Shell Gets Permit, How Does The Market React?
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News of Shell's permit has many industry insiders encouraged, but what about investors?
KATC's Mike Magnoli has more now with a financial analyst on Shell stock.
"RDSA- that's what you look for on the ticker."
Mike Dehart is a financial advisor and market observer. He tells us that Shell is actually based in the Netherlands and by all accounts, Shell is a major player not just on Wall Street, but in all international markets:
"You got to remember Shell is big, last year they made 100s of billions of dollars, the impact of the drilling in the Gulf is to establish and increase their reserve and that will have 'some' financial impact,"
Indeed "some" seems to be the key word, news of the permit approval did see a spike- though not a stark one and Dehart thinks unrest in the Middle East should also be factored in when you review the numbers at the closing bell.
We spoke to a company vice president, he wouldn't speak about Shell stock specifically but he does tell us since Shell has come through this process and got the green light, he thinks other oil companies will use their paperwork as a template to go through the permit process, so you could see more companies getting the ok from Uncle Sam in the near future.
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