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Oil platform fire is a disaster, but mainly for PR - Los Angeles Times

Sat, 04 Sep 2010 11:54:51 +0000

Thursday's fire caused no leak or injuries; its cause is still being investigated. But the incident resounds through the oil-dependent region, and on Capitol Hill.

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Louisianans expressed relief Friday that another offshore tragedy had been averted: A second oil facility that caught fire this week did not cause a leak, and no one was hurt. But many here were also worried that Thursday's production-platform blaze dealt a public relations blow to an industry that is crucial to the regional economy and is still reeling from the April 20 blowout of the Deepwater Horizon rig.

Oil platform fire is a disaster, but mainly for PR - Los Angeles Times

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

Mon, 30 Aug 2010 19:44:23 +0000

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

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

Mon, 30 Aug 2010 05:42:39 +0000

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

Putin opens Russian side of oil pipeline to China - AFP

Sun, 29 Aug 2010 15:43:50 +0000

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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

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

Sat, 28 Aug 2010 05:18:56 +0000

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

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

Wed, 25 Aug 2010 06:11:59 +0000

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)

Oil Hits Seven-Week Low - Wall Street Journal

Tue, 24 Aug 2010 16:04:50 +0000

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

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

Tue, 24 Aug 2010 02:12:06 +0000

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

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

Mon, 23 Aug 2010 12:13:48 +0000

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

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

Sun, 22 Aug 2010 22:12:47 +0000

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

Oil Spill Claim Guidelines Cause Uproar - CBS News

Sun, 22 Aug 2010 08:12:58 +0000

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

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

Sat, 21 Aug 2010 18:14:05 +0000

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

Oil spill politics - Washington Post (blog)

Mon, 16 Aug 2010 13:31:24 +0000

John Hofmeister has an insiderâ€™s view on our nationâ€™s energy travails. In his book â€œWhy We Hate the Oil Companies,â€ 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 â€“ 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 â€œarbitrary and capriciousâ€ 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 Obama: Oil spill efforts successful, Gulf Coast now 'open' [Pic] - Examiner.com

Sun, 15 Aug 2010 23:32:00 +0000

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

Sun, 15 Aug 2010 09:31:27 +0000

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