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Posts on ‘July 22nd, 2010’

Tight Relationship of Oil Industry and Foreign-Exchange Market

By Cesar Zambrano

22 July 2010

In our current economic age of globalization, asset classes are becoming increasingly correlated.  Movements in the equity markets affect currency values, which affect economic growth in corresponding countries, which affects other assets such as real estate, and the correlations go on and on.  One of the most clear asset correlations that currently exists in financial markets is the relationship between the oil industry and the foreign-exchange market.

The price of oil is extremely volatile.  Its price movements are subject to a vast range of factors including economic growth, geopolitical events, supply and demand, and host of other factors.  The volatility in oil prices can wreak havoc on oil industry leaders such as refineries and producers, but it is a haven for speculators.  Individual traders and hedge funds alike have been speculating on the price volatility of oil for decades. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Leaked Shell internal emails reveal concern over Corrib subsea wells

By John Donovan

Published below is my self-explanatory correspondence with Royal Dutch Shell ethics boss Richard Wiseman, over the latest installment of leaked Shell internal emails, this time relating to the highly sensitive topic of the Corrib Gas Project in Ireland. More will follow.

The project has been dogged by controversy, including the jailing at Shell’s behest of the “Rossport Five” – members of the local population who have deep concern over safety and other issues.
read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

BP’s changing lobbying disclosure amount? It figures

washingtonpost.com

By T.W. Farnam

Washington Post Staff Writer
Thursday, July 22, 2010

What good is being a multinational corporation if you don’t know how to make the most of loopholes in the law?

BP filed a lobbying report shortly before the second quarter deadline on Tuesday night, saying it spent $1.7 million influencing the government last quarter, an increase of 8 percent from the previous quarter.

That’s hardly surprising — but what’s more notable is the fact that it also reported its first-quarter lobbying decreased by 55 percent. Back in April, when the first-quarter report was due, BP said it had spent $3.5 million. On Tuesday, it filed an amendment saying it really only spent $1.6 million. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Judge halts oil, gas development on Chukchi Sea

The decision comes after the massive oil spill from a BP PLC well in the Gulf of Mexico and is a blow to the unit of Royal Dutch Shell PLC, which had hoped to drill three exploratory wells this summer in the Chukchi Sea.

By DAN JOLING (AP) 22 July 2010

ANCHORAGE, Alaska — A federal judge on Wednesday stopped companies from developing oil and gas wells on billions of dollars in leases off Alaska’s northwest coast, saying the federal government failed to follow environmental law before it sold the drilling rights.

The lease sale in February 2008 brought in nearly $2.7 billion for the federal government from the sale of 2.76 million acres in the Arctic waters of the Chukchi Sea, including $2.1 billion in high bids submitted by Shell Gulf of Mexico Inc. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Gulf oil spill: Oil companies to form emergency response system for future disasters

latimes.com

July 21, 2010 |  6:23 pm Four of the world’s biggest oil companies are expected to announce Thursday the formation of a rapid-deployment response system that will be made available to capture and contain future deep-water well blowouts, according to a document detailing the proposal.

The announcement from Exxon Mobil, ConocoPhillips, Chevron Corp. and Royal Dutch Shell did not specifically mention BP or the oil rig explosion and disaster in the gulf that has become the biggest offshore oil disaster in U.S. history.

But the clear implication was that the industry had a need to demonstrate that it would have emergency equipment in place along with trained personnel who would be ready to move within 24 hours of an accident.

“The oil and gas industry has long been recognized as a technological leader, and the American public expects us to improve our ability to respond immediately to offshore incidents,”  Jim Mulva, ConocoPhillips chairman and chief executive, said in a statement. “The creation and development of this sophisticated system will greatly enhance industry’s ability to ensure a quick and effective response.” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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