Thousands of Nigerians have come together in an effort to sue Shell in a London court over the environmental damage caused by oil spills. Shell however, have refused the law suit twice. Thousands of spills over the past few decades have destroyed the livelihoods of fishing and farming communities in southeast Nigeria, this includes 40,000 people from the Bille and Ogale communities who are the force behind the lawsuit.
The lawsuit has come back into attention because with low oil demand, which was only propped up heavily by OPEC agreeing to cut production. The additional headache of lawsuit could prove calamitous for shell’s stock which has already lost 41% in the past 6 months. Additionally, it would have a ripple effect across the oil industry leading to lay-offs across the board. Why should you care? Because as you have seen in recent weeks oil is the fuel for most industries and lay-offs in the oil industry slowly trickle into other industries.