Move over Hugo Chavez, you have company. Democrats, following you lead now favor nationalizing oil refineries. Proving once again that Democrats are nothing more than socialists.
Democrats called for the government to own refineries so it could better control the flow of the oil supply.
We all laughed when Maxine Waters threatened this very action not all that [...]
Less than a month after declaring polar bears a threatened species because of global warming, the Bush administration is giving oil companies permission to annoy and potentially harm them in the pursuit of oil and natural gas.
The Fish and Wildlife Service issued regulations this week providing...
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Yesterday the Republicans blocked a measure by Democrats to impose a 25% tax increase on BIG OIL. This is good news for the American people. If the cost of oil companies doing business went up 25% than the price of oil would have risen 25%. It is simple economics. Democrats are simply playing a political game, they [...]
I am not a very figures kind of person, except when it is “figure” of the other kind. I can remember bank account numbers, pin codes, ATM codes, etc. but when it comes to remembering a lot of...
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The Indian Government has decided not to increase the rates of petrol and gas in the country in order to bring them more in line with the prevailing international market rates.This is a Government that is concerned more with its own political survival than the health of the nation's economy!It has only marginally increased the rates of petrol and gas.The rich will continue to zip around in cars an
This from Stop The ACLU
Glenn Beck: Government isn’t the solution, its the problem.
Guess what this liberal will be all about? Socializing!
Link: sevenload.com
Kim Preistap breaks it down:
Now, if the US government and the Democrats like Ms. Waters were truly interested in erasing the oil companies’ record profits and helping the American consumers, then they would be [...]
Sorry, I am a couple of days late on this one. During last week’s congressional hearing with oil executives Maxine Waters threatened to socialize the oil companies. Here is the video:
Well, she obviously realized that she slipped up by showing where she really stands politically by using the word “socialize.” She said the magic word, [...]
May 11 - EnCana Corp., Canada's largest natural- gas producer, said it plans to split into two energy companies, one concentrating on gas and the other on oil in a bid to increase its value with crude at a record high. Shareholders will receive one share in each of the new companies. The standalone oil division will manage EnCana's oil- sands projects in Alberta and its U.S. refineries, while the second company will focus on natural-gas holdings, Calgary-based EnCana said today in a statement. Chief Executive Officer Randy Eresman, who will lead the gas company, is raising output from fields in the U.S., where drilling costs have risen less than in Canada. EnCana agreed in November to buy out its partner in an East Texas field for $2.55 billion, its largest acq
NEW YORK - A dozen oil companies agreed to pay $423 million in cash plus clean-up costs to settle litigation over groundwater contamination from the gasoline additive, MTBE, lawyers representing public water utilities and public agencies in 17 states, told Reuters. The settlement, filed in the US District Court in Manhattan, involves BP America Inc, Chevron Corp, ConocoPhillips, Shell Oil Co, Marathon Oil Corp, Venezuela's Citgo Petroleum Corp, Sunoco Inc and Valero Energy Corp, the newspaper said. "The one big holdout was ExxonMobil Corp," said Robert Gordon, of Weitz and Luxenberg, one of the three lead lawyers for the plaintiffs. "The most important thing here is not the money, "but that there is going to be treatment of the wells and the affected areas guar
The oil giant earned $10.9 billion in profits during the first fiscal quarter of 2008, up 17 percent from the previous year. Thank God George W. Bush keeps giving subsidies to the oil companies. Not many people can get by on 40 billion dollars a year.read more | digg story
One of the interesting aspects of the oil economy at the moment is the fact that many of the companies working in oil are breaking records in terms of profits. This trend continued today as both the Royal Dutch Shell Company and BP reported record profits in the first quarter of 2008. According [...]
An anti-corruption group has rated more than 40 energy companies on the transparency of their dealings, handing a low grade to ExxonMobil but praising Shell and Petrobras. The Transparency International report published today places 42 oil and gas companies into three tiers based on their level of...
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Iraq's oil ministry has qualified thirty five international oil companies (IOCs) to bid for its first post-war licensing round, which it hopes to launch in May 2008.
The list of IOCs, compiled by the oil ministry's Petroleum Contracts and Licensing Directorate and obtained by Platts, includes US...
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Christophe de Margerie, Chief Executive of France's Total, warned that if crude does continue to...
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It doesn’t really make sense, oil has been trading at record high levels for quite some time now, and yet, the oil companies are still down from their most recent 52 week highs. One of the best performers in the industry has been Chevron (CVX), which has also been a favorite at MarketMatador.com. Light Sweet Crude was up over $78 per barrel today. Where were the oil companies? Almost all of them finished down. The entire market selloff has been ridiculous. Buying below $85 per share should be a steal, especially with the 2.72 percent dividend yield. CVX may also be hitting support at the 50 day MA.
Disclosure: No Conflicts.
"Why would I invest in a refinery when you're trying to make 20 percent of the gasoline supply ethanol?" Sound familiar?
Just over a week ago an almost identical statement was made by the head of OPEC, Abdalla El-Badri. When asked about future refinery plans ge said, “If we are unable to see a security of demand...we may revisit investment in the long-term.” The first quote? None other than Chevron's vice chairman Peter Robertson. Valero's spokesman Bill Day apparently got his copy of the...
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Last fall, a team led by Chevron Corp. became the toast of the oil industry when it demonstrated that an alluring deepwater region of the Gulf of Mexico could deliver on its promise. Now, oil companies are taking concrete steps to unlock the area's potential, with an eye toward extracting oil from there in as little as two years. Devon Energy Corp., an Oklahoma City-based firm with about 2,000 employees in Houston, is planning to drill what could be the first commercially producing oil field in the region by late 2009. Chevron has assembled a 60-person team to explore how it will develop the offshore frontier. Shell Oil has ordered a floating platform and plucked 200 employees to work on a project planned to come online by the turn of the decade. Others are also studying ways to turn prospects and discoveries into producing oil fields. They are taking the bet they can extract oil lying 30,000 feet below the sea floorThe activity has been spurred by predictions that up to 15 billi
Last fall, a team led by Chevron Corp. became the toast of the oil industry when it demonstrated that an alluring deepwater region of the Gulf of Mexico could deliver on its promise. Now, oil companies are taking concrete steps to unlock the area's potential, with an eye toward extracting oil from there in as little as two years. Devon Energy Corp., an Oklahoma City-based firm with about 2,000 employees in Houston, is planning to drill what could be the first commercially producing oil field in the region by late 2009. Chevron has assembled a 60-person team to explore how it will develop the offshore frontier. Shell Oil has ordered a floating platform and plucked 200 employees to work on a project planned to come online by the turn of the decade. Others are also studying ways to turn prospects and discoveries into producing oil fields. They are taking the bet they can extract oil lying 30,000 feet below the sea floorThe activity has been spurred by predictions that up to 15 billi
by Benedict Mander Venezuela’s military might will be on full display on Tuesday as Hugo Chávez, the country’s president and a former paratrooper, celebrates winning back Venezuela’s natural resources in the oil-rich Orinoco for the people. ”Venezuela’s privatisation of oil has come to an end,” Mr Chávez said recently, promising to hoist the national flag over installations in the area that
by Steven Bodzin and Theresa Bradley
Venezuelan President Hugo Chavez said he has ``rescued'' the oil fields in the Orinoco region where ventures run by foreign oil companies such as ConocoPhillips of the U.S. and France's Total SA have illegally profited.
``The transnational companies that 10 years ago got part of this Orinoco project almost for free took from here all the earnings and more,''
by Sara Turner
Chemical shares decline; Tesco shares firm after profit risesEuropean shares held steady on Tuesday, with gains from oil producers, British supermarket group Tesco and French automaker Peugeot offsetting some technology-sector declines ahead of key earnings releases.
The pan-European Dow Jones Stoxx 600 index (ST:SXXP: news, chart, profile) finished a fraction of a percentage point
Oil companies are expected to be hit hard by Congress, which is now under Democratic majority. According to Congress they have a plan to reduce the amount of royalties and taxes that Oil companies are saving money on and use that money as a fund for renewable energy and conservation.
The reason oil companies are protected from paying royalties is because of a government error during the writing of the 1998 to 1999 leases. So Congress is trying to rework the lease and if that fails they could ban oil companies from bidding on leases in the future.
Another hit oil companies are going to take will happen when Congress reduces the amount of tax breaks they receive. Tax breaks (gives breaks to companies with products produced in the United States) were put in place to help out the manufacturing companies, but the oil companies found a way to also be eligible for them and is saving millions every year.
I am glad that Congress is stepping up to do something about these greedy oil compan
Oil companies are expected to be hit hard by Congress, which is now under Democratic majority. According to Congress they have a plan to reduce the amount of royalties and taxes that Oil companies are saving money on and use that money as a fund for renewable energy and conservation.
The reason oil companies are protected from paying royalties is because of a government error during the writing of the 1998 to 1999 leases. So Congress is trying to rework the lease and if that fails they could ban oil companies from bidding on leases in the future.
Another hit oil companies are going to take will happen when Congress reduces the amount of tax breaks they receive. Tax breaks (gives breaks to companies with products produced in the United States) were put in place to help out the manufacturing companies, but the oil companies found a way to also be eligible for them and is saving millions every year.
I am glad that Congress is stepping up to do something about these greedy oil compan
