The price of oil is unlikely to stay at its current record levels, the head of Shell has said.
Shell UK chairman James Smith told Sky News’ Jeff Randall Live that the rise was the result of speculation and international tensions.
Oil is now priced at a record $93 a barrel.
“It’s a little hard to explain why the oil price is as high as it is at the moment, because there’s plenty of oil and oil products around- it’s not as if there’s a shortage,” said Mr Smith.
“Some big institutions have seen oil as an investment vehicle, so they’ve come into the marketplace and the market does get frightened when there’s international tension.”
UK consumers are yet to feel the impact, as sterling performs well against the dollar.
But Sky News business editor Michael Wilson said leaders of UK firms are concerned.
“The price rise hasn’t hit them yet, but it will. Along with pensions, energy is a big worry. Unless it falls, the implications are obvious,” he said.
Speaking to Sky News, Mr Smith admitted that easily extracted oil was on the decline, but hydrocarbon resources were still very much available.
The Shell UK chief said the reliance on renewable energy options would continue to grow.
He preducted energy requirements on renewable sources would double by 2050.
Fossil fuels currently account for 80% of energy, but he said that figure would decrease to 60% by the middle of the century.
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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.
