Supplies blamed for high oil prices
By Russell Hotten
Oil prices raced to another high last night as the world’s energy companies and the Opec producers’ cartel became polarised over the reasons behind the rise.
The chief executives of Royal Dutch Shell, BP and Repsol disputed Opec’s claim that speculators were driving up the price, blaming instead a shortage of supplies that could take years to cure.
The comments suggest there will be no immediate respite from oil’s long bull run and undermines claims that the alleged speculative bubble was about to burst.
Tony Hayward, BP’s chief executive, described suggestions that the price was driven by financial investors as a “myth”.
He was speaking at the World Petroleum Congress, in Madrid, where industry leaders were joined by EU officials and energy experts at a four-day conference on ways of calming the market.
As US light crude hit $143.67 a barrel, Mr Hayward said the problem was that supplies were not keeping pace with demand.
“Supply is not responding adequately to rising demand,” he said.
Governments should “keep markets liquid and accessible” instead of keeping high import tariffs. Taxes on production were also too high and should be lowered to release funds for investment, Mr Hayward said.
He blamed geopolitics rather than geology for the poor growth in supply. “The problems are above ground, not below it,” he said.
Shell’s chief executive, Jeroen van der Veer, said: “We don’t think that the financial markets are leading the speculation, Probably they follow what other people fear as long-term fundamentals.”
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.
