Royal Dutch Shell Chief Executive has weighed in alongside OPEC, claiming that there is no shortage of physical oil supplies, and the crude oil prices should drop.
“As the post-Memorial Day hangover lingers, and $4 per gallon gasoline becomes a national reality, expect more and more daily energy prognostications,” says William Patalon III in Money Morning.
Recent Brazilian oil discoveries have lead Brazil’s richest man, Eike Batista, to take his company OGX Petroleo e Gas Participacoes SA public in a $3.37bn share offering. This from Bloomberg:
Brazilian billionaire Eike Batista is planning a 5.59 billion real ($3.37 billion) initial public offering of OGX Petroleo e Gas Participacoes SA, betting the country’s recent oil finds will lure investors who snubbed 20 IPOs this year.
The legend of an untapped goldmine, teaming with treasures yet to be found, sounds like something out of an Indiana Jones sequel. But Chris Mayer has word of such an untapped mine, rich with bounty just waiting to be uncovered.
