Posts tagged “Gulf of Mexico”
Less than 24 hours after oil exploration company British Petroleum agreed to fines totaling $4.5 billion in the wake of its massive oil spill in the Gulf of Mexico in 2010, another explosion off the coast of Louisiana is threatening to take a toll on the same region.
In a development that should not have come as a surprise to Econbrowser readers, TransCanada announced on Monday that it would proceed with the portion of the controversial Keystone pipeline expansion that would connect Cushing, Oklahoma to the Gulf of Mexico. Because this part of the project does not cross the U.S.-Canadian border, it does not require approval from the U.S. State Department.
I am trying to climb out from under an avalanche of correspondence, and I also hope to have the “Niches” article done by Monday morning. Until then, the latest from Money Morning on BP’s new oil discovery. As I previously explained topical Money Morning content will be featured here from time to time. As always, normal caveats apply: I am not an investment advisor. I don’t endorse any specific stocks mentioned in the following story nor the ad at the end of the story; these stories are meant to spur discussion. ———————————- BP’s ‘Giant’ Discovery Gives the Gulf of Mexico New Life By Jason Simpkins Managing Editor – Money Morning BP PLC (NYSE ADR: BP) yesterday (Wednesday) announced a “giant”… Continue»
Energy policies in the U.S. often seek to punish our domestic oil and gas producers, while at the same time we work hard with foreign producers to ensure that the oil continues to flow. I noted in a recent essay: It is ironic that Steven Chu doesn’t seem to feel the need to work with our domestic oil industry, but warns OPEC not to cut production, and then is pleased when they don’t. I believe the blind spot in the present administration over the need to support our domestic producers will simply mean that future energy secretaries are even more beholden to OPEC. Now, over the weekend we have two bits of news that continue to show the irony of… Continue»
It hasn’t gotten all that much media coverage yet, but it is looking more and more like Mexico has taken a Katrina-sized hit that has devastated Tabasco. I had to go to The Irish Times for this: Government offers aid to Mexico A week of heavy rains over Mexico caused rivers to overflow, drowning at least 80 per cent of the swampy, oil-rich state of Tabasco. Much of the state capital, Villahermosa, looked like New Orleans after Hurricane Katrina, with murky water reaching to second-storey rooftops and desperate people waiting to be rescued. There has been some mainstream media coverage, but so far the MSM is largely asleep at the wheel. Another story that emphasizes how this disaster has impacted… Continue»
In case you haven’t heard, at least 18 people tragically lost their lives in an accident in the Gulf of Mexico: Gulf of Mexico accident kills 18 (CNN) — At least 18 oil workers were killed and seven more were missing after a portable drilling rig crashed into an oil platform during stormy seas in the Gulf of Mexico, the country’s state-owned oil company said Wednesday. According to a statement from Petroleos Mexicanos, or Pemex, 61 workers were rescued from the Gulf after Tuesday’s accident, which also created a gas and oil leak at the site that was not expected to be capped for three to five days. The drill rig was knocked into the platform during a storm in… Continue»