August 2010 Archives

NEW YORK (Dow Jones)--Crude oil futures fell slightly Monday, dropping after a three-session rally as traders wait for more indications on the state of global demand.

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Light, sweet crude for October delivery recently traded 60 cents, or 0.8%, lower at $74.57 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 28 cents lower at $76.37 a barrel.

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Oil closed above $75 a barrel Friday for the first time since Aug. 18, after Federal Reserve Chairman Ben Bernanke said the central bank had the tools ...

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OIL FUTURES: Nymex Crude Retreats After Three-Session Rally - Wall Street Journal

In a remote reach of the Gulf of Mexico, nearly 200 miles from shore, a floating oil platform thrusts its tentacles deep into the ocean like a giant steel octopus.

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The $3 billion rig, called Perdido , can pump oil from dozens of wells nearly two miles under the sea while simultaneously drilling new ones. It is part of a wave of ultra-deep platforms — all far more sophisticated than the rig that was used to drill the ill-fated BP well that blew up in April. These platforms have sprung up far from shore and have pushed the frontiers of technology in the gulf, a region that now accounts for a quarter of the nation’s oil output. Major offshore accidents are not common. But whether through equipment failure or human error, the risks increase as the rigs get larger and more complicated.

Risk-Taking Rises as Oil Rigs in Gulf Drill Deeper - New York Times

MOSCOW — Prime Minister Vladimir Putin on Sunday opened the Russian section of a long-awaited oil pipeline that will carry Russian crude to China in a bid to diversify its oil exports away from Europe.

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MOSCOW — Prime Minister Vladimir Putin on Sunday opened the Russian section of a long-awaited oil pipeline that will carry Russian crude to China in a bid to diversify its oil exports away from Europe. "The Russian part of the project is completed," Putin said at an opening ceremony in Skovorodino in the Far Eastern Amur region in comments published on his official web site.

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The branch pipeline will ultimately transport crude oil from Siberia to refineries in the northeastern Chinese city of Daqing. "For us this is an important project because we are beginning to diversify the supply of our energy resources," Putin said at the ceremony, attended by the head of China's National Energy Administration, Zhang Guobao.

Putin opens Russian side of oil pipeline to China - AFP

SAN FRANCISCO (MarketWatch) -- Crude-oil futures ended 2.5% higher on Friday, overcoming some initial weakness and dips into the red as stocks also rose. Crude oil for October delivery added $1.81 to $75.17 a barrel on the New York Mercantile Exchange. Natural-gas futures tanked 4.3% to end at $3.65 per million British thermal units, its lowest since September 2009. Gasoline for September delivery added 2.1% to $1.95 a gallon, the highest finish in more than a week.

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Craving for cash is behind the popularity of exchange-traded funds that  track high-yield corporate bonds. But pay attention to the risks. The tea party is taking over the Republican party, say Democrats, in a new web ad highlighting what it calls radicalized Republican candidates.

Crude oil rises 2.5%; Nat gas on 11-month low - MarketWatch

Louisiana officials backed off alarms they had sounded Monday about a Gulf of Mexico fish kill , saying that the kill was far smaller than they had reported and was the result of low oxygen levels unrelated to the BP oil spill.

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A news release issued Monday by St. Bernard Parish had quoted Parish President Craig Taffaro saying, "By our estimates, there were thousands, and I'm talking about 5,000 to 15,000 dead fish." It also noted that a half-mile-long swirl of thick substance with several tar balls and a strong smell of diesel was discovered around Louisiana's Grassy Island. In a follow-up news release Tuesday, the Parish announced: "Biologists from the Louisiana Department of Wildlife and Fisheries conducted a thorough investigation of a fish kill found in the Mississippi River Gulf Outlet (MRGO) over the weekend. They found low oxygen levels to blame and have confirmed the kill is a result of natural events and is not associated with the Deepwater Horizon oil spill.  "High nutrient content from the Mississippi River in combination with seasonal occurrences have been the cause of hypoxic conditions for years. Although essential in fertilizing the estuaries, in some cases the nutrient load is too great and hypoxic conditions arise.  "Hypoxic events typically occur in late summer to fall and are also associated with processes that bring deep low-oxygen water to the surface. Fish need an oxygen level of at least three parts per million to survive.

Gulf oil spill jitters: a false fish kill alarm - Los Angeles Times (blog)

The Money Times

Oil Hits Seven-Week Low Wall Street Journal LONDON—Oil futures fell for the fifth consecutive day, hitting fresh seven-week lows as investors sought safe havens amid fears about a ... OIL FUTURES: Crude Falls More In Asia On Stronger USD, EconomyWall Street Journal Oil Falls a Fifth Day on Concern Over US Supply Gains, Slowing RecoveryBloomberg Crude-oil futures fall, echoing stock futuresMarketWatch TheStreet.com -Economic Times -Reuters all 435 news articles »

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Oil Hits Seven-Week Low - Wall Street Journal

The Money Times

CORRECT: OIL FUTURES: Crude Drops Near $73/Bbl As Demand Fears Weigh Wall Street Journal "Everyone filled up their stations ahead of time," said Carl Larry, an analyst with Oil Outlooks and Opinions. "They are usually waiting for the prices to ... Oil above $74, rises from six-week lowReuters October crude oil falls 1% to end at $73.10MarketWatch Oil Under $73 on Economic DoubtsTheStreet.com Huffington Post (blog) -Bloomberg -AFP all 325 news articles »

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CORRECT: OIL FUTURES: Crude Drops Near $73/Bbl As Demand Fears Weigh - Wall Street Journal

Kenneth Feinberg takes over today the gargantuan task of distributing the $20 billion BP is setting aside to reimburse victims of the Gulf oil spill. He has said he will approve compensation claims by relying on precedents set by state and federal law. But law professors following the issue say it is unclear just how Feinberg will interpret a key legal doctrine called “proximate cause,” which will determine exactly who gets a slice of the compensation fund.

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As independent administrator of the Gulf oil spill compensation fund, Feinberg says he will offer oil spill victims a sum equal to or better than the compensation a protracted legal battle with BP would yield. But to show proximate cause, a claimant must prove a connection between the spill and the damages they have suffered. The definition of proximate cause that Feinberg settles on — various Gulf states define proximate cause differently — will have a major impact on who receives compensation and who does not, experts say. Richard A. Nagareda, a law professor at Vanderbilt University, says the number of steps in between the event in question and the damage incurred matters when determining proximate cause. “Does it flow naturally and in an unimpeded fashion from the defendant’s conduct or are there lots of other things that have to happen before the injury to the plaintiff results?” he says.

Control of Oil Spill Compensation Fund Shifts to Independent Administrator - The Washington Independent

As it turns out over three-quarters of the oil has not suddenly disappeared from the BP oil spill disaster.  Last Friday a government scientists conceded that even by their own numbers more oil remains in the Gulf than was stated in the last NOAA (National Oceanic and Atmospheric Administration) report.

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The NOAA report, released last month, was criticized by many for the broad conclusion that only 25% of the oil spill remained .  The report was not accompanied by much data, and rested on many assumptions.  For instance, the report assumed that oil that had been dispersed underwater simply went away.

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In fact, a report by University of Georgia team found that approximately 70-79% of the oil remains in the environment in some form.  Another team of scientists from the Woods Hole Oceanographic Institute in Massachusetts has found another giant underwater plume measuring 2 miles long and 600 feet wide.  Finally, even one of the scientists behind the report conceded that more oil is left than was released in their first report .  Rather than giving another figure, the scientists stated that the NOAA is waiting to gather more data before releasing another report (perhaps a wise move after the first debacle).

Government admits that its first Gulf oil spill report was wrong - Examiner.com

Washington lawyer Kenneth Feinberg takes over as the administrator of BP's claims fund Monday. But many possible claimants are already crying foul. Elaine Quijano reports.

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Kenneth Feinberg, the federal government's administrator of BP's $20 billion claims fund, addresses a public meeting of oil spill claimants Aug. 20, 2010. President Obama's choice to run the BP oil spill claims fund said Saturday he hopes to process individual claims within 48 hours and business claims within seven days.

Oil Spill Claim Guidelines Cause Uproar - CBS News

NEW ORLEANS — The details of exactly how the $20 billion fund set up by BP will be distributed to those affected by the oil spill in the Gulf of Mexico, which were made public on Friday, did little to allay worries and suspicions here, drawing instead sharp criticism from several quarters.

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Small-business owners, shrimpers, state officials and others affected complained that the rules were too restrictive and were inconsistent with federal law. At the same time, an internal government study emerged on the potentially high costs of the moratorium on most oil drilling in the gulf. The study, by the Interior Department , estimated a loss of as many as 23,000 jobs if the moratorium continued as planned through Nov. 30.

Details Faulted in Plan to Pay Oil Spill Claims - New York Times

John Hofmeister has an insider’s view on our nation’s energy travails. In his book “Why We Hate the Oil Companies,” recently released by Palgrave Macmillan, the former president of Shell Oil lays out his concerns. He dresses down energy companies for actions that have ensured a negative public image – so negative that any steps they take to find new energy sources or make energy cleaner or more efficient are met by skepticism. He also chastises the government for years of failed policymaking. Here, Hofmeister, now board chairman of the National Urban League and founder of the non-profit Citizens for Affordable Energy, assesses the politics of the Gulf oil spill.

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By rewarding blue state anti-drilling activists with the deepwater drilling moratorium in reaction to his powerlessness over the Gulf oil spill five weeks into the tragic event, President Obama deepened the alienation of red state drilling enthusiasts. He also incentivized an antagonistic industry to undermine his leadership by appealing to the courts and eventually the people. The courts know when an action is “arbitrary and capricious” and have so ruled. Millions of Americans who every day will buy much higher priced gas in 2012 will hear the oil industry lament its loss of domestic access and production. They will be reminded in an election year what the president did to drive up the price of gas.

Oil spill politics - Washington Post (blog)

President Barack Obama and first lady Michelle Obama take daughter Sasha aboard the Bay Point Lady in St Andrews Bay while vacationing in Panama City Beach, FL.

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Associated Press , the President asserted that the cleanup efforts were successful and the area is now "open for business". "As a result of the cleanup effort, beaches all along the Gulf Coast are clean, they are safe, and they are open for business," Obama said.

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Examiner.com is the inside source for everything local. We are powered by Examiners, the largest pool of knowledgeable and passionate contributors in the world. Examiners provide unique and original content to enhance life in your local city wherever that may be.

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President Obama: Oil spill efforts successful, Gulf Coast now 'open' [Pic] - Examiner.com

BP Plc needs to provide additional analysis and plans that will ensure no oil is released when the company drills a relief well and pumps mud and cement to the bottom of the Macondo well to permanently kill it.

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BP determined there is 1,000 barrels of oil trapped in its Gulf of Mexico Macondo well after cement was poured from the top earlier this month. The London-based company will probably need until Aug. 17 to provide a method to perform the so-called bottom kill without an uncontrolled release of crude, National Incident Commander Thad Allen said during a conference call with reporters yesterday. Once BP makes its submission, it may receive permission to finish drilling the relief well and pump mud, Allen said. Alternatively, Allen may order BP to replace the blowout preventer, the assembly of valves atop the well, before resuming drilling, he said yesterday.

BP's Relief Well Effort Delayed by US Concerns Over Risk of Oil Release - Bloomberg

FRANKFURT (MarketWatch) -- Crude-oil futures fell below $81 a barrel Tuesday, as disappointing imports data reported by China weighed on sentiment ahead of the Federal Reserve's monetary-policy statement that will command the attention of financial markets.

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BP's Tests show the cement plug is working and the seal is holding on its troubled well in the Gulf of Mexico. Video courtesy of Fox News. "Apart from a firmer U.S. dollar, the import data from China published during the night put a strain on the price," said Commerzbank analysts.

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China's trade surplus for July soared to $28.7 billion, data showed, as imports rose 22.7% -- a bigger-than-expected slowdown in import growth.

Oil futures fall sharply ahead of Fed meeting - MarketWatch

Aug. 9 (Bloomberg) -- The U.S. Environmental Protection Agency said the cleanup of oil in Michigan’s Talmadge Creek from an Enbridge Inc. pipeline may be completed this week.

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The government is working on cleaning up the first three to four miles of the Kalamazoo River, which was also affected by the spill near Marshall, Michigan, Mark Durno, a spokesman for the EPA, said during a conference call today. Enbridge may start to lower and align a new section of pipe into place by tonight to replace the 15-foot segment that started leaking July 26, Enbridge Chief Executive Patrick Daniel said on the call. He declined to estimate when repairs to the line, which can carry as much as 190,000 barrels of oil to Sarnia, Ontario, from Griffith, Indiana, daily, will be completed.

Creek May Be Cleaned of Enbridge's Oil This Week - BusinessWeek

That includes expenses for relief well drilling, the static kill and cementing procedure done on the blown out oil well, grants to Gulf coast states and claims paid to people who have lost income or profits because of the spill.

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An estimated 207 million gallons of oil spilled into the Gulf of Mexico after the Deepwater Horizon rig exploded off Louisiana on April 20. The explosion killed 11 workers and sent crude into delicate coastal marshes and tar balls washing on to beaches. Javascript is not enabled on your browser. Please enable javascript to use the community features on this page. If your browser does not support javascript, please visit our browser upgrade page for a list of supported web browsers.

BP's Gulf Oil Spill Costs Rise to $6.1 Billion - ABC News

NEW ORLEANS — BP says the cement sealing the busted oil well in the Gulf of Mexico has hardened as crews prepare for the final phase of drilling a relief well.

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The oil giant said Sunday that pressure tests on the cement plug poured down the throat of the blown-out well show the seal is solidly in place. Crews will carefully drill about 30 feet at a time, and BP says it will likely be next weekend before the two wells meet. BP didn't make it clear Sunday if workers had begun drilling.

BP: Cement plug stopping Gulf oil leak hardened - The Associated Press

NEW ORLEANS, Louisiana — As BP works to finally kill its runaway well and anxious coastal residents breathe a sigh of relief, experts warn it could take years -- or even decades -- for the Gulf of Mexico to recover.

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Three weeks after the flow was fully stemmed with a temporary cap, the massive slick which once spread for hundreds of miles has been mostly dissolved or dispersed.

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Nightmare scenarios in which tens of thousands of birds were smothered to death by blankets of oil proved unfounded after the bulk of the slick stayed offshore. Fishermen who feared their way of life was destroyed are being allowed back into most waters.

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Oil will impact Gulf for years to come - AFP

BP PLC closed the books on a defining week in an epic battle to defeat its ruptured oil well, with exhausted engineers forcing the surging crude underground with a torrent of mud and cement, preparing to make a final push to plug it from the bottom.

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More than three months after the Deepwater Horizon rig exploded and triggered one of the world's worst oil spills, authorities weighed how to gather evidence from the mile-deep waters to help investigators determine what happened — and who could be at fault. Even retired Coast Guard Adm. Thad Allen, who was brought in by the government to oversee the spill response amid poorly received efforts by the British petroleum giant, began looking ahead to a day when he could hang up his hat.

Authorities Weigh How to Gather Evidence From Mile-Deep Waters in Oil Spill ... - FOXNews

NEW YORK, Aug 6 (Reuters) - Crude oil prices fell a third straight day on Friday, weighed down by a weak U.S. jobs report that also pulled Wall Street lower.

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But the dollar's .DXY broad slump and weakness against the euro EUR= tempered oil's losses, and prices managed to settle above $80 a barrel, a higher finish versus a week ago.

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Prices, which settled on Tuesday at a three-month high above $82, finished the week up $1.75, or 2.21 percent from last Friday's $78.95 settlement. Crude hit as high as $82.97 a barrel on Wednesday -- the highest since May 4 -- before ending that session lower following a government report showed a sharp rise in gasoline and distillate stocks last week.

Oil settles lower a third day on jobs slump - Reuters

Twenty-eight of 46 analysts, or 61 percent, forecast crude oil will decline through Aug. 13. It was the most bearish result since July 2009. Twelve respondents, or 26 percent, predicted that futures will increase and six saw little change. Last week 42 percent of analysts forecast a drop.

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Gasoline supplies increased 729,000 barrels, or 0.3 percent, to 223 million last week, the highest level since April 30, an Aug. 4 Energy Department report showed. Stockpiles of distillate fuel, a category that includes heating oil and diesel, rose 2.17 million barrels to 169.7 million, the highest level since the week ended Oct. 16. Crude oil inventories in the 15-state Midwest rose to 97.7 million barrels in the week ended July 30, the highest level recorded since the data started in 1990, the report showed.

Crude Oil May Fall as Fuel Stockpiles Increase, Demand Drops, Survey Shows - Bloomberg

Scientists are raising concerns about a new federal report that says most of the oil from the Gulf of Mexico spill has been dispersed or contained.

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The report (pdf) released yesterday attempts to clear up a mystery surrounding the fate of the millions of gallons of oil that gushed from the failed BP PLC well before it was capped in mid-July. The report says all but 26 percent of the spilled oil is accounted for. Much of the oil that remains is being degraded or cleaned up on Gulf Coast beaches, the report states. "The bottom line here is we can account for all but about 26 percent of the oil, and of that, much of that is in the process of being degraded and cleaned up on the shore," Jane Lubchenco, administrator of the National Oceanic and Atmospheric Administration, said yesterday at the White House.

Federal Report on Oil's Fate in Gulf Raises Eyebrows - New York Times

The Obama administration’s latest report on the Gulf of Mexico disaster set off a war of words Wednesday among scientists, Gulf Coast residents and political pundits about what to make of the Deepwater Horizon spill and its aftermath.

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The report, the subject of an extended White House briefing, claimed that most of the estimated 4.9 million barrels of oil that have leaked into the gulf could be accounted for, that much of it was effectively gone already, and that most of the remaining oil was in a highly diluted form. The implication of the report was that future damage from the oil might be less than had been feared. That suggestion was not happily received on the Gulf Coast, where people are still coping with the collapse of fishing and tourism and saw the report as fresh evidence that the Obama administration was preparing to abandon them in the same way they felt the Bush administration did after Hurricane Katrina .

Oil Spill Calculations Stir Debate on Damage - New York Times

BP.N ) spill is gone from the Gulf of Mexico, with 26 percent remaining as a sheen or tarballs, buried in sediment or washed ashore, U.S. scientists said on Wednesday.

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Another 25 percent naturally evaporated or dissolved and 24 percent was dispersed, either naturally or "as the result of operations," into small droplets, the report said.

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The rest of the estimated 4.9 million barrels of crude spilled into the Gulf after the April 20 rig explosion that triggered the leak is either on or just beneath the water's surface as "light sheen or weathered tarballs," has washed ashore where it may have been collected, or is buried in sand and sediments at the sea bottom.

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Nearly 3/4 of BP spill oil gone from Gulf - Reuters

Workers stopped pumping mud in after about eight hours of their "static kill" procedure and were monitoring the well to ensure it remained stable, BP said.

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The pressure in the well dropped quickly in the first 90 minutes of the static kill procedure Tuesday, a sign that everything was going as planned, wellsite leader Bobby Bolton told The Associated Press. Bolton said Tuesday night that the procedure was going well. "Pressure is down and appears to be stabilizing," he told the AP then. The static kill — also known as bullheading — involved slowly pumping the mud from a ship down lines running to the top of the ruptured well a mile below. BP has said that may be enough by itself to seal the well.

BP: Mud pumped into well is holding back the oil - The Associated Press

The Guardian

Oil Company Offers to Buy Homes Near River Spill Wall Street Journal The energy company responsible for the oil-pipeline leak that dumped hundreds of thousands of gallons of oil into a Michigan river last ... Enbridge offers to buy 200 homes near Michigan oil spillDetroit Free Press TODAY: Enbridge Energy Partners to Hold Media Briefing on Enbridge Oil Spill ...MarketWatch (press release) River version of BP spill plays out in Midwestmsnbc.com WWMT -Battle Creek Enquirer -Michigan Messenger all 1,208 news articles »

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Oil Company Offers to Buy Homes Near River Spill - Wall Street Journal

Rigs are drilling a relief well and preparing a "static kill" for BP's broken oil well at the site of the Deepwater Horizon disaster in the Gulf of Mexico.

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BP's ruptured well released more than 200 million gallons of oil before it was capped, government officials said Monday, as the company prepared to stuff the well with dense mud in preparation for a final seal later this month. The new figures, described as the most accurate to date, place the size of the BP spill in the upper range of earlier estimates, affirming the disaster's ranking as by far the worst offshore oil spill in U.S. history.

Oil spill size near upper range of earlier estimates - Los Angeles Times

The energy company responsible for the oil-pipeline leak that dumped hundreds of thousands of gallons of oil into a Michigan river last week received a low-pressure alarm on the line a day before local authorities discovered the massive leak.

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Officials with the National Transportation Safety Board announced its preliminary findings on Monday from its investigation of the oil spill into the Kalamazoo River near Battle Creek, Mich. Investigators stressed that their findings have not determined a cause of the leak and their probe could take as long as 18 months. According to Matthew Nicholson, the NTSB investigator in charge of the examination of the spill, Enbridge Inc., the Canadian oil transport company that owns the line, began to shut down the 30-inch-diameter pipe section at 5:56 p.m. on July 25 as part of a previously scheduled shutdown.

Oil Company Was Alerted of Kalamazoo River Spill Before Locals Found Leak - Wall Street Journal

New Orleans, Louisiana (CNN) -- One of two efforts to seal the ruptured oil well in the Gulf once and for all could begin as early as Monday night, officials said.

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The "static kill" involves pouring mud and cement into the well from above -- a process that had been delayed while debris from a tropical storm was cleared out. The "static kill" involves pouring mud and cement into the well from above -- a process that had been delayed while debris from a tropical storm was cleared out. "I do have a lot of confidence we'll be successful," Doug Suttles, the oil giant's chief operating officer, said Sunday.

BP gears up for two-phase effort to plug Gulf oil well - CNN

Rep. Edward Markey, a Massachusetts Democrat, contends that BP PLC and the Coast Guard have used more of the chemicals than widely reported. On Saturday he demanded that federal officials provide his office with more information about use of the chemicals, which the Environmental Protection Agency limited in late May due to concerns about their effects on marine life.

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Dispersant chemicals have long been sprayed onto offshore oil spills to break crude up into tiny particles that can be digested by bacteria that occur naturally in the ocean.

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But in the wake of the Deepwater Horizon spill, what experts call an unprecedented amount of dispersant—about 1.8 million gallons—has been used. Not only was it sprayed on the surface of the Gulf, it was also injected deep underwater where oil was shooting out of the leaking well from late April until the well was capped last month.

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Congress Questions Oil Dispersants - Wall Street Journal