Tag Archives: oil

BP vs. Gulf Coast: It’s Not Settled Yet | The Nation

7 Mar

Big Oil has no interest in a trial and has been pushing BP to settle. The 72 million pages of documents and hundreds of witnesses gathered for the trial are likely to reveal damning evidence harmful not only to BP, Halliburton, and Transocean but to every major oil company working in offshore waters today. … the kinds of catastrophic errors that led to the explosions on the Deepwater Horizon drilling rig, killed eleven men, capsized the rig and created a three-month-long uncontrollable oil and gas spill are not only endemic throughout the entire industry, they also remain largely unaddressed. It is expected that even more damning evidence not previously made public would come out at trial. A settlement deal, however, would likely seek to require that all such evidence be kept from the public….

Evidence presented at trial could also prove damning to the Obama administration. In Black Tide, I document the administration’s failure to adequately hold BP to account for its catastrophic Macondo well operations and the subsequent disaster, as well as the administration’s own role in keeping the truth about the scope of the disaster from the public. Again, it is anticipated that even more damning evidence could come to light at trial.

BP does not hold all the cards. It is the world’s fourth-largest company. But it is, like all of the oil industry, heavily dependent on owning, producing and selling oil to maintain that position. BP is the largest producer of oil and gas in the US Gulf Coast. BP is likely willing to make sacrifices in order to maintain these leases and acquire more. A long, drawn-out trial revealing damaging evidence could renew public calls to cancel or at least curtail these leases. BP also does not want the economic uncertainty of a long trial. Finally, it does not want what could easily be a $60 to $70 billion judgment….

via BP vs. Gulf Coast: It’s Not Settled Yet | The Nation.


Our looming energy wars – Energy – Salon.com

10 Jan

The Strait of Hormuz is, however, only one of several hot spots where energy, politics and geography are likely to mix in dangerous ways in 2012 and beyond. Keep your eye as well on the East and South China Seas, the Caspian Sea basin and an energy-rich Arctic that is losing its sea ice. In all of these places, countries are disputing control over the production and transportation of energy, and arguing about national boundaries and/or rights of passage.

via Our looming energy wars – Energy – Salon.com.

Where the Real Jobs Are – NYTimes.com

2 Jan

The Republicans believe they have President Obama in a box: either he approves a controversial Canadian oil pipeline or they accuse him of depriving the nation of jobs. Mr. Obama can and should push back hard.

This is precisely the moment for him to argue the case for alternative fuel sources and clean energy jobs — and to lambaste the Republicans for doubling down on conventional fuels while ceding a $5 trillion global clean technology market (and the jobs that go with it) to more aggressive competitors like China and Germany.

via Where the Real Jobs Are – NYTimes.com.

From the Whitehouse it’s Drill, baby, drill!

14 May

I thought the Democrats won the 2008 Presidential Election. But they’re taking policies from Republicans. Guantanamo’s still in business, Wall Street fat cats are looking fat and sassy, war’s been ramped up in Afghanistan and we’re messing around in Libya. And now Obama wants to expedite oil and gas drilling on public lands and waters. Since when did the commons become the private profit preserves of the corporations?

The New York Times reports that Obama is responding to critics who say “he has shackled domestic energy development at a time when consumers are paying near-record prices at the gas pump.” And yet “the policies announced Saturday would not have an immediate effect on supply or prices, nor would they quickly open any new areas to drilling.”


Meanwhile “the president noted in his address that the Justice Department had formed a task force to look into potential market manipulation or excessive speculation in oil, and he repeated his call for a repeal of the $4 billion a year in tax incentives the oil industry receives.” Well, a task force is nice. All they do is make reports. What will the report say, and will anything actually be done? And what’s the loss of $4B in tax subsidies to an industry that pulls in profits of $4B a week?