Guys...like....its an Oil Embargo!! Why can't we admit it??
THE USUAL SUSPECTS: (Robber Barons of the New Millennium)
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THE TRAIL OVER THE LAST 3 YEARS OF THIS ADMINISTRATION
IMPACT ON OUR PRICE OF FUEL:
AND WE ASK WHY OUR DOLLAR IS WEAK?????
BP PLC [LSE:BP; NYSE:BP] reported a 63% surge in first quarter net profit on Monday, posting net profit of $7.6 billion, compared with $4.4 billion in the first quarter of 2007. Revenue gained 44% to $89.2 billion.
Likewise, Royal Dutch Shell PLC [LSE:RDSB; NYSE:RDS-B] reported a 25% rise in first-quarter earnings with net profit soaring to a record $9.08 billion, up from $7.28 billion. Sales rose 55% to $114 billion.
WTI oil averaged $97.74 per barrel during the quarter, hitting highs of $110 in mid-March. Crude oil for June delivery is currently trading at $116.80 a barrel in New York.
LONDON (AP) — BP PLC and Royal Dutch Shell PLC, Europe's two biggest oil producers, posted forecast-busting first-quarter earnings on Tuesday thanks to record crude oil prices that are expected to bolster profits across the industry.
The combined profits of $17 billion reignited calls for a windfall tax on oil profits as consumers struggle to pay for food and fuel.
British Prime Minister Gordon Brown suggested that some of those profits should be reinvested in costly exploration for new oil reserves in the North Sea.
BP posted a 63 percent surge in first-quarter net profit to $7.6 billion (4.9 billion euros), while Shell reported a 25 percent rise, to a record $9.08 billion (5.81 billion euros).
Revenue at BP jumped 44 percent to $89.2 billion (57.1 billion euros), while sales at Shell soared 55 percent to $114 billion (72.95 billion euros).
Last week ConocoPhillips reported a 16 percent rise in net income to $4.14 billion. Like BP and Shell, the third biggest U.S. producer far outpaced industry expectations. More big profits are expected from the biggest two U.S. companies, Exxon Mobil Corp. and Chevron Corp., when they report first-quarter earnings later this week.
Crude oil hit $111.80 per barrel during the quarter, while gas jumped an average of 22 percent. Crude has pushed even higher since, reaching a record $119.93 per-barrel this week.
BP shares jumped 5.7 percent to 611.5 pence ($12.06, while Shell rose 5.2 percent to 26.03 euros ($40.51)
WHO OWNS THE OIL? WHO OWNS THE STOCKS? WHO OWNS US???
Published on 21 Apr 2008 by ASPO-USA. Archived on 21 Apr 2008.
http://www.energybulletin.net/43048.html
Saudi King Abdullah drops quiet bombshell; U.S. media sleep through it
by Steve Andrews and Randy Udall
On April 13, Reuters reported the following from Riyadh:
The King’s remarks seem to confirm a statement made last year by Saudi oil minister Ali al-Naimi who, when asked “How high can your production go?” replied, “We’ll get to 12.5 million barrels a day and then we’ll see.”Saudi Arabia's King Abdullah said he had ordered some new oil discoveries left untapped to preserve oil wealth in the world's top exporter for future generations…
"When there were some new finds, I told them, 'no, leave it in the ground, with grace from god, our children need it'," King Abdullah said…
Saudi production capacity stands at around 11.3 million bpd, and is scheduled to rise to 12.5 million bpd next year.
If the Saudi announcement was a bombshell, American nearly newspapers ignored it. We decided to canvass experts we respect to see what they thought. Excerpts follow:
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