Posts Tagged ‘BP’
Tags: BP, cartoon, corporations, debt, environment, Mexico, oil, students, Wal-Mart
Tags: austerity, Bahrain, BP, cartoon, France, oil, politics, protests
Tags: BP, cartoon, environment, global warming, oil
Tags: BP, capitalism, coal, economics, miscellaneous, Portugal, unions, wages
Portugal is on the edge: My university colleague Robert Fishman argues Portugal has been done in by the markets—especially the rating agencies, the same ones that were complicit in the financial crisis of 2008.
The Gulf of Mexico remains on the edge: BP has not even come close to cleaning up the Gulf of Mexico.
New economic thinking about the crisis is also on the edge: Inside the “monstrous monkey house” that was the Institute for New Economic Thinking conference at Bretton Woods,
150 years later, the United States continues to be on the edge: We’re still fighting the Civil War.
Life in West Virginia is certainly on the edge: Massey Energy has vanished an entire town to get at the coal.
BP is now using the rest of its operations in the Gulf of Mexico to blackmail U.S. politicians.
According to the New York Times,
BP is warning Congress that if lawmakers pass legislation that bars the company from getting new offshore drilling permits, it may not have the money to pay for all the damages caused by its oil spill in the Gulf of Mexico.
The company says a ban would also imperil the ambitious Gulf Coast restoration efforts that officials want the company to voluntarily support.
BP s the number one producer of oil and gas offshore in the deepwater Gulf of Mexico. It pumps
400,000 barrels a day and [accounts] for about 20 percent of total production from deepwater reservoirs in the region. The company operates 89 production wells and shares a stake in 60 other wells operated by partner companies. . .
“The gulf is the most profitable barrel in BP’s portfolio,” said Fadel Gheit, a managing director at Oppenheimer & Company. He estimated that the gulf generated $5 billion to $7 billion in profits annually for BP, or about a quarter of the company’s total.
It’s time that BP is declared Too Big to Drill.