Every time the government releases new data on the rate at which the Deepwater Horizon rig is leaking, the figure doubles. Today, the Deepwater Horizon Incident Joint Information Center reported that the rate at…
“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…
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…
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…
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 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, 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…
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…
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…
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…
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 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…
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…
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…
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:…