by Tom Bower
159 Uncertainty and gyrating prices: New York Times 11/13/90
162 We put them through: Iwst 4/8/05
163 the destructive power: Oil & Gas 11/9/02
164 It had successfully: New York Times 9/21/99, 9/24/99; Wall Street Journal 9/10/99
164 The people of: Wall Street Journal 5/11/92
164 Exxon did pay: Wall Street Journal 11/18/94
165 Daily rentals: New York Times 3/7/97
167 At a price of $10: New York Times 12/2/98
168 up to five million barrels: New York Times 2/19/00
169 I want to confirm: New York Times 11/2/90
169 Gasoline fumes had seeped: New York Times 11/27/97
169 His imprisonment: New York Times 4/27/92
170 The United States can trust: New York Times 10/8/90
171 It’s back to a high degree: New York Times 1/26/97, 1/2/97
172 The oil majors, he believed: Daniel Yergin and Joseph Stanislaw, The Commanding Heights: The Battle for the World Economy
CHAPTER TEN: THE HUNTER
173 We want to overtake Shell: Financial Times 3/13/97
174 a $10 billion union: Wall Street Journal 10/7/96
177 he anticipated dismissing: Oil & Gas 3/1/99
181 It is clear: Oil & Gas 2/22/99; Institute of Petroleum
181 We’re beginning to create: Wall Street Journal 4/8/98
183 a conspiracy or a common: Sampson p. 37
183 The discovery that: Ibid. p. 112
183 Noto allowed the conversation: New York Times 12/2/98
185 His comment about: Wall Street Journal 12/2/98
185 Both chairmen expected: New York Times 12/2/98
185 The merger will mean: House Energy and Power Subcommittee 3/22/99
186 their motive may be: Wall Street Journal 12/31/98
187 The company’s profits fell: Wall Street Journal 5/6/98, 8/5/98
187 People say we are: New York Times 4/1/99
194 There’s now a pronounced trend: Wall Street Journal 12/31/98
197 the new salvation against OPEC: Oil & Gas 12/13/99
200 At $3 a barrel: Wall Street Journal 3/15/00
200 BP had suspected: Sampson pp. 178–9
CHAPTER ELEVEN: THE AGGRESSORS
208 The most extreme: Report p. 66
208 The idea that: Ibid. pp. 58ff, 67
CHAPTER TWELVE: THE ANTAGONISTS
212 I came close to being: Shell history p. 296
212 Van Wachem’s deadline: Wall Street Journal 12/15/98
212 Analysts do not value: Financial Times 11/2/00
218 after five years: Wall Street Journal 9/21/99
219 To justify the increase: Issue 17, 4/24/95
222 the world’s reserves of oil: Oil & Gas 12/17/01
222 New discoveries and cuts: Daily Telegraph 6/19/01
222 enabling it to deposit: Wall Street Journal 7/30/01
225 Earning profits: New York Times 4/12/94
226 the world’s biggest producer: The Times 4/3/02
226 They’ve bought flowerpots: The Guardian 4/12/02
226 Failure to meet: The Times 11/4/02
CHAPTER THIRTEEN: THE SHOOTING STAR
231 to recover £1.4 million: Financial Times 8/23/97
232 Burning the Planet: The Independent on Sunday 9/3/00
235 Early results confirmed: Robert Healy, Public Relations Quarterly winter 2004
236 he had withdrawn the company’s: The Independent 28.2.02; Wall Street Journal 3/1/02
237 his preference for delivering speeches: Fortune magazine, “Global 500,” 2005
237 felt more brutal: Wall Street Journal 3/31/98
242 the public had become: The Guardian 12/3/02
CHAPTER FOURTEEN: THE TWISTER
246 As Itera expanded: Financial Times 11/1/00, 10/25/00
246 Miller squeezed its directors: New York Times 5/5/02
247 stiffened Putin’s inclination: New York Times 12/15/01
248 actually encouraged Russia: New York Times 11/20/01
248 Completion was set: New York Times 4/18/03
251 It won’t be a problem: New York Times 10/28/04
254 a flagship for the Russian: New York Times 4/23/03
254 Putin was aggravated: New York Times 1/13/03
256 encouraged that Putin: Financial Times 9/19/03
260 Mulva had also mentioned: Wall Street Journal 9/24/03
261 We might see how: Goldman p. 114
265 We bring capital: Wall Street Journal 11/6/03
CHAPTER FIFTEEN: THE GAMBLE
270 Putin and his advisers: New York Times 1/3/04
271 It is now evident: http://www.peakoil.net/about-peak-oil
272 we conclude that: “The End of Cheap Oil,” Scientific American, March 1998
272 close to its depletion: Oil & Gas 3/20/00
273 he had underestimated: CERA report 11/27/06
274 the rate of replacement: Centre for Global Energy Studies 11/6/06
274 after 50 percent of the oil: Hubbert Revisited
276 can be expected to be acute: [email protected] 2/21/05
282 There are defects: Permanent Subcommittee on Investigations — US Strategic Petroleum Reserve 3/5/03
CHAPTER SIXTEEN: THE DOWNFALL
285 Prove it to us: 2005 CERA report p. 15, n. 33
286 too big to swallow: Polk Report p. 12
287 his own promotion: Ibid. p. 4
295 he had consolidated: The Times 10/13/03
295 He had even cut: Wall Street Journal 2/8/02
295 I did not know: Wall Street Journal 3/19/04
300 It has been a very: The Times 8/29/04
301 Our policy is the most: Wall Street Journal 1/11/04
301 ExxonMobil simply resisted: Wall Street Journal 11/22/04
CHAPTER SEVENTEEN: THE ALARM
309 from 8.6 billion barrels: Financial Times 3/30/04
310 BP had sold its shares: New York Times 1/13/04
310 The best is yet to come: Daily Telegraph 2/9/05
311 In 2004, Goldman Sachs: New York Times 1/15/06
CHAPTER EIGHTEEN: THE STRUGGLE
314 If I were dying: Sampson p. 196
315 What I was interested in: Wall Street Journal 6/3/99
315 O’Reilly agreed: New York Times 10/17/00
317 deposited $2.3 million: Financial Times 11/27/07
317 signature bonuses: The Guardian 3/24/04
318 Summoning the army: Wall Street Journal 5/28/99
319 Vitol would plead guilty: Wall Street Journal 11/15/07, 5/9/07, 10/11/04
321 a price O’Reilly said: Wall Street Journal 3/3/05, 4/11/05; New York Times 6/23/05
322 On the first day: New York Times 7/20/05, 8/11/05
323 That expansion: Wall Street Journal 11/22/02
323 It’s about time: New York Times 11/16/02
325 The original plan: Wall Street Journal 9/5/03
CHAPTER NINETEEN: THE SURVIVOR
327 Even Exxon: Financial Times 11/12/07
329 legal irregularities: Wall Street Journal 8/28/97
330 had not deterred: Financial Times 11/12/07
332 You need to keep: Iwst 4/8/05
333 Some executives appeared: New York Times 11/17/05
333 Four weeks later: Petroleum Review January 2006
334 Most Americans think: Senate Commerce Committee Hearings 11/9/05, p. 45
334 Raymond was convinced: Ibid.
334 but the billions of dollars: New York Times 12/22/06; Department of the Interior report on Minerals Management Service
334 higher wholesale gasoline: GAO study, May 2004
335 Raymond had boasted: New York Times 3/30/06
336 the public’s simmering distrust: New York Times 12/30/06
336 Nature, not man: 15th World Petroleum Congress, Beijing; Wall Street Journal 9/21/06
336 have yet to be proven: Wall Street Journal 8/29/01
336 I don’t make moonshine: Wall Street Journal 10
/14/97
338 he appeared to support: New York Times 1/7/03
338 the next he greeted: New York Times 7/24/04
339 Victory in a referendum: New York Times 8/17/04
339 It’s absurd they were: New York Times 10/12/04
340 Simultaneously, he ordered: New York Times 5/9/05
341 In 2006, O’Reilly increased: Wall Street Journal 12/8/06
341 Raymond’s public persona: “Hard Truths” p. 244
341 In 1997 he had urged: Wall Street Journal 10/14/97
CHAPTER TWENTY: THE BACKLASH
344 Only a fifth: The Times 6/24/02
346 An official investigation: Mail on Sunday 10/29/00
350 things not getting fixed: Financial Times 12/19/06
350 no passion, no curiosity: Wall Street Journal 12/12/06
352 Surprising and deeply: Wall Street Journal 5/18/05
352 in May 1988: Wall Street Journal 10/21/93
353 Single fatalities: Wall Street Journal 8/24/90, 4/29/91; New York Times 8/23/91
353 His announcement: Wall Street Journal 9/23/05
354 systemic lapses: Financial Times 8/18/05
354 he wanted to demolish: Wall Street Journal 10/31/06
355 I hate big corporations: Wall Street Journal 11/10/06
355 there was no evidence: Wall Street Journal 1/17/07
355 did not know which: Wall Street Journal 5/5/07
355 I wasn’t aware: The Guardian 7/24/08
356 Texas City was: Speech to the American Society of Safety Engineers 11/26/07
357 and encouraged the: Wall Street Journal 4/6/06
358 the company paid Alaska: Wall Street Journal 11/18/94
359 The next hope: The Times 2/23/06
360 he did commission: The Guardian 7/26/01
361 We will never expose: BP Concerns/Comments on the Final Draft Coffman report, November 2001
362 without taking adequate: Financial Times 1/21/03
363 corporate greed: Wall Street Journal 12/20/05
365 Eight percent: Daily Telegraph 8/8/06
365 severe corrosion: Wall Street Journal 8/7/06
367 I am even more: New York Times 9/8/06
CHAPTER TWENTY-ONE: THE CONFESSION
374 The only certainty: Wall Street Journal 7/15/05
378 expressed distress: New York Times 10/6/06
379 international standards: cf Mike Bradshaw, “The Greening of Global Project Financing”
381 enjoyed reminding: New York Times 5/17/05
381 totally unfair: Financial Times 8/31/07
382 China had lent: New York Times 2/2/05
382 reaffirmed his commitment: New York Times 1/22/05
382 A new Russian: Prevnov06
382 Putin witnessed: New York Times 4/22/06, 3/27/07
383 but later agreed: Wall Street Journal 7/13/07
387 I’m pleased that: New York Times 12/12/06, 12/22/06
388 with sufficient reserves: IEA forecast, OECD, “Energy Technology Perspectives, 2008”
388 Shell was losing: New York Times 4/11/03
388 Shell paid ransoms: New York Times 2/19/06, 8/26/06
389 More than Shell’s: The Times 2/1/08
390 Miller was on: Financial Times 1/5/08
390 quite aggressive: Financial Times 6/25/08, 7/10/08, 9/17/08
391 the volume of oil: Financial Times 2/1/08
391 self-confident image: The Times 2/1/08; Financial Times 3/18/08
392 The use of biofuels: Financial Times 1/21/08, 1/15/08
394 van der Veer questioned: The Guardian 8/31/07
394 actively involved if not: Financial Times 6/19/07
394 First, in December 2007: The Times 12/21/07; Financial Times 12/11/07
394 technology baths: The Guardian 3/18/09
395 sheer greed: The Guardian 5/2/08, 12/11/07, 2/21/08; Financial Times 12/6/07
395 In March 2008: The Guardian 3/18/08; Annual Strategy Review
CHAPTER TWENTY-TWO: THE OLIGARCH’S SQUEEZE
398 BP’s reserves guaranteed: Financial Times 2/6/08
400 Browne’s meeting with Putin: Financial Times 4/23/05
405 BP opened the bidding: Goldman p. 122
405 Hayward also agreed: New York Times 3/24/07
407 $70 million in fines: Wall Street Journal 10/26/07
407 Browne’s penny-pinching: Wall Street Journal 10/11/07
407 I’ve had to eat: Financial Times 10/12/07
407 a “fundamental shift”: Financial Times 10/12/07
414 are only starting the offensive: Financial Times 6/9/08
415 Russia is not yet ready: Financial Times 6/13/08
416 Their argument is commercial: Financial Times 7/7/08
418 up 56 percent: Financial Times 7/30/08
CHAPTER TWENTY-THREE: THE FRUSTRATED REGULATOR
419 Oil was still cheap: LehRes, March 2008
420 Over the previous five years: Michael Masters, Senate testimony 5/20/08
421 Matt Simmons predicted: The Times 6/30/08
422 Alexei Miller summoned the media: The Times 6/11/08
423 oil consumption in Western countries: OECD 6/18/07
424 Bush warned President Hu Jintao: New York Times 4/19/06
428 The number of energy hedge funds: Energy Hedge Fund Center
429 between $7 billion and $28 billion: New York Times 3/28/06
429 Only the independents: New York Times 4/27/06
429 illegal price manipulation: Wall Street Journal 5/10/06
430 The proportion of long-term: Petroleum Economics Monthly
431 the regulators assumed: Wall Street Journal 1/15/06
432 Four years later: US Wire 11/13/07
433 Five other traders were fined: CFTC press releases 5411-0, 5435-08
433 did not remember: New York Times 1/17/07
433 as much as $10 billion: New York Times 12/7/06, 12/30/06
433 Exxon insisted on: New York Times 1/13/07
434 Those officials, said Maxwell: New York Times 3/29/07
434 estimated to be $40 trillion: Barclays Cap
435 BP was fined $2.5 million: Wall Street Journal 8/29/06
435 warned BP it was taking action: The Times 8/11/07; Daily Telegraph 9/18/03
435 vulnerable to a squeeze: CFTC report p. 12
435 prices have been dropping: Ibid.
438 Now, said Campbell: The Independent 6/14/07
439 The national oil companies: Financial Times 11/1/07
439 We’ve invested $17 billion: Financial Times 7/2/08
441 it accumulated $40.9 billion: Financial Times 5/2/08
441 The news that Abu Dhabi: The Times 5/19/08
442 There’s a lot of psychology: Sunday Telegraph 9/16/07
442 Other OPEC countries had also committed: Financial Times 11/16/07
443 In the marketplace: Financial Times 11/13/07
443 Suspicions caused by: Financial Times 1/23/08
443 would “scramble” to secure: The Times 1/25/08; RoyalDutchShellplc.com
443 He was rebuffed: Financial Times 2/1/08
443 We are idling: The Times 3/3/08; Financial Times 4/21/08
443 Refineries were earning less: Wall Street Journal 11/2/07
444 Demand rather than supply: The Times 1/18/08
444 frenzied reports: Newsweek special 2007; Financial Times 10/16/07
445 not in the business of: Wall Street Journal 8/20/08
445 had traded contracts: IHT 5/17/09, Oil Trading & Geneva
445 acknowledged that speculators: Financial Times 6/16/08
446 Ten percent of the price rise: Senate Energy Committee; New York Times 3/4/08
446 rush out of currencies: AP/IHT 3/4/08
446 speculators were paying $100: The Times 3/19/08
447 Outside of satanic cults: New York Times 5/3/06
448 Data produced by Barclays: Financial Times 6/5/08
448 A complicated matrix: Verleger, “The Anatomy of the
Recent Oil Price Cycle,” Petroleum Economic Monthly
449 OPEC countries were producing: Ibid.
450 Although about 20 billion barrels: Financial Times 2/26/08; The Observer 5/4/08
450 Prices have nowhere to go: Financial Times 6/13/08
451 Desai was convinced: Financial Times 7/4/08
451 much of that huge position: Washington Post 8/21/08
452 The facts were ignored: The Economist 10/5/08
453 rumors could only influence: Wall Street Journal 9/4/08
453 their model of balancing: Financial Times 7/4/08
454 supplies are tight: New York Times 8/23/08
458 The current global trends: IEA report 11/5/08
* Previously ExxonMobil had owned 42.9 percent of the natural gas, Arco 42.6 percent and BP 13.8 percent. In oil, BP owned 51.2 percent, ExxonMobil 23.8 percent and Arco 21.9 percent. The fi eld would produce 564,000 barrels a day in 2000.
* Arcadia Petroleum has no connection with Arcadia Group Ltd.
* At the end of 2004, America was producing 8.84 million barrels a day, and Russia 8.44 million.
