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Investing

Nigerian Strike Settlement Talks Break Down (XOM, CVX, RDS-A)

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By Paul Ausick Published

Talks aimed at avoiding a Monday strike of Nigeria’s oil field workers have broken down. The union representing the workers has said talks will resume Saturday. International oil companies Exxon Mobil Corp. (NYSE: XOM), Chevron Corp. (NYSE: CVX), and Royal Dutch Shell (NYSE: RDS-A) have major operations in Nigeria.

The country, Africa’s largest exporter of crude oil, has been experiencing strikes since the government abolished the subsidy on gasoline on January 1st. Gasoline prices jumped from $1.70/gallon to $3.50/gallon virtually overnight. Nigerians want the government to reinstate the subsidy, and the oil field workers have threatened to shut down the country’s production if the subsidy is not returned.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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