Warning: oil will hit $85 a barrel this year |
By Allister Heath
23 April 2006 |
|
THE price of oil will hit $85 (E68.8, £47.6) by the end of the year, threatening an economic slowdown and pushing up the price of petrol at the pumps to more than £1 a litre, economists are warning this weekend. The surging price will be caused by continuing buoyant demand caused by strong economic growth in Asia and across the world; as well as by rising tensions in Iran, Iraq and Nigeria. The growing likelihood of a further rise in the price of oil was revealed in a poll by research house Ideaglobal this weekend. The average view was a peak of $85 a barrel this year but at least one respondent said the price of oil could go even higher to reach $90. The poll follows another surge in the price on Friday. The June futures contract for crude-oil rose above $75 per barrel on the New York Mercantile Exchange, reaching a new high in nominal terms. Prices jumped after US energy secretary Samuel Bodman warned that changes in specifications for petrol may cause brief shortages heading into the summer driving season. Leading multinational companies are pushing through drastic improvements to their procedures to boost efficiency and reduce their need for oil. The International Air Transport Association says efficiency improvements worldwide mean the industry would break even with oil priced at $48 a barrel in 2005, against $22 a barrel in 2003. The soaring price of oil has so far not affected the performance of the US economy, which is expected to have grown by a buoyant 4.9% in the first quarter when early official estimates of the figures are released this week. After adjusting for inflation, the price of oil reached a record of $97.55 in April 1980. But the current surge in the price of oil is also going hand in hand with strong price rises in other commodities and precious metals. The price of gold bounced back to $635 an ounce in New York on Friday. Strong commodity price increases have fuelled fears of increased price pressures or at least diminishing corporate margins. |
|

















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:


MORE DETAILS:












A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.

























































