By Ed Crooks: 25 March 2016
Probably the greatest puzzle of the oil crash is why it hasn’t done more to strengthen global growth. The shift in purchasing power from companies and governments of oil-producing countries to consumers puts money in the pockets of people who are more likely to spend it, and that should act as a stimulus. It hasn’t quite worked out like that.
This week the FT launched a series titled ‘Lower for Longer’ exploring some of the reasons why. Number One on the list of likely explanations is the mountain of debts the industry built up during the boom times. Oil and gas company debt almost tripled from $1.1tn to $3tn between 2006 and 2014, according to the Bank for International Settlements, which has done some important research on the issue. The oil industry, energy markets and the world economy are all struggling with the burden of that debt: the hangover after the oil investment boom of the past decade. Investors have lost at least $150bn in oil and gas company bonds, and over $2tn in equity values.
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.
