that it hopes will lead to a mandatory global standard for accounting of oil and gas reserves.
Russian law enforcement officials attempted to seize the headquarters of the Russian oil company Yukos yesterday, days after it was landed with a tax bill of £3.8 billion.
Embattled oil giant Royal Dutch/Shell was hit with a new lawsuit in the United States on behalf of shareholders seeking compensation over the group’s energy reserves scandal.
BP PLC tried recently to quell renewed concerns by some industry observers that world oil reserves are running out sooner than expected.
Shell Oil Co. plans to put the brakes on production at its Bakersfield refinery in July and August, potentially shorting California’s fuel supplies during the summertime driving season, according to internal Shell documents.
Robert Bryce on the Texas-Washington-international crony network. “If you believe, as I do, that worldwide oil production has reached its peak, then they’ve set up a global showdown.”
