BP

Taxpayers Take Hit as Layoffs, Bankruptcies Plague Green Firms

Submitted by Paul Chesser on Fri, 01/27/2012 - 11:33

Ener1 photo Federal tax credits, loan and grant programs that expired at the end of last year have plugged the financial flow that made so-called “renewables” and electric vehicles viable, so they are now shedding employees and going bankrupt, illustrating that the “clean” industry owed its existence solely to government.

'Beyond Petroleum’ Gives Up on Solar

Submitted by Paul Chesser on Wed, 12/28/2011 - 09:50

bp solar no more

BP Solar, the alternative energy subsidiary of the oil industry giant which received a $7.5 million Department of Energy grant only four years ago, announced last week it would exit the solar business.

Is Salazar Lowballing Gulf Drilling Applications?

Submitted by Peter Flaherty on Thu, 03/17/2011 - 09:52

Ken Salazar photo Two weeks ago, we asked whether Interior Secretary Ken Salazar considered himself above the law by ignoring court orders to resume the permitting process for deepwater drilling in the Gulf of Mexico. Now we learn that Salazar may have misled Congress and the public on the number of drilling permit applications he is ignoring.

BP Co-Owns Gulf Well That Got Deepwater Permit

Submitted by Peter Flaherty on Wed, 03/02/2011 - 13:27

Deepwater Horizon Earlier today I accused Interior Secretary Ken Salazar of a "cynical" approach to issuing deepwater drilling permits for the Gulf of Mexico. I did not realize how right I was. According to Kristen Hays of Reuters:

BP Plc, whose Macondo well blowout in the Gulf of Mexico caused the worst offshore oil spill in U.S. history last year, co-owns the well that was granted the first deepwater drilling permit since the disaster.

BP is Noble Energy Inc's partner in the well, holding a 46.5 percent interest, BP said.

Is Secretary Salazar Above the Law?

Submitted by Peter Flaherty on Wed, 03/02/2011 - 10:12

Interior Secretary Ken Salazar appears today before the Senate Energy and Natural Resources Committee. He will hopefully answer questions about his refusal to allow deepwater drilling to resume in the Gulf of Mexico, despite a federal judge twice ruling that the moratorium is illegal.

The BP oil spill was a disaster, but not as big of a disaster as the moratorium that followed. The granting of exactly one drilling permit to Noble Energy this week underscores just how cynical and politicized Salazar's response has been. Last week, Salazar said that he would not bow to "political pressure" to restart drilling, standing reality on its head.

BP Oil Spill Commission Chief Counsel Blames BP Instead of Entire Industry

Submitted by Peter Flaherty on Mon, 02/21/2011 - 16:10

Deepwater Horizon On Thursday, Fred Bartlit, Chief Counsel of the BP Oil Spill Commission, issued a report in which he put blame squarely on BP for the disaster, including a failure to adequately supervise its Halliburton and Transocean subcontractors.

The seven-member Commission, appointed by President Obama before the well had even been capped, issued its "final" report on January 11. Although it cited many of the same BP-specific problems detailed by Bartlit, it implicated the entire oil and gas exploration and production industry, and called for "systemic reforms."

Greens to Ratchet Up Shareholder Activism

Submitted by Paul Chesser on Thu, 08/19/2010 - 16:48

$ green image If you think environmentalist shareholder tactics like those employed by Rockefeller descendants on Exxon – which push their agenda via resolutions at annual meetings rather than promote company profitability – then you haven’t seen anything yet, according to a Marketwatch report yesterday. After the BP oil leak disaster and the Massey Energy coal mining accident that killed 29 workers, green activists are expected to increase pressure on corporate executives next year:

CNBC: Punish BP Shareholders?

Submitted by Peter Flaherty on Fri, 07/16/2010 - 12:56

Today I discussed BP’s capping of the well and whether BP shareholders should be punished with Dan Weiss of the Center for American Progress, and CNBC hosts Larry Kudlow and Trish Regan. Here is a transcript:

CNBC: Flaherty Says White House Allies Cashing in on BP

Submitted by Peter Flaherty on Mon, 06/21/2010 - 14:38

Today I discussed whether BP can ever get it right in the wake of Tony Hayward's yacht outing with John Kilduff of Round Earth Capital and CNBC hosts Trish Regan, Melissa Francis and Larry Kudlow. Here's a transcript:

Yacht Race Is Final Straw for BP’s Tony Hayward

Submitted by Peter Flaherty on Sat, 06/19/2010 - 12:34

Tony Haywards Yacht According to the Associated Press:

The BP CEO is attending a yacht race off the Isle of Wight in southern England today, a company spokeswoman said.

Sheila Williams says Hayward took time off his duties handling the oil spill catastrophe in the Gulf of Mexico to see his boat "Bob" participate in the J.P. Morgan Asset Management Round the Island Race on Saturday.

If this report is true, Hayward must go. Earlier in the week, I criticized the House hearings as political theater. I thought that Hayward was reluctant to answer many questions because of the criminal investigation announced by Attorney General Holder. Even if set up for a public relations fall, Hayward was at least rational to try protect himself from criminal liability.

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