| Oil Prices Settle at Record, Above $71Apr 18 3:26 PM US/Eastern Email this story |
By BRAD FOSSAP Business Writer
WASHINGTON
Oil prices settled at a new high above $71 a barrel Tuesday as supply threats around the world overshadowed a new report from OPEC forecasting weakening global demand.
There was no fresh catalyst for Tuesday's buying, but analysts said the market psychology would likely remain bullish until there is some resolution to a variety of geopolitical uncertainties, particularly the West's nuclear dispute with Iran and output disruptions in Nigeria.
Global Insight oil analyst Kevin Lindemer said the slowing consumption growth and swelling inventories of crude oil in the United States would typically help pull down prices, but “all of that is getting swamped right now by Iran and Nigeria.”
Light, sweet crude for May delivery on the New York Mercantile Exchange rose as high as $71.60 a barrel, surpassing the previous intraday record of $70.85 set Aug. 30. Oil settled at $71.35, an increase of 95 cents from Monday's record closing price.
With gasoline prices averaging $2.79 a gallon, U.S. motorists are shelling out $212 million per day more than a year ago, and President Bush said Tuesday he was “concerned” about the impact this was having on American families and small businesses.
“We will feel real pain at the pump before this market tops out,” said James Cordier, president of Liberty Trading in Tampa, Fla. Cordier predicted gasoline prices could rise as high as $3.50 a gallon in some parts of the country this summer.
So far, demand for gasoline continues to rise, albeit at a slower pace, according to Energy Department data.
In its latest monthly report, the Organization of Petroleum Exporting Countries on Tuesday revised its demand-growth forecast for 2006 to 1.42 million barrels a day, down from 1.46 million barrels per day in the previous report. The cartel estimates that global crude-oil demand will be slightly above 84.5 million barrels per day _ about half a million barrels per day lower than the current Wall Street consensus.
OPEC expressed particular concern about the impact rising interest rates would have on consumer spending in the U.S., where gasoline demand grew at a slower rate in the first quarter and could “carry over into the second half of the year.”
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
what are the prices going to be? are they going to go up? what is going to happen to the oil? are we running out?