U.S. crude settled up $3.36 to $90.46 a barrel after striking a record $90.60. The rise added to Wednesday's gain of nearly $2. London Brent rose $3.11 to $87.48 a barrel.
Shell says `speculation' inflating oil prices Royal Dutch Shell, Europe's biggest oil company, warned that the oil price was being driven by "speculation" and "has a political premium in it rather than actually some of the fundamental drivers". The comments by Peter Voser, chief financial officer, came after the group reported that third-quarter earnings, on a current cost of supply basis, fell 8 per cent to $6.39bn as a result of lower refining margins and sales volumes.
Royal Dutch Shell, Europe's biggest oil company, warned that the oil price was being driven by "speculation" and "has a political premium in it rather than actually some of the fundamental drivers".
The comments by Peter Voser, chief financial officer, came after the group reported that third-quarter earnings, on a current cost of supply basis, fell 8 per cent to $6.39bn as a result of lower refining margins and sales volumes.
This is a "don't raise your expectations too much" exercise for the financial analysts. But it's still interesting to see that refining margins have crashed lately, resulting in gas prices that are not so high when compared to other times when oil was cheaper. In the long run, we're all dead. John Maynard Keynes
All that money has to go somewhere... "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
Chevron CTO Says Peak Oil Won't Be a Disaster At a Dow Jones conference in Redwood City, Calif., Don Paul discussed whether alternatives such as biofuels can fill in the gap as oil demand grows but production stalls. So-called "peak oil" is coming, but it doesn't have to be a disaster, Chevron Chief Technology Officer Don Paul said Wednesday. The concept of peak oil is that the oil industry is reaching its maximum production level while the demand for oil keeps growing. At the Dow Jones VentureWire Alternative Energy Innovations conference in Redwood City, Calif., Paul said many people think the industry will hit this maximum level by 2020. "The question is will there be peak oil? Yes," said Paul, who also is a Chevron vice president. "But will it be the disaster [some people] expect? I don't think it has to be. We have other ways of making fuel." The remaining fuel could come from biofuels, oil from tar sands and coal, he said, adding that each of these potential sources has its challenges.
At a Dow Jones conference in Redwood City, Calif., Don Paul discussed whether alternatives such as biofuels can fill in the gap as oil demand grows but production stalls.
So-called "peak oil" is coming, but it doesn't have to be a disaster, Chevron Chief Technology Officer Don Paul said Wednesday.
The concept of peak oil is that the oil industry is reaching its maximum production level while the demand for oil keeps growing.
At the Dow Jones VentureWire Alternative Energy Innovations conference in Redwood City, Calif., Paul said many people think the industry will hit this maximum level by 2020.
"The question is will there be peak oil? Yes," said Paul, who also is a Chevron vice president. "But will it be the disaster [some people] expect? I don't think it has to be. We have other ways of making fuel."
The remaining fuel could come from biofuels, oil from tar sands and coal, he said, adding that each of these potential sources has its challenges.
There's no way in hell that either biofuels, tar sands or coal can provide more than a few percent points of our current demand. In the long run, we're all dead. John Maynard Keynes
