"Keep going well, keep going Shell" - or not
This old advertising slogan for Shell, the Anglo-Dutch oil major, has a somewhat ironic tone now in the light of the dramatic announcement, the day before it was due, that publication of its annual report is being delayed and its annual general meeting postponed from April until June. The revelation of a second significant reduction in its announced proven reserves of oil has had a major impact on its share price and investor confidence generally, so far claiming the jobs of the Chairman and the boss of the exploration arm.
Modern economies are highly dependent on abundant affordable energy - we may well be entering a long forecast new phase when energy will once more become a scarce commodity, with all the political and economic consequences which flow from this. I suspect we ain't seen nuthin yet!
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