Wed Sep 12, 2007 4:30 PM BST
(Adds detail and comment. In U.S. dollars)
CALGARY, Alberta, Sept 12 (Reuters) – Royal Dutch Shell Plc’s (RDSa.L: Quote, Profile , Research) top executive said on Wednesday he sees no fundamental reason for crude oil prices that have jumped above $78 a barrel.
“No one has to wait at the gas pumps of the world. There is no physical problem,” Shell Chief Executive Jeroen van der Veer told reporters in Calgary.
“(There is) a lot of psychology in the price.” he said.
Oil rose above $79 a barrel for the first time on Wednesday morning before falling back as U.S. government data showed crude inventories took an unexpected drop last week.
Van der Veer said the price had risen above what the industry needs to sustain its operations. But he added that he expected more volatility in prices because of “the psychological component.”
His comments echoed those made by the chief executive of Exxon Mobil Corp (XOM.N: Quote, Profile , Research) last week. Rex Tillerson told a Calgary business audience that $70 a barrel oil prices were not justified by market fundamentals.
© Reuters 2007. All Rights Reserved.
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.
