Global stock markets tumbled as a weak dollar pushed the oil price over $140 a barrel for the first time in London and New York.
June, 2008:
global market panic as oil price hits record
“…batten down the hatches for a worldwide financial storm”
Barclays Capital has advised clients to batten down the hatches for a worldwide financial storm, warning that the US Federal Reserve has allowed the inflation genie out of the bottle and let its credibility fall "below zero".
Oil trading: the oil futures loophole
...trying to save capitalism from its excesses.
TNK-BP dispute triggered by Iraq oil project row
A dispute over an oil project in Iraq was the final straw that triggered a public falling out over control of TNK-BP, according to BP's partners in the Russian joint venture.
Need to Know: Natural Resources
Royal Dutch Shell, the Anglo-Dutch oil and gas group, is planning to construct a 3.5 million tonne floating liquefied natural gas facility. Three consortiums comprising engineering and shipyard contractors are vying for the contract.
Gloomy outlook for global economy sparks sharp fall
...comments from Opec that oil could reach $170 a barrel this summer also hit stocks.
Exclusive: No ice at the North Pole
It seems unthinkable, but for the first time in human history, ice is on course to disappear entirely from the North Pole this year.
The slippery business of oil
In late May, President Umaru YarAdua told his government to recoup $1.9 billion from Exxon Mobil and Royal Dutch Shell in revenue and taxes on offshore projects. The government accuses oil companies of reaping excessive profits and benefiting unfairly from agreements made with long-departed military regimes.
Gas could fall to $2 if Congress acts, analysts say
There has been much discussion recently about how big a role speculators have been playing in the sharp rise in energy prices, though no consensus has emerged on this point.
BPZ Resources, Shell seek Peruvian joint venture
NEW YORK (Associated Press) - Shares of BPZ Resources Inc. soared Thursday after the oil and gas exploration and production company said it is in talks with a unit of Royal Dutch Shell PLC about jointly developing properties in Peru.
Oil jumps above $140 on OPEC, Libya comments
NEW YORK (AP) - Oil futures shot above $140 Thursday after OPEC's president said oil prices could rise well above $150 a barrel this year and Libya said it may cut oil production.
San Francisco may name sewage treatment plant after Bush
Reagan has his highways. Lincoln has his memorial. Washington has the capital, and a state, too. But President George W. Bush may soon be the sole president to have a memorial named after him that you can contribute to from the bathroom: "an appropriate honor for a truly unique president."
What’s really causing rising oil prices?
As the skyrocketing cost of energy continues to rapidly erode the standard of living of billions of workers around the globe, a handful of transnational oil companies are being given hundreds of billions of dollars in no-bid oil contracts in Iraq.
Solution to the Global Petroleum Crisis
Rising petroleum prices may plunge the world into a global recession. Heres what to do about it.
Put a Tyrant in Your Tank
Jeroen van der Veer is no pushover. The 60-year-old CEO stands out as a tough guy in an industry filled with them. In 2004, after taking the helm of Shell, the frugal, hawk-faced chief executive forced the $300 billion oil company through a painful restructuring. He borrowed a management model from his Dutch military days, deliberately holding strategy sessions in cramped rooms where his subordinates had to stand while their leader remained seated. This tough demeanor was glaringly absent, however, when van der Veer met with Russian president Vladimir Putin in the winter of 2006.
America, Over Big Oil’s Barrel
To repel public hostility and government action, meanwhile, the American Petroleum Institute, the main oil and gas lobbying group, has launched a multimillion dollar media blitz.
BP needs a chairman
Other possibilties... Rio Tinto chairman Paul Skinner... Mr Skinner, 63, may not relish a job with an expected term of six to nine years, and is too imbued with the Shell culture, in which he marinated for more than four decades.
Ex-BP worker tells of broken equipment: 2 friends died in earlier 2004 accident, he says
A former BP employee suing the energy company for injuries allegedly suffered in the 2005 Texas City refinery explosion testified Wednesday that he had asked supervisors to fix broken equipment for years before the blast.
Nigeria: Shell Restarts Bonga Under Naval Cover
Shell Nigeria Exploration and Production Company, a subsidiary of the Anglo-Dutch oil giant, Shell, has restarted oil production on the Bonga Floating, Production, Storage and Offloading (FPSO) vessel under the protection of two Nigerian navy frigates.
Congress Pressured on Oil Prices
Congress is working on a series of proposals to prevent speculators from driving up the price of oil.
Parties Split on How to Expand Offshore Drilling
...oil companies, amid a global drilling frenzy, are stretched so thin they will be hard-pressed to take on big new projects anytime soon. More than 400 major drilling and production projects are competing for engineers, rigs, seismic equipment and steel to build platforms, and the costs of doing the work have skyrocketed.
700 militants arrested this year, Saudis say on suspicion of planning attacks on the country’s oil industry and other targets
Saudi Arabia has arrested 700 militants in the past six months on suspicion of planning attacks on the country's oil industry and other targets, the interior ministry said yesterday.
Whatever the Iraq war was about, we were assured, it definitely wasn’t about oi
...not only did the four energy giants - BP, Exxon Mobil, Shell and Total - write their own contracts with the Iraqi government, an unheard-of practice: they have also reportedly secured rights of first refusal on the far more lucrative 30-year production contracts expected once a new US-sponsored oil law is passed, allowing a wholesale western takeover. Big Oil is back with a vengeance.
Prostitutes offer petrol discounts
American prostitutes are offering free fuel after finding that high petrol prices were keeping customers away.
Brewing storm over Labour’s dream of wind power future
Shell has pulled out of the London Array project - supposed to produce a quarter of London's electricity - to pursue richer pickings in the US.
EIA reduces forecast for non-Opec oil production
The world outside Opec is struggling to produce more oil...
Shell should clean up spill: call to Barbadians to boycott all Shell products
The next step would be to seek a meeting with Shell's representatives "to find out what plans they (have) to clean up the area"...
Safety violations to cost Shell
Some critics say that despite reaping record profits from high oil prices, refiners are not investing enough in keeping their facilities safe.
Shell Washington refinery cited for safety violations
HOUSTON (Reuters) - Washington state's Department of Labour & Industries said on Wednesday it found 23 serious safety and health violations at Shell Oil's 145,000 barrel per day (bpd) refinery in Anacortes, Washington.
US Oil Revenue Oversight Bill May Restrict Resource Access
The House Financial Services Committee Thursday will consider legislation to increase revenue transparency in the petroleum and mining industries.
Washington fines Shell refinery $110,000
The Washington Department of Labor and Industries has cited the Shell refinery at Anacortes for 23 safety and health violations and proposed $110,000 in penalties.
More documents highly embarrassing to Shell published for the first time
Printed below are links to documents released to the owners of this website (Alfred Donovan and John Donovan) by Royal Dutch Shell following a Data Protection Act application: –
1. Shell internal email correspondence recording Shell’s intent to “Kill” a Sunday Times story about our involvement in the Sakhalin-2 debacle;
Saudi arrests 700 over ‘oil attack’ plots
OPEC kingpin Saudi Arabia has arrested 701 Islamists in the past six months on suspicion of plotting attacks on oil industry installations, the interior ministry announced on Wednesday.
Exxon Valdez $2.5 bln oil spill ruling overturned
WASHINGTON, June 25 (Reuters) - The U.S. Supreme Court on Wednesday threw out the record $2.5 billion in punitive damages that Exxon Mobil Corp had been ordered to pay for the 1989 Exxon Valdez oil spill off Alaska, the nation's worst tanker spill.
Shell says world can stabilize greenhouse gas levels
Thirst for energy will double in the first half of the century, but increased biofuel production and carbon storage could help the world stabilize greenhouse gas levels by the 2020s, oil giant Shell said on Wednesday.
Nigeria army clashes with suspected Bonga attackers
Nigerian security forces have clashed with militants believed to be responsible for an attack on Royal Dutch Shell's main offshore Bonga oilfield, a military officer said on Wednesday.
The jokers at Royal Dutch Shell legal department
By John Donovan
We are currently scanning more Shell internal documents released to us following an application we made to Shell under The Data Protection Act.
The next batch of documents being published tonight covers:
*Shell internal email correspondence recording intent to “Kill” a Sunday Times story about our involvement in the Sakhalin-2 debacle;
*Shell top secret plans in the event of a terrorist attack;
*Over 100 pages relating to Shell’s concern at our contact with former HSE Group Auditor of Shell International, Mr Bill Campbell. This includes Shell’s panic stricken letters to Mr Campbell’s solicitors.
Shell Signs On for Possible China Refinery
BEIJING -- Royal Dutch Shell PLC said it has signed a letter of intent withPetroChina Co. and the international arm of Qatar Petroleum to study the feasibility of a new refinery and petrochemical complex in China.
Ukraine plan fuels Regal revival
The surprise appointment of Mr Greer and two other directors at Regal resulted in the abandoning of a plan for Shell to take a majority stake in the Ukrainian assets for $410m (£210m).
Shell resumes work at Bonga site
Royal Dutch Shell resumed production yesterday at its giant deepwater Bonga oilfield off the coast of Nigeria, which was shut down last week after an attack by speed-boat riding militants, reports Matthew Green in Lagos .
As energy prices surge, the world is wondering where it will all end.
This delicate balancing act is exemplified by the decision of Royal Dutch Shell and Repsollast month to withdraw from the development of what is known as phase 13 of South Pars. Before they pulled out of phase 13, the cost of the Shell-Repsol liquefied natural gas project had rocketed to as much as $16bn, leading to delays and disputes with Iranian authorities
Business warns of daunting task
He follows Paul Gray, a respected civil servant who left after the Revenue's embarrassing loss of the personal details of 25m child benefit claimants last autumn. Sir David Varney, a former Shell executive, was Mr Gray's predecessor for two years until August 2006.
Congress Looks for a Culprit for Rising Oil Prices
Until recently, lawmakers had focused on the traditional suspects: oil companies and the Organization of the Petroleum Exporting Countries. But increasingly, they are casting a suspicious eye on the role of investors, including speculators, in driving up prices.
Decision time for the planet
As global coal use spirals, governments must decide whether to embrace a controversial new technology that some say is our only hope of tackling climate change
Fiat criticised for CO2 ad claims
Previously the ASA has censured companies such as Suzuki, Shell, Ryanair and Toyota for so-called "greenwash" where companies overstate their environmental credentials.
Cowboy builder Gordon Brown blamed for leaky roof
Philip Hammond, for the Conservatives, said it is a huge hole which should have been fixed years ago, and laid the entire blame on Gordon Brown for believing that the sun would go on shining forever.
Life on the fringes of U.S. suburbia becomes untenable with rising gas costs
Suddenly, the economics of American suburban life are under assault as skyrocketing energy prices inflate the costs of reaching, heating and cooling homes on the outer edges of metropolitan areas.
Oil Rises a Fourth Day on Nigerian Output, Goldman’s Forecasts
Chevron's unit said yesterday it declared force majeure on onshore wells in the country after a pipeline was breached on June 19, shutting production. Royal Dutch Shell Plc closed the Bonga field in Nigeria June 19 after militants attacked a production vessel at the offshore facility.
Faster Inflation May Unleash `Financial Tsunami’
Rising consumer prices will leave more U.S. consumers unable to pay their debts and may lead to a financial tsunami...
You can fill ‘er up with hydrogen
On Thursday, Shell Hydrogen will unveil California's first retail station to sell both gasoline and hydrogen, and only the second in the country after one in Washington, also operated by Shell.