The Guardian (UK): High oil prices will damage markets, warns Bush: “Yesterday the pressure group Farmers for Action launched a protest at Shell's Stanlow refinery in Cheshire that was at the centre of nationwide protests in 2000.” (ShellNews.net) 26 April 05
Tuesday April 26, 2005
Oil hit $56 per barrel yesterday, putting more pressure on petrol prices.
Refinery problems in North America pushed up the cost of US light crude more than 60 cents, leaving it close to the record of $58.28 set in April.
The latest difficulties came at a facility in Louisiana, which failed to restart after maintenance. This followed hiccups at other refineries in Texas and Kansas and supply interruptions in Venezuela.
Crude oil prices have now rallied for five straight sessions, encouraged by speculative hedge funds coming back to the market and overlooking promises from Saudi Arabia to turn on the supply taps further. Crown Prince Abdullah, in effect the country's leader, was scheduled for a summit with George Bush last night to discuss fears about summer fuel shortages and recent record US prices.
"The crown prince understands that it is very important to make sure prices are reasonable. High prices will damage markets," Mr Bush said before welcoming the Saudi leader.
In Britain, the Petrol Retailers Association said forecourt fuel costs had reached a record level in recent days at 95.92p for unleaded petrol - the equivalent of £4 a gallon - and 90.03p for diesel.
Yesterday the pressure group Farmers for Action launched a protest at Shell's Stanlow refinery in Cheshire that was at the centre of nationwide protests in 2000.
About 30 tractors formed a blockade in a demonstration part-organised by David Handley, who was at the centre of the actions five years ago. He said the protest was aimed at the government, not Shell.
Edmund King, the executive director of the RAC, was sceptical about whether motorists felt overly angry with the government for the price of fuel.
"We get a lot of complaints about speed cameras, but virtually none about petrol prices.
"People are better informed these days and understand politicians have little control over world oil prices," he said.
Crude prices slipped later in the day, with US futures falling below $55 on the New York Mercantile Exchange and North Sea Brent blend down 23 cents at $54.74 on the International Petroleum Exchange in London.
Click here for ShellNews.net HOME PAGE