This post first appeared on February 5, 2007 We have to admit to being a little slow on the uptake from time to time. We reported on the FT’s February 2 editorial, which commented on the publication of the first of four reports by the Intergovernmental Panel on Climate Change. (Media watch item: still no […]
Read more...Back in January, the preposterous projected 99-year return on this Green Oil caught my eye; it reminded me of an ostrich scam a few years back, under which, if you took it literally, the entire surface of the world would have been carpeted with ostriches rather quickly; to the great enrichment of all, naturally. Then […]
Read more...Readers may recall that we harped on BP’s refusal to try to contain oil around the site of the leak, and later, its failure to do proper booming to contain and remove oil and so reduce the amount that came ashore (note that the US also failed abjectly as a second line of defense; the […]
Read more...The Financial Times highlights a concern we had raised early on about the effort by BP to drill a relief well to stop the flow of oil into the Gulf. While many analysts have acted as if the BP forecast, that the well would be completed by August, there is no reason to assume the […]
Read more...Gulf resident and fisherman’s wife Kindra Arnesen took advantage of the offer extended to her to visit cleanup sites and staff meetings: At any rate, I was invited the following week to go behind “enemy lines.” They gave me, of all people, security clearance to go into the base of operations meetings in Venice, Louisiana […]
Read more...By Wallace C. Turbrville, the former CEO of VMAC LLC who writes at New Deal 2.0 In the 1930s, a great many Southerners had no access to electricity. The Roosevelt administration perceived an enormous opportunity to restructure the region’s economy. By building facilities to bring power to the rural South, jobs would be created from […]
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Read more...By Glenn Stehle, an engineer who began working in the oil industry in 1974. After a two-year stint with Cities Service Oil Company, he worked for two years for Henry Engineering, a petroleum engineering consulting firm. Upon leaving Henry Engineering he worked as an independent engineering consultant in all facets of the oil and gas […]
Read more...Hat tip Francois T:
Read more...Note the fund is to be established over two years, through a combination of dividend cuts and reduction in spending. Moreover, a planned dividend payment for June 21 is being halted, which would appear to be a meaningful concession. From Bloomberg: Svanberg and Chief Executive Officer Tony Hayward agreed to set aside $20 billion over […]
Read more...By Gonzalo Lira, a novelist and filmmaker (and economist) currently living in Chile and writing at Gonzalo Lira On the occasion of the BP oil spill disaster, President Obama’s delivered an Oval Office speech last night—a masterpiece of milquetoast faux-outrage. The speech was all about “clean energy” and “ending our dependence on fossil fuels”. Faced […]
Read more...Enjoy! You can view the segment here.
Read more...The latest updates on BP, both via Bloomberg. We noted that Rolling Stone had reported that the median of estimates by scientists who has access to the leak data was 55,000 barrels, and there were reasons to take the dire estimates seriously. The latest estimates are allegedly based on a more careful reading of the […]
Read more...FT Alphaville has a very useful chart and related discussion based on Citigroup research, on the question of whether BP could segregate its operations as a precursor to some sort of “good company/bad company” restructuring. Such a move would no doubt be presented as a way to remove the cloud of uncertainty over BP, but […]
Read more...The House Energy and Commerce Committee chairmen, Henry Waxman and Bart Stupak published the text of a 14 page letter sent today to Tony Hayward, BP’s CEO. The House website not only contains the text of the letter, but also 23 additional documents from BP, Halliburton, Schlumberger, and Transocean. The letter itself provides a damning […]
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