The Oil Industry Says It Can Regulate Itself
“Badges? We ain’t got no badges. We don’t need no badges! I don’t have to show you any stinkin’ badges!”–The Treasure of the Sierra Madre, 1948 A former Shell Oil Co. President John Hofmeister…
Energy
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Newest first · Page 426A $20 Billion Check From BP plc?
BP plc (NYSE: BP) faces what may be the hardest decision in its history. The U.S. government has supposedly asked for a $20 billion escrow fund to cover clean-up costs and other liabilities stemming…
BP Outlines Plan To Capture As Much As 80,000 Barrels A Day
Faced with unrelenting pressure to show that it can fix the Deepwater Horizon rig wreck oil leak, BP plc (NYSE: BP) has written Rear Admiral James Watson of the Coast Guard outlining aggressive plans…
House Panel Questions BP Actions Before Deepwater Horizon Disaster
The House Committee on Energy and Commerce has sent a letter to BP plc (NYSE: BP) CEO Tony Hayward questioning the actions of the company and some of its employees before the explosion on…
BP Costs Hit $1.6 Billion As Obama Hits TV
BP plc (NYSE: BP) says its cost for the Deepwater Horizon disaster hit $1.6 billion this weekend. More than 51,000 people, organizations or states have made claims against the company. It is finally appearing…
Petrobras: A $25 Billion Share Offering, A Challenge To Deepwater Drilling
Petrobras, the huge oil firm controlled by the Brazilian government, plans to raise $25 billion in the capital markets–one of the largest share offerings in history. The money will go to support the cost…
Onshore Winds Push Spill Toward Land As Slick Increases, Obama Demands Escrow
The NOAA reports that winds are likely to push oil ashore for most of next week, affecting the Gulf Coast from West of New Orleans to the Florida Panhandle. Onshore (SE/S/SW) winds are forecast…
US Warns BP About Leak Control Improvement In Next 48 Hours
The US government has sent a sharply worded letter to BP plc (NYSE: BP) about the pace at which it needs to cap the oil spill from the Deepwater Horizon wreck. Coast Guard Rear…
BP Relief Wells Make Quick Progress
With government estimates for daily oil leakage upped to as much as 40,000 barrels a day and BP plc (NYSE: BP) claims only capturing about 15,000 barrels, the rush to drill relief wells has…
Government Ups Estimate Of Leak To As High As 40,000 Barrels A Day
According to the federal government’s Deepwater Horizon Response team, scientists now put the rate of the leak as high as 40,000 barrels a day. BP plc (NYSE: BP) recently estimated it was capturing 15,000…
Florida AG Asks For $2.5 Billion From BP
Florida State Attorney General Bill McCollum has requested that BP plc put $2.5 billion in escrow to cover claims arising from the Deepwater Horizon oil spill. He must have learned his “showboating” techniques from…
The Idiots At BP: We Don’t Know Why Share Price Is Down
In a classic, “hear no evil, see no evil, speak not evil”, that BP management says it sees not reason for a 16% drop in its stock prices yesterday. The mention by Obama that…
Deepwater Drilling May Surge, Just Not In US
This year it takes 86.4 million barrels a day of oil to quench the planet’s growing energy needs, an increase of 60,000, according to a forecast by the International Energy Agency. The projection, which…
Rumor: Is There a Second Leaking Well in the Gulf? (DO, BP, RIG, NE, ATW, BHI)
Satellite imagery has revealed what appears to be a second leaking well in the Gulf of Mexico about 10 miles offshore of Louisiana. The semi-submersible Ocean Saratoga, owned by Diamond Offshore Drilling Inc. (NYSE:…
The US Might Begin Exporting Natural Gas (COP, MRO, LNG, CQP, APA, DVN, CHK, XTO, XOM)
For the past 40 years a natural gas liquefaction plant on Alaska’s Cook Inlet has been producing LNG and shipping it to Asia. The plant is owned by ConocoPhillips Corp. (NYSE: COP), Marathon Oil…