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January 7th, 2015:

Oil crashes below $50 – Big Oil loses $200 billion

Screen Shot 2015-01-07 at 22.48.35

Screen Shot 2014-02-18 at 18.34.00The meltdown in oil prices has wiped out more than $200 billion in market valuation among the 10 largest oil and natural gas companies in the S&P 500. To combat depressed prices, oil companies are hitting the brakes on spending and laying off workers. Investors are saying “enough.” They are dumping their energy stocks as the outlook for profits and dividends has diminished significantly.

From a BBC News article published 7 Jan 2015 under the headline:

Screen Shot 2015-01-07 at 23.11.04“Brent crude oil price dips below $50 a barrel”

The price of Brent crude oil has fallen below $50 a barrel for the first time since May 2009.

It fell more than a dollar to $49.92 a barrel in early trading on Wednesday before edging back above the $50 mark.

Slowing global growth and increased supply of oil and gas have pushed prices sharply lower in recent weeks.

The price of oil traded in the United States, known as West Texas Intermediate crude, has already fallen below $50.

Many observers expect the price of oil to fall further as North American shale producers continue to supply increasing quantities of oil and gas, and the oil-producing group Opec resists calls for cuts in production to support prices. read more

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Shell Halts $90-Million Payout for Toxic Neighborhood after Judge Says Deal Can’t Be Secret

 Article by Ken Broder from website in California, published Wed 7 Jan 2015

A lawyer suing on behalf of residents in the contaminated neighborhood of Carson said his clients would never settle with the much reviled Shell Oil over the toxic brew it buried a few feet beneath their soon-to-be-built houses.

Then they did, for $90 million in late November.

In reviewing the settlement before deciding whether to accept it, Los Angeles Superior Court Judge William Highberger indicated he might not keep terms of the agreement secret, as agreed to by the parties.

That didn’t sit well with Shell Oil and last month the company told the judge the settlement is unsettled while they consider their options. A third party to the legal battles swirling around the environmental disaster, the developers who built on the toxic mess, said they had not seen the settlement and feared important information about the site would be kept secret. read more

This website and sisters,,,, and, are owned by John Donovan. There is also a Wikipedia segment.

Shell settles Nigerian oil spills claim for $83.5 million

Screen Shot 2015-01-07 at 09.02.16An AFP article published 7 Jan 2015 by Mail Online under the headline:

“Shell strikes Nigerian oil spills compensation deal”

Royal Dutch Shell has agreed a multi-million-dollar settlement to compensate 15,600 Nigerian fishermen over two serious oil spills in 2008 after a three-year legal battle, both parties announced Wednesday.

The Anglo-Dutch energy giant’s Nigerian arm has agreed to pay £55 million ($83.5 million, 70 million euros) to people in Bodo, a town in southern Nigeria, Shell and the fishermens’ London-based lawyers Leigh Day said.

The Shell Petroleum Company of Nigeria (SPDC) will pay around £35 million to the individual claimants, and a further £20 million to the community. read more

This website and sisters,,,, and, are owned by John Donovan. There is also a Wikipedia segment.