The American Petroleum Institute (API) is the only national trade association that represents all aspects of America’s oil and natural gas industry. Our nearly 400 corporate members, from the largest major oil company to the smallest of independents, come from all segments of the industry.
“A band of oil runs the entire 7-mile length of the beach. A mile away, connected by two passes, is an unprotected state marine sanctuary, Strassmann reports.
Oil now stains 53 miles of coastal Louisiana, and more hits land every day.”
(from CNN IReports – )
Bill Nye, iReporters save the Gu…6:14
Obama forms bipartisan commission to investigate oil spill
By the CNN Wire StaffMay 22, 2010 — Updated 0320 GMT (1120 HKT)
Is enough being done to protect the public from chemical pollutants? Watch “Toxic America,” a special two-night investigative report with Dr. Sanjay Gupta, on June 2 and 3 at 8 p.m. ET on CNN.
Washington (CNN) — President Obama has issued an executive order establishing a bipartisan commission tasked with investigating how to prevent future oil spills, two sources familiar with the announcement said Friday.
Obama named former Florida Sen. Bob Graham and former Environmental Protection Agency William K. Reilly as commission co-chairs.
The sources said Obama on Saturday will announce the formation of the panel, officially known as the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling, as the administration faces a growing chorus of criticism about whether it is putting enough pressure on BP to clean up the massive oil spill in the Gulf of Mexico.
After this weekend’s official formation, the commission will have six months to issue a report with recommendations on how to prevent spills from offshore drilling.
In the Gulf, the “top kill” method intended to stop the runaway flow of oil will likely be tried early next week, BP Chief Operating Officer Doug Suttles said Friday.
In the procedure, thick, viscous fluid twice the density of water will be pumped at a high rate into the site of the leak to stop the flow so that it can then be sealed with cement, Suttles said.
“Our best estimate is probably Tuesday,” he said, noting that the operation has never been tried in such deep water.
The timing for the “top kill” effort appears to be slipping: BP Managing Director Bo Dudley said Thursday night that the company would try the procedure this weekend.
from the White House website – (today)
Statements and Releases
- May 22, 2010
- May 21, 2010
This one looks interesting also –
- May 20, 2010
(and this one – )
The White House
Office of the Press Secretary
For Immediate Release
May 20, 2010
Statement by the President on the House Administration Committee’s Passage of the DISCLOSE Act
“Today, the House Administration Committee took another important step toward putting in place critical protections to control the flood of special interest money into American elections. The DISCLOSE Act, now moving to debate on the floor of the House of Representatives, would establish the toughest-ever disclosure requirements for election-related spending by big oil corporations, Wall Street and other special interests.”
“It would prohibit foreign entities from manipulating the outcome of U.S. elections, and it would shine an unprecedented light on corporate spending in political campaigns so that the American people can clearly see who is trying to influence campaigns for public office. These changes are particularly urgent in the aftermath of the Supreme Court’s Citizens United decision, and I encourage the full Congress to give this strong, bipartisan legislation the swift consideration it deserves.”
Weekly Address: BP Spill Independent Commission
Posted by Jesse Lee on May 22, 2010 at 06:00 AM EDT
The President announces that the independent commission he created for the BP Deepwater Horizon Oil Spill and Offshore Drilling will be chaired by former Florida Governor and Senator Bob Graham and former EPA Administrator Bill Reilly. He promises accountability not just for BP, but for those in government who bore responsibility.
- Learn more about the government response.
- Learn more about the commission.
- Read the Executive Order establishing the commission.
ATCE to be held outside U.S.
For the first time, SPE’s flagship meeting—the Annual Technical Conference and Exhibition—will be held outside the United States. Join us in Florence to share technical knowledge, network with colleagues from around the world, and celebrate key successes in the E&P industry. Registration and housing is now open.
Latin America and Caribbean — 4 Upcoming Events
- 20 – 22 Jun | Bucaramanga, Columbia
United States and Canada — 27 Upcoming Events
27 Jun – 2 Jul | Colorado Springs, Colorado, USA
My Note –
These people are a separate breed unto themselves . . . How did that happen?
Looking at their President’s Forum – look at these entries – on the date of the explosion of an oil rig in the Gulf of Mexico – the Deepwater Horizon – April 20, 2010 and then the next post – what planet are they living on?
– my note
1 May 2010 in President’s Forum
In the past decade, an increasing number of organizations have been creating networks, mentoring programs, and coaching and leadership training for women in the workplace. Today, women represent a significant portion of the educated talent pool in most of the developed and emerging world in a broad range of industries, lead countries and companies, and hold an unprecedented amount of power in their hands and minds. The oil industry is not an exception. Read more »
1 April 2010 in President’s Forum
The oil and gas industry employs a large number of people around the world. The American Petroleum Institute (API) estimates that in the US alone, the oil and gas industry is one of the largest employers, supporting more than nine million jobs providing cost-competitive energy and adding more than USD 1 trillion to the US economy. Read more »
I am writing this column on the other side of the globe from my home in California, after flying for almost 20 hours to get here. The details of my trip, as in the case of many others, were arranged by SPE staff in Dallas working in concert with the SPE staff in our six other offices around the world. Read more »
My Note –
I thought maybe in the “read more” parts of the two posts that he made after the explosion, sinking, the deaths of eleven men on the rig, the range of horrors experienced by those who barely escaped the Deepwater Horizon explosion with their lives, the vast oil slick and thick oil across the Gulf of Mexico – he would have something . . . They are the engineers for the petroleum industry after all and their work directly results in either safety or disaster – and many things they do can influence either one or both.
But, no – that is not what these folks were interested in at all – look what this says – they are trying to focus their membership on rounding up the wagons and teaching the public how everything is wonderful and environmentally sound in the efforts and activities of the peptic petroleum industry.
See what I found on his May 4, 2010 post -(turns out it is from April 1, 2010)
From President’s Forum – Society of Petroleum Engineers –
However, at least a segment of the general public views the activities of the oil and gas industry as incompatible with the concept of a sustainable planet. I am not certain of the extent of the sentiment or the significance of the numbers, but I have clearly heard about it from the industry leaders and the officials in many countries that I have travelled to as the SPE president. Jeane Kirkpatrick, a former US ambassador to the United Nations, once said that “Oil is a product that arouses so much passion. A lot of people have a passionate fear, or distaste, or downright hatred almost for oil. There is no other product that so many people need so badly, yet so many people believe should be produced entirely without profits.”
This is a serious matter. Public perception is an intangible asset that helps the industry attract resources, and develop a sustainable viability. We may differ on whether there is a scientific basis for this negative public opinion, but the reality is that the perception exists, and it translates into a more difficult environment for the industry to conduct its business. We, as members of the industry, need to recognize this and find ways to reverse the sentiment. Erosion of our image, I suggest, has not been due to the way we have run our business, but rather because we have behaved somewhat passively in the past, allowing unqualified others to make sweeping negative claims that portray our industry as insensitive to a sustainable planet. SPE’s energy education program is a key weapon in the fight against misinformation. Our outreach efforts that give teachers the science and facts about energy and our industry’s contributions are hugely important.
Our energy future depends not only on increased efficiency and investment in technology; it is also linked to sound policy decisions. Sound energy policies, however, can be developed only through data- and information-based debate, not on the basis of emotions and hearsay. SPE does not, and cannot, take positions on public policies. But SPE can and should ensure that decision makers have access to factual information.
Simply speaking of “sustainability,” “social responsibility,” and “corporate citizenship” will not get us far; we must offer evidence to those outside of the industry that we truly care, and that we have embraced these concepts in practice. We individual members of the industry also can play an important and much needed role. As former SPE president Eve Sprunt urged us, we must stand tall and speak up to create an informed public that we hope will then accept and support not only our tactical aims, but also our strategic goals.
SPE can help. We have taken a strong position in the area of global energy education through programs such as our Energy4me (www.energy4me.org) and Ambassador Lecturers. Yet, we should not expect all the effort to be led and organized by SPE. In fact, our most effective approach is for members to reach individuals and small groups in their own backyard, not a mass advertising campaign. Each of us must actively engage in educating the public, by speaking to students in classrooms or to friends and relatives about the industry, or even through writing an article for the local newspaper. Energy4me.org provides presentations and educational resources in multiple languages that make it easy for members to speak to students or civic groups. We are also providing factual classroom materials for teachers to use. In doing so, we have to offer information that makes sense to the general public—simple examples but not simplistic. Here are some simple industry facts we should ensure that the public hears:
- The E&P industry does not set the price of oil; the financial market does that on the basis of supply and demand and speculations on futures.
- The price of oil, a depleting commodity typically at USD 70/bbl these days, is low when compared to such nondepleting commodities as a barrel of bottled water (three to five times higher), ice cream (15 to 20 times higher), and some types of cosmetic medicine (20,000 times higher).
Our industry revenues in absolute terms are impressive, but not as striking when stated in terms of percent of the invested capital at risk (Fig. 1).
- A recent API study indicates that the so-called “big oil” is 98% owned by the public. Anyone today can be a partner in “big oil” by buying stocks.
- Our industry is a major creator of “green” jobs. It invested more than USD 58 billion in greenhouse-gas mitigating technologies from 2000 to 2008 in the North American market, which was more than the US government or all other US-based private industries combined. These green jobs are in developing advanced batteries, biofuels, and other alternatives; in finding and implementing ways to reduce energy consumption; in increasing recycling; in developing carbon capture and storage technology; and much more.
- Our high-tech industry has and will continue investments and involvement in alternative energy, resulting in millions of high-tech jobs, traditional industry jobs, and green jobs. The industry has a long history in applying sophisticated technologies, using materials, sensors, chemistry, and engineering techniques that have surpassed the visions of the industry pioneers or the public. In the US alone, the petroleum industry invested more than all of private industry and the federal government combined in new energy technologies (65% of total). This investment of an estimated USD 121 billion between 2000 and 2007 was in emerging energy technologies including renewables; frontier hydrocarbons, such as shale and oil sands; and end-use technologies, such as fuel cells.
We each have a role to play in addressing the many ways that our industry supports our day-to-day safety, mobility, health, and lifestyle. Obviously the social expectation for us to operate sensibly will always be there. It is high time now for us to actively educate the public about who we are, what we do, how we impact and improve the life of every human being, and the noble causes that we pursue in our industry. An unfavorable public opinion eventually translates into more restrictive operating environment, constraints on access to reserves, and discouragement of young people to contemplate a career in an industry that has everything to offer to the world.
My Note –
Excuse me – that was from April 2, 2010 – the one written on May 1, 2010 was about getting more women into the industry and included 0 (that’s ZERO) note, reference or remark whatsoever about the oil disaster, explosion, spill and deaths from it that had already become well-known throughout their industry and in fact, throughout the world.
And a note from our President on the address today –
The White House
Office of the Press Secretary
For Immediate Release
May 22, 2010
Weekly Address: President Obama Establishes Bipartisan National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling
Names Former Two-Term Florida Governor and Former Senator Bob Graham and Former Administrator of the Environmental Protection Agency William K. Reilly as Commission Co-Chairs
WASHINGTON – In this week’s address, President Obama announced that he has signed an executive order establishing the bipartisan National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling with former two-term Florida Governor and former Senator Bob Graham and former Administrator of the Environmental Protection Agency William K. Reilly serving as co-chairs.
The bipartisan National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling is tasked with providing recommendations on how we can prevent – and mitigate the impact of – any future spills that result from offshore drilling.
- The commission will be focused on the necessary environmental and safety precautions we must build into our regulatory framework in order to ensure an accident like this never happens again, taking into account the other investigations concerning the causes of the spill.
- The commission will have bipartisan co-chairs with a total membership of seven people. Membership will include broad and diverse representation of individuals with relevant expertise. No sitting government employees or elected officials will sit on the commission.
- The Commission’s work will be transparent and subject to the Federal Advisory Committee Act. The Commission will issue a report within six months of having been convened.
President Obama named the following individuals as Co-Chairs of National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling:
Senator Bob Graham is the former two–term governor of Florida and served for 18 years in the United States Senate. Senator Graham is recognized for his leadership on issues ranging from healthcare and environmental preservation to his ten years of service on the Senate Select Committee on Intelligence — including eighteen months as chairman in 2001–2002. After retiring from public life in January 2005, Senator Graham served for a year as a senior fellow at the Harvard Kennedy School of Government. From May 2008 to February 2010, he served as Chairman of the Commission on the Prevention of Weapons of Mass Destruction Proliferation and Terrorism whose mandate was to build on the work of the 9/11 Commission. Senator Graham was also appointed to serve as a Commissioner on the Financial Crisis Inquiry Commission, established by Congress to examine the global and domestic causes of the recent financial crisis. The Commission will provide its findings and conclusions in a final report due to Congress on December 15, 2010. He also serves as a member of the CIA External Advisory Board and the chair of the Board of Overseers of the Graham Center for Public Service at the University of Florida. Senator Graham has been recognized by national and Florida organizations for his public service including The Woodrow Wilson Institute award for Public Service, The National Park Trust Public Service award and The Everglades Coalition Hall of Fame. Senator Graham earned a B.A. in Political Science from the University of Florida and an LLB from Harvard Law School. He is the recipient of an honorary doctorate of public service from his alma mater, the University of Florida, and honorary doctorates from Pomona College and Nova Southeastern University.
William K. Reilly is a Founding Partner of Aqua International Partners, LP, a private equity fund dedicated to investing in companies engaged in water and renewable energy, and a Senior Advisor to TPG Capital, LP, an international investment partnership. Mr. Reilly served as the first Payne Visiting Professor at Stanford University (1993-1994), Administrator of the U.S. Environmental Protection Agency (1989-1993), president of the World Wildlife Fund (1985-1989), president of The Conservation Foundation (1973-1989), and director of the Rockefeller Task Force on Land Use and Urban Growth from (1972-1973). He also served as the head of the U.S. delegation to the United Nations Earth Summit at Rio in 1992. Mr. Reilly is Chairman Emeritus of the Board of the World Wildlife Fund, Co-Chair of the National Commission on Energy Policy, Chairman of the Board of the ClimateWorks Foundation, Chairman of the Advisory Board for the Nicholas Institute for Environmental Policy Solutions at Duke University, and a Director of the Packard Foundation and the National Geographic Society and a member of Gov. Schwarzenegger’s Delta Vision Blue Ribbon Task Force. He also serves on the Board of Directors of DuPont, ConocoPhillips, Royal Caribbean International and Energy Future Holdings, for which he serves as Chairman of the Sustainable Energy Advisory Board. In 2007 Mr. Reilly was elected to the American Academy of Arts and Sciences. He holds a B.A. degree from Yale, J.D. from Harvard and M.S. in Urban Planning from Columbia University.
Remarks of President Barack Obama
Saturday, May 22, 2010
One month ago this week, BP’s Deepwater Horizon drilling rig exploded off Louisiana’s coast, killing 11 people and rupturing an underwater pipe. The resulting oil spill has not only dealt an economic blow to Americans across the Gulf Coast, it also represents an environmental disaster.
In response, we are drawing on America’s best minds and using the world’s best technology to stop the leak. We’ve deployed over 1,100 vessels, about 24,000 personnel, and more than 2 million total feet of boom to help contain it. And we’re doing all we can to assist struggling fishermen, and the small businesses and communities that depend on them.
Folks on the Gulf Coast – and across America – are rightly demanding swift action to clean up BP’s mess and end this ordeal. But they’re also demanding to know how this happened in the first place, and how we can make sure it never happens again. That’s what I’d like to spend a few minutes talking with you about.
First and foremost, what led to this disaster was a breakdown of responsibility on the part of BP and perhaps others, including Transocean and Halliburton. And we will continue to hold the relevant companies accountable not only for being forthcoming and transparent about the facts surrounding the leak, but for shutting it down, repairing the damage it does, and repaying Americans who’ve suffered a financial loss.
But even as we continue to hold BP accountable, we also need to hold Washington accountable. Now, this catastrophe is unprecedented in its nature, and it presents a host of new challenges we are working to address. But the question is what lessons we can learn from this disaster to make sure it never happens again.
If the laws on our books are inadequate to prevent such an oil spill, or if we didn’t enforce those laws – I want to know it. I want to know what worked and what didn’t work in our response to the disaster, and where oversight of the oil and gas industry broke down. We know, for example, that a cozy relationship between oil and gas companies and agencies that regulate them has long been a source of concern.
Secretary of the Interior Ken Salazar has taken steps to address this problem; steps that build on reforms he has been implementing since he took office. But we need to do a lot more to protect the health and safety of our people; to safeguard the quality of our air and water; and to preserve the natural beauty and bounty of America.
In recent weeks, we’ve taken a number of immediate measures to prevent another spill. We’ve ordered inspections of all deepwater operations in the Gulf of Mexico. We’ve announced that no permits for drilling new wells will go forward until the 30-day safety and environmental review I requested is complete. And I’ve called on Congress to pass a bill that would provide critical funds and tools to respond to this spill and better prepare us to confront any future spills.
But we also need to take a comprehensive look at how the oil and gas industry operates and how we regulate them. That is why, on Friday, I signed an executive order establishing the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling. While there are a number of ongoing investigations, including an independent review by the National Academy of Engineering, the purpose of this Commission is to consider both the root causes of the disaster and offer options on what safety and environmental precautions we need to take to prevent a similar disaster from happening again. This Commission, I’d note, is similar to one proposed by Congresswoman Capps and Senator Whitehouse.
I’ve asked Democrat Bob Graham and Republican Bill Reilly to co-chair this Commission. Bob served two terms as Florida’s governor, and represented Florida as a United States Senator for almost two decades. During that time, he earned a reputation as a champion of the environment, leading the most extensive environmental protection effort in the state’s history.
Bill Reilly is chairman emeritus of the board of the World Wildlife Fund, and he is also deeply knowledgeable about the oil and gas industry. During the presidency of George H.W. Bush, Bill was Administrator of the Environmental Protection Agency, and his tenure encompassed the Exxon Valdez disaster.
I can’t think of two people who will bring greater experience or better judgment to the task at hand. In the days to come, I’ll appoint 5 other distinguished Americans – including scientists, engineers, and environmental advocates – to join them on the Commission. And I’m directing them to report back in 6 months with recommendations on how we can prevent – and mitigate the impact of – any future spills that result from offshore drilling.
One of the reasons I ran for President was to put America on the path to energy independence, and I have not wavered from that commitment. To achieve that goal, we must pursue clean energy and energy efficiency, and we’ve taken significant steps to do so. And we must also pursue domestic sources of oil and gas. Because it represents 30 percent of our oil production, the Gulf of Mexico can play an important part in securing our energy future. But we can only pursue offshore oil drilling if we have assurances that a disaster like the BP oil spill will not happen again. This Commission will, I hope, help provide those assurances so we can continue to seek a secure energy future for the United States of America.
Thanks so much.
My Note –
Going back to the Society of Petroleum Engineers – Journal
I clicked over on the right hand sidebar –
Weatherford International this week launched its Compact Cross-Dipole Sonic (CXD) tool, the industry’s first 2.25-in. monopole/cross-dipole sonic tool which promises more robust acoustic data delivery for all well types. Read more »
Baker Hughes recently introduced its RockView mineral characterization service to enhance reservoir interpretation. The company states that by applying principles of gamma ray spectroscopy, RockView will reduce the need for core samples and provide more accurate mineralogy estimates in reservoir interpretations. Read more »
******* THEN – the oil disaster in the Gulf of Mexico – April 20,2010 *******
The Blackstorm Oil Production System (BPS), a portable one-piece pumping unit designed to replace traditional pump jacks, is gearing up for a global expansion. Blackstorm developer Stripper Solutions and Global Industrial of America are in the final stages of negotiations that would designate Global as the worldwide distributor for the corrosion-free system that installs in less time and at a lower cost compared to pump jacks. Read more »
Cudd Energy Services was recently awarded a patent for its Rack Jack hydraulic workover (HWO) system. The Rack Jack, one of many recent Cudd offerings aimed at expanding its HWO service line into the drilling and completions market, is an alternative to traditional derrick-based workover/drilling systems, both onshore and on platform and jack-up rigs. Read more »
Tendeka recently launched the new Sensornet Oryx-XR Distributed Temperature Sensing (DTS) system, designed for use in harsh environments. The autonomous, low-powered device boasts an extended sensing range and an operating temperature range from desert to sub-freezing conditions. Read more »
Ingrain recently launched CoreHD, a technology platform that allows for high-definition CT scanning and logging of whole core samples from oil and gas wells. The platform, which gives geoscientists 3D visibility into their reservoirs at the wellbore scale, also provides faster and more accurate optimization of sampling locations for rock-properties analysis. Read more »
Norwegian company NorLense has developed a new system to mitigate the effects of oil spills in coastal areas and farther offshore. The versatile system, which was developed in part through funding by the Petromaks program at the Research Council of Norway, reportedly can be deployed under a range of environmental conditions, including rough weather and difficult currents. Read more »
A recent update of Statoil’s oil-sands production plans in Canada presented a methodical development process aimed at driving efficiency and environmental gains. Among its initiatives: a 5-year technology plan that will provide a pathway to reduce carbon emissions from oil sands by more than 40% by 2025. Read more »
Abu Dhabi played host earlier this year to an SPE Applied Technology Workshop (ATW) titled “Sustaining Business Excellence and Process Safety Through Effective Facilities Integrity Management.” The goal: to provide the more than 80 professionals in attendance with various perspectives on managing the challenges of ensuring safe and efficient operations in the face of aging facilities and increasing economic constraints. Read more »
11 May 2010 in Drilling (DC)
Argus Subsea has recently introduced the AZ-15J subsea tree and wellhead system, specially designed for jack-up mobile drilling units. The company states that the new system is the world’s first purpose-built system that allows operators to drill and complete wells at up to 15,000 psi working pressure without special riser systems or temporary abandonments. Read more »
Queensland Energy Resources (QER) has announced it is going ahead with a demonstration plant to produce shale oil at the Gladstone site in central Queensland. The chosen production method—an above ground retorting technology based on the Paraho process—promises for efficient and environmentally safe oil extraction, the company states. Read more »
16 May 2010 in Production (PO)
Canada-based operation management provider Zedi recently announced a successful field trial of its Smart-Skid technology in the Russian Federation. The trial allowed a major Russian oil and gas producer to avoid operational problems such as liquids loading in wells experiencing ambient temperatures of -50 °C. Read more »
Schlumberger recently launched its SeaConnect VSAT (Very Small Aperture Terminal) service for the offshore industry. This new service uses a portable marine C-band antenna and related technologies to provide connectivity to any offshore vessel or rig, regardless of size or location. Read more »
VeruTEK Technologies recently announced that trials of its VeruSOLVE Marine dispersant demonstrated promising results in cleaning up oil in marine environments. The company says that the low-toxicity, plant-based surfactant technology may provide an effective solution for US Gulf Coast communities dealing with the recent Gulf of Mexico (GOM) oil spill. Read more »
My Note –
So, on May 20, 2010 – a full month later – there is something in this group about it – “and by the way there was a disaster because of petroleum engineering” needs to be explained to this group and bring them into the “rest of the world” category out of their wherever it is separate from us.
On their front page – there is not one thing about the oil spill in the Gulf of Mexico, not about the failure of the blowout preventer now filling the Gulf with curdling putrid filth and neither does it mention anything about the failure of safety systems on the first explosions – nor of the failures in engineering the upside down funnel – top hat nonsense they already tried.
from their homepage –
Who we are
SPE is a professional association whose 92,000+ members worldwide are engaged in energy resources development and production.
Society of Petroleum Engineers – these jackasses are unbelievable. These aren’t engineers – they are something else, some other breed. In fact, they would seem to be more of an arm of a very corrupt petroleum industry that just wants to do things the way they want to do them sealing the fate of whatever it destroys and regardless of what is known about the risks and destruction it can cause.
– my note, cricketdiane
From CNN –
Lazard to Advise U.S. Treasury on Auto Asset Sales (Update2)
The agreement signals the Treasury Department is making progress on plans to sell the assets after providing GM with about $50 billion. GM Chief Financial Officer Chris Liddell said May 18 the automaker’s $865 million first-quarter net profit, the first since 2007, was a “good, useful step” on the way to an initial public offering that may come this year.
Lazard, the biggest non-bank merger adviser, was picked over firms including Greenhill & Co. and Perella Weinberg Partners, which also had been in talks with the Treasury, a person with direct knowledge of the matter said this month.
The New York-based firm will provide advice on “strategy and optimal timing to execute the disposition” of the assets, according to the Treasury. The assignment includes a $500,000 monthly fee in the first year, according to the document signed on May 17 and posted today on the Treasury’s website.
“The assignment includes a $500,000 monthly fee in the first year”
My Note –
Are they out of their minds? They are getting $500,000 a month to tell the US Treasury every month for a year – when to sell the assets from General Motors? Are they absolutely crazy?
And, Lazard is a real piece of work anyway. But why in f – in hell would they get paid $500,000 a month to do that? They say I’m breaking the national budget because the government gives me a $600 a month (more or less) disability check. I can tell them when to sell those assets –
In fact, right this minute – I’d like to tell them what they do need to do with them anyway – it would be a better job than the jackass bunch from Lazard will do. We are sure to get screwed with them having any hand in it. Give me a break.
– cricketdiane, 05-22-10
Regardless, I couldn’t do it any worse than they will do it.
Durn that makes me mad enough to spit nails.
First, I find the Society of Petroleum Engineers that aren’t in any way interested in even noting the horrendous damages that are occurring in the Gulf of Mexico and likely will be there for many generations to come that are the direct result of their work.
And, then I find that the bastards at Lazard which – just don’t even get me started about that – but are going to get $500,000 a month to tell the US Treasury when to sell the “goodies” and toxic crap that was left over to dump sometime from the General Motors financial disaster.
That has got to be way out in a world that makes hell look like a theory instead of a possibility.
And, damn again.
Its like they are playing with monopoly money – only it isn’t their money.
Okay, maybe its a typo – I’ll go over to the US TReasury site and see what it is – also, I’m on the EMM Explorer to look up some coverage of the oil spill from elsewhere – and on the explorer (rather than the news brief) – it has a story from Australia where BP is denying they have any fault in the cleanup not being what it should’ve been – so I’m going over to see that also.
BP denies botching oil spill clean-up
- By Stephane Jourdain
- From: AFP
- May 22, 2010 2:05AM
BP OFFICIALS deny botching the month-long clean-up of an oil spill off the Gulf of Mexico and deliberately hiding the true extent of the disaster.
With a thick sludge now washing up in the Mississippi delta threatening disaster for a wealth of animal and plant life, the US administration has set the British energy giant tight deadlines to come clean about their operation.
Just how much oil is gushing from a pipe ruptured when the Deepwater Horizon rig exploded and sank a month ago has been a contentious issue, with BP initially putting the figure at 5000 barrels a day.
“That was not just BP’s estimate. That was the estimate of the in-flight command, including NOAA and the Coast Guard. That’s the best estimate we have,” BP’s chief operating officer Doug Suttles said on Friday.
But the company says it is now siphoning 5000 barrels a day from the leak by a 1600-metre-long insertion tube device, and live webcam television pictures show more oil continuing to spew into the Gulf from the ruptured well, meaning the figure must be higher.
Anger Simmers Over Spreading Gulf Oil Slick
by NPR Staff and Wires
Protesters gathered for a candlelight vigil Thursday in New Orleans to mark the one-month anniversary of the BP oil spill.
May 21, 2010
Why wouldn’t they have any contingency plan? I’m not a genius, and even I would have thought of that.
E.J. Boles, resident of Big Pine Key, Fla.
Until now, only tar balls and a sheen of oil had come ashore in Louisiana. But chocolate brown and vivid orange globs and sheets of foul-smelling oil have begun coating the reeds and grasses of the state’s wetlands. Fishing boats loaded with oil booms have been going in and out of a command center in the St. Bernhard parish of New Orleans in recent days trying to contain the slick.
“We send the boats out on a daily basis in different rotations to either do boom repair work or put new booms in strategic places where we think the oil might be coming in,” Pat Touchard, an oil and chemical spill contractor hired by BP, told NPR.
The Gulf of Mexico slick is also spreading fear among potential tourists, with resorts in the Florida Keys reporting waves of cancellations ahead of the financially important Memorial Day weekend.
Enlarge Charlie Riedel/APA sign chastising BP is seen along a highway south of Belle Chasse, La.
“We’ve seen a tremendous amount of phone calls, we have got some cancellations, primarily because of the news reports of the tar balls that showed up at a couple Key West beaches,” said Andy Newman of the Florida Keys tourism council.
A month after the Deepwater Horizon exploded and sank, BP has conceded that much more oil is coming out of the well than it had acknowledged. The company originally estimated the leak at 5,000 barrels a day, but independent analyses, including one done for NPR, show the flow rate is much higher.
In the worst-case scenario, he said, the gusher could continue until early August, when engineers may finish a new well being drilled to try to permanently cap the flow. But Suttles said he believes the rich Gulf environment will recover, in part because it is a large body of water that has withstood other oil spills.
“I’m optimistic, I’m very optimistic that the Gulf will fully recover,” he said.
( . . . )
My note –
These people are thinking “big ocean – little oil never hurt nothing” – even still. I can’t believe it. I just can’t believe anybody could be that utterly stupid and arrogance isn’t even the word for it – what was the word for the people’s attitude that so completely and sadistically maimed others and snickered, mocked and derided their helplessness to prevent it even while torturing them? What is the word for that – it is what the BP executives and other oil industry groups, including the Society of Petroleum Engineers and the big Petroleum Industry trade group seems to have. What is that?
In the worst-case scenario, he said, the gusher could continue until early August, when engineers may finish a new well being drilled to try to permanently cap the flow. But Suttles said he believes the rich Gulf environment will recover, in part because it is a large body of water that has withstood other oil spills.
“I’m optimistic, I’m very optimistic that the Gulf will fully recover,” he said.
I can’t believe that a company and its decision-makers could do such a heinous crime as this – there were eleven men who died horribly, hundreds of men on the rig and in boats nearby that will never have a night of sleep again in their lives without the visions of it and barely escaped with their lives. The marshes, estuaries, beaches, delta, islands, fisheries, economies, animals, communities, people – and people and people and several generations of people beyond today will suffer as a result of this.
The man in the coastal area who is going out on a boat with BP paying to use him and his fishing boat because his wife is pregnant and there they are – and they have to do something to make it – but they are all being subjected to all of the toxic waste of this situation and have no protection from it whatsoever.
Talk about a captive audience. They are a captive audience, not only to history that is being made in a very negative scenario but to the subjection of all its effects without regard or safety or protection or any of the great things that money cannot buy – from good health, to a safe place to raise a family, to having a thriving wonderful community in which to live. None of that is available there in this mess. And it is just plain wrong.
Boom Effectiveness Test – Small Waves Render Booms Useless
May 20, 2010 | Panama City Beach, Florida |
I live in Panama City Beach, FL and they have began to stage booms along the coast of Shell Island in preparation for the oil spill in the Gulf of Mexico. I drove a jet ski to the staging point to demonstrate what little disturbance to the water’s surface is required to render the booms useless. If the oil does come our way, the booms BP is laying out are not going to protect our gorgeous white sand beaches and endangered species habitats.
As of Fri May 21 11:48:54 2010
The “top kill” method intended to stop the runaway flow of oil spewing into the Gulf of Mexico probably will be tried early next week, BP Chief Operating Officer Doug Suttles said Friday. FULL STORY | ECOLOGICAL FALLOUT | CNNMoney: PRICE OF A PELICAN |
CNN iReporters submit their ideas to solve the Gulf Coast oil disaster. CNN then asked Bill Nye to take a look.
My Note –
Well, here’s one I wished I hadn’t found looking for the Lazard thing on the Treasury site –
You’d just have to see it.
look at the securities column among others.
Found this too –
Wonder how that works.
January 13, 2010
Administration Completes Implementation of Initiative
To Support State and Local Housing Finance Agencies
Initiative Expands Resources for Working Families to Access Affordable Rental Housing and Home Ownership
WASHINGTON – The U.S. Department of the Treasury, together with the Department of Housing and Urban Development (HUD), and the Federal Housing Finance Agency (FHFA) today announced the completion of all transactions under the recently-introduced state and local Housing Finance Agency (HFA) Initiative, a key element of the Obama Administration’s Homeowner Affordability and Stability Plan. With these transactions, the Obama Administration helps support low mortgage rates and expands resources for low and middle income borrowers to purchase or rent homes that are affordable over the long term. Government Sponsored Enterprises Fannie Mae and Freddie Mac played a central role in both Initiative design and transaction execution. The HFA Initiative is expected to come at no cost to taxpayers.
Through more than 90 participating HFAs, the HFA Initiative will make affordable financing available to hundreds of thousands of new homebuyers and existing homeowners, as well as support the development and rehabilitation of multi-family rental properties. Mortgages can be used to purchase or rehabilitate homes, as well as refinance existing mortgages at more affordable rates. Participating HFAs are also expected to provide affordable multifamily loans that will help keep rents affordable for tens of thousands of renters. Participating state and local agencies have already begun providing affordable mortgages financed through the HFA Initiative.
“Supporting the work of state and local HFAs is critical to the Administration’s broader initiative to stabilize the housing market, which is helping to keep mortgage rates low and mortgage finance flowing for American households across the country,” said Treasury Secretary Tim Geithner.
“The assistance provided under the HFA Initiative will help maintain the viability of state and local HFAs which play key roles in HUD’s efforts to promote expanded access to affordable rental housing and serve as important players in making homeownership possible for hardworking Americans who otherwise would not be able to purchase or remain in their homes,” said HUD Secretary Shaun Donovan.
“Working together we were able to address the stresses on HFAs created by the housing market turmoil,” said FHFA Acting Director Edward J. DeMarco. “The Enterprises played a critical role, consistent with their mission and on commercially reasonable terms. Their successful execution of over 125 separate transactions, all in the final month of 2009, was an impressive achievement.”
“Given our long-standing partnership with state and local HFAs, we were able to move quickly to support the Administration’s initiative, which is targeted directly at affordable housing for America’s working families,” said Michael J. Williams, Fannie Mae President and CEO. “By creating $23 billion in much-needed, new housing capital for the housing finance system, this initiative will enable the HFAs to return to the level of market liquidity they have provided historically.”
“We applaud the successful completion of the HFA Initiative. Freddie Mac is proud to provide an essential financial link to the nation’s state and local HFAs that will support affordable homeownership and rental housing and help stimulate America’s housing markets,” said Freddie Mac CEO Ed Haldeman.
Local and State Impact of the Initiative
“These bond proceeds, combined with the $7.7 billion in retail housing bonds the Initiative requires state HFAs to issue, will allow HFAs to finance more than 200,000 affordable homes, while generating jobs and tax revenue for the economy,” said Susan Dewey, president of the National Council of State Housing Agencies (NCSHA) and executive director of the Virginia Housing Development Authority. “HFAs are already putting these resources to work to provide first-time home buyer mortgages and finance rental housing,” Dewey added.
“The National Association of Local Housing Finance Agencies (NALHFA) applauds the Treasury, Federal Housing Finance Agency, and especially the Government-Sponsored Enterprises for putting together, in a nearly impossible timeframe, this vital bond purchase program and liquidity facility. It will give participating local housing finance agencies the ability to significantly expand homeownership and rental housing opportunities for their lower income households,” said NALHFA President Patricia Braynon, Executive Director of the Miami-Dade County, FL Housing Finance Authority.
“The Treasury Initiative will provide loans to approximately 11,000 home buyers in Pennsylvania, as well as putting our home builders back to work,” said Executive Director of the Pennsylvania Housing Finance Agency Brian Hudson. “I believe a new and stronger partnership has been formed between the Administration, the GSEs, and state HFAs to deliver affordable housing across the nation.”
“As one of many HFAs that have participated in the Administration’s HFA Initiative, the Idaho Housing and Finance Association has been able to once again access the tax-exempt bond markets for affordable homeownership lending capital,” said President and Executive Director of the Idaho Housing and Finance Association Gerald Hunter. “Many prospective home buyers will be able to purchase homes because of this financing opportunity. And, it comes at a time when our economy needs all the assistance it can get. We appreciate the professional and focused efforts by the many staff members at Treasury, HUD, FHFA, Fannie Mae, and Freddie Mac to make this opportunity available for our citizens.”
Background on the HFA Initiative
On October 19, Treasury announced a new initiative for state and local HFAs to help support low mortgage rates and expand resources for low and middle income borrowers to purchase or rent homes that are affordable over the long term. Following up on the intent to support HFAs first outlined in February under the Homeowner Affordability and Stability Plan, the Administration’s Initiative has two parts: a New Issue Bond Program (NIBP) to support new lending by HFAs and a Temporary Credit and Liquidity Program (TCLP) to improve the access of HFAs to liquidity for outstanding HFA bonds.
The New Issue Bond Program (NIBP)
The New Issue Bond Program (NIBP) provided temporary financing for HFAs to issue new housing bonds. Treasury purchased securities of Fannie Mae and Freddie Mac backed by these new housing bonds. With these investments, the HFAs have issued an amount of new housing bonds equal to what they are authorized to issue with the allocations provided them by Congress but have been unable to issue given the current challenges in housing and related markets. The program may support up to several hundred thousand new mortgages to first time homebuyers this coming year, as well as refinancing opportunities to put at-risk, but responsible and performing, borrowers into more sustainable mortgages. The NIBP will also support development of tens of thousands of new rental housing units for working families.
The Temporary Credit and Liquidity Program (TCLP)
Fannie Mae and Freddie Mac are administering a Temporary Credit and Liquidity Program (TCLP) for HFAs to help relieve current financial strains and enable them to continue to serve their important role in providing housing resources to working families. Treasury has agreed to purchase a participation interest in the Temporary Credit and Liquidity Facilities (TCLFs) provided to HFAs under the program, providing a credit and liquidity backstop. The TCLP provides HFAs with temporary credit and liquidity facilities to help the HFAs maintain their financial health and preserve the viability of the HFA infrastructure so that HFAs can continue their Congressionally supported role in helping provide affordable mortgage credit to low and moderate income Americans, as well as continue their other important activities in communities.
Over 90 state and local HFAs representing 49 states participated in the NIBP for an aggregate total new issuance of $15.3 billion. Twelve HFAs participated in the TCLP for an aggregate total usage of $8.2 billion. The Initiative is expected to come at no cost to the taxpayers and to the Government Sponsored Enterprises.
For more information about the HFA Initiative, go to http://www.financialstability.gov/latest/tg_10192009.html.
Gulf Oil Spill
- LIVE: Underwater view of oil leak
- ‘Science Guy’ rates oil spill ideas
- Expert: Oil spill effects to reach Arctic
- Rand Paul: Obama being too tough on BP
Leave it to America –
BP targeted by Greenpeace protesters
independent 1:20:00 AM CEST
Exec: Both Gulf of Mexico, BP Will Recover
CBSnews 2:54:00 PM CEST
The Latest on the Oil Spill
IHT 6:49:00 AM CEST
BP yields to calls for live webcam pictures of oil leak
thetimes 4:22:00 PM CEST
BP denies botching oil spill clean-up
NEWScomAU 6:31:00 PM CEST
latimes 7:14:00 AM CEST
BP claims almost total capture of oil now escaping from Gulf of Mexico seabed leak
TheScotsman 1:48:00 AM CEST
Anger Simmers Over Spreading Gulf Oil Slick
NPRnews 5:49:00 PM CEST
Oil Spill Closes Louisiana Island Beach
CBSnews 9:09:00 PM CEST
BP denies coverup, spilled oil keeps coming
thestar 4:50:00 PM CEST
thestar 12:16:00 AM CEST
GRAND ISLE, La., May 21, 2010
Public Beach in La. Closed as Oil Washes Up
Officials Shut Down Beach in Grand Isle as Thick Globs of Oil Wash Ashore
Updated at 7:46 p.m. ET
Officials closed the public beach here Friday as thick gobs of oil resembling melted chocolate washed up, a very visible reminder of the blown-out well that has been spewing crude into the Gulf of Mexico for a month.
A band of oil runs the entire 7-mile length of the beach. A mile away, connected by two passes, is an unprotected state marine sanctuary, Strassmann reports.
Oil now stains 53 miles of coastal Louisiana, and more hits land every day.
- Play CBS Video Video Oily Mess along Gulf CoastlineResidents across coastal Louisiana, particularly fishermen, are outraged over British Petroleum’s lagging efforts to contain leaking oil. Mark Strassmann reports from Grand Isle, La.
- Video Oil Spill: One Month LaterA light sheen of oil has entered the loop current in the Gulf while heavy, thick oil is washing ashore in La. Kelly Cobiella reports.
DuBois told Strassmann he has warned BP for days that oil was coming ashore and that its response has been almost meaningless.
“So far they have not done anything,” DuBois told Strassmann. “They have not picked up a quart of oil yet … Nothing at all. Now it’s coming to the beach. They still don’t know what to do.”
CBSnews 2:54:00 PM CEST
Independent Petroleum Association of America
CURRENT IPAA REPORT (view all reports)
IPAA Washington Report (WR-2010-05-20.pdf)
FRIDAY FACT CHECKS (view all Fact Checks)
President Obama’s Proposed New Taxes on American Gas and Oil Production
IPAA’s fact sheet on the Obama budget/tax proposals with new revenue estimates that increase the revenues related to IDC and percentage depletion
Letter to Interior Secretary Salazar on New Rules to Onshore Federal Lands Leasing
IPAA takes issue with federal government rules that would hinder new American oil and natural gas exploration and production.
IPAA Letter to President Obama on the White House Forum on Jobs and Economic Growth – Dec. 3, 2009.
America’s natural gas and oil producers are ready to provide the energy, jobs and national security that the nation needs now.
IPAA Participates in First Hearing of the New House Natural Gas Caucus
Statement Of Incoming IPAA Chairman Bruce Vincent Before the House Natural Gas Caucus – October 21, 2009
IPAA’s Derivatives Reform Testimony to House Agriculture Committee
IPAA testimony on the importance of retaining use of the OTC market to manage financial risk for natural gas and oil producers. Testimony also supports greater transparency and increased oversight and enforcement authority for the CFTC.
IPAA Testimony Before Senate Finance Subcommittee on Obama Oil, Gas Tax Proposals – Sept 10, 2009
IPAA Chairman Buddy Kleemeier’s testimony on the impacts of the Obama Administration’s proposal to increase taxes on American oil and natural gas producers. The consequences include increased oil imports, less American energy.
Profile of Independent Producers (2009)
A survey of IPAA’s member companies and an inside look at their businesses, priorities and challenges.
Solving the Climate Change Puzzle
A look at the U.S. natural gas industry’s contributions to the economy and the nation’s climate change goals, prepared by the Natural Gas Council.
TOP 5 PRESS RELEASES (view all press releases)
IPAA Chairman Bruce Vincent (center) rings the NASDAQ stock market closing bell during IPAA’s Oil and Gas Investment Symposium in New York City. Click here.
The American Petroleum Institute, commonly referred to as API, is the main U.S trade association for the oil and natural gas industry, …. increases since 2003 · Price of petroleum · Society of Petroleum Engineers · Swing producer …
Jan 14, 2010 … The American Petroleum Institute (API) is the only national trade … They are producers, refiners, suppliers, pipeline operators and marine … we work with the National Science Teachers Association and other …
Mar 10, 2010 … Brick Industry Association Carpet and Rug Institute Coal Operators & Associates … Independent Petroleum Association of America Indiana Coal Association … National Milk Producers Federation National Mining Association …
May 13, 2010 … The API is the producer of a 16-minute video titled ‘Fuel-less: you can’t … Brian Westenhaus and the National Association of Manufacturers’s …. “The American Petroleum Institute, the oil industry’s main trade group …
CAPP is the voice of Canada’s upstream oil and natural gas industry. Canadian Association of Petroleum Producers.
Florida Independent Petroleum Producers Association, Inc. (FLIPPA), Pensacola, Florida … Gas Research Institute (GRI) / Gas Technology Institute (GTI) …
Who We Are
The American Petroleum Institute (API) is the only national trade association that represents all aspects of America’s oil and natural gas industry. Our nearly 400 corporate members, from the largest major oil company to the smallest of independents, come from all segments of the industry. They are producers, refiners, suppliers, pipeline operators and marine transporters, as well as service and supply companies that support all segments of the industry.
Although our focus is primarily domestic, in recent years our work has expanded to include a growing international dimension, and today API is recognized around the world for its broad range of programs:
We speak for the oil and natural gas industry to the public, Congress and the Executive Branch, state governments and the media. We negotiate with regulatory agencies, represent the industry in legal proceedings, participate in coalitions and work in partnership with other associations to achieve our members’ public policy goals.
Research and Statistics
API conducts or sponsors research ranging from economic analyses to toxicological testing. And we collect, maintain and publish statistics and data on all aspects of U.S. industry operations, including supply and demand for various products, imports and exports, drilling activities and costs, and well completions. This data provides timely indicators of industry trends. API’s Weekly Statistical Bulletin is the most recognized publication, widely reported by the media.
For more than 75 years, API has led the development of petroleum and petrochemical equipment and operating standards. These represent the industry’s collective wisdom on everything from drill bits to environmental protection and embrace proven, sound engineering and operating practices and safe, interchangeable equipment and materials.
Oil spill’s toll spreads far beyond gulf
Published: May 22, 2010 at 12:11 PM
May 22 (UPI) — Environmental devastation from the gushing Gulf of Mexico oil spill has spread as far as Europe and the arctic, scientists said.
“This is not just a regional issue for the wildlife,” Carl Safina, president of the Blue Ocean Institute, told members of the U.S. House Energy and Commerce Committee . . .
Safina said multiple forms of marine life across the Atlantic Ocean come to the Gulf of Mexico to breed.
( . . . )
“I think asking BP for answers is the wrong place to look,” he said. “They seem to have cut corners on some critical junctures. We keep asking their permission to go down and measure the oil that’s coming out.”
Sylvia Earle of The National Geographic Society said BP’s playing a leading role in containment efforts would amount to “relying on the foxes to look after the chicken coop.”
( . . . )
Safina suggested BP used dispersants so cameras would be unable to show the extent of the oil slick.
Gulf oil spill closes Louisiana beach
Published: May 22, 2010 at 1:54 AM
A giant oil slick 7 miles from Grand Isle was spotted from helicopters Friday.
“It’s coming our way. All that oil you’re seeing on Grand Isle beach now — that’s nothing compared to what’s coming,” one deputy sheriff told the Herald.
GRAND ISLE, La., May 22 (UPI) — The mayor of Grand Isle, the only inhabited island on Louisiana’s Gulf Coast, closed the beach to the public Friday after oil from the BP spill washed ashore.
Mayor David Camardelle closed the 8-mile-long island’s beach to its 1,500 residents and the thousands more tourists who normally flock to the vacation spot to fish and swim, The Miami Herald reported Friday.
Engineers nix using hair to soak up Gulf oil spill – USA Today –
May 22, 2010
Engineers nix using hair to soak up Gulf oil spill
Engineers are nixing the use of booms made out of hair to soak up the oil spill in the Gulf of Mexico, the Associated Press reports.Crews said Saturday that using hair wasn’t feasible and asked organizations collecting it to stop doing so, the story says.
An alpaca has his neck fur sheared at Eastland Alpaca Farm in Mount Joy, Pa. Hair from more than 100 central Pennsylvania alpacas was sent to the Gulf of Mexico in hopes of soaking up oil that’s being released by a leaking well.
By Casey Kreider, AP
Charlie Henry of the National Oceanic and Atmospheric Administration told the AP that hair booms became water-logged and sank in a short period of time.
In February, a test during an oil spill in Texas showed that commercial booms absorbed more oil and less water than hair booms.
National Oceanic and Atmospheric Administration chief Jane Lubchenco did not give a new estimate of how much oil the scientists think is leaking but said it’s important to know the volume.
British Petroleum said Thursday that its initial estimate of the spill, 5,000 barrels a day, is too low, the Times-Picayune reports.
“Five thousand was always understood to be a very rough estimate. That number was useful and sort of the best estimate at the time,” Lubchenco told the Picayune. “We’ve always pegged our response to the worst-case scenario.”
My note –
Weren’t they the same sons of bitches at every point that were saying it didn’t matter what the volume of oil spewing into the Gulf of Mexico might be and that there was no way to estimate it any better than that – and what was the other thing –
Oh yeah, that their experts had made that 5,000 barrels a day estimate they knew was exactly right and that the rest of us should not expect to understand these complex matters because we are all “lay” people and they are industry professionals.
Yeah, that”s what is said and conveyed over and over and over in every interview, every tape of every question and answer session with them, every tape of every broadcast and briefing as well as in every last shred of pulling no punches public relations propaganda they have been putting out multiple times a day for the last 31 days.
Now, I remember – they have experts and engineers for the petroleum industry and scientists that work for them and specialists who can’t measure this kind of thing – that’s why 5,000 barrels a day is the best and most accurate estimate of how much crude oil is pouring into the Gulf waters. I remember now.
Yep, and I do remember as Ms. Lubchenco who should’ve durn well known better – stood there downplaying all of it like she worked for the oil companies and the oil company, BP in particular instead of for NOAA and the American people. It beats all I’ve ever seen.
I hate to be “alarmist” but there is a massive problem in the Gulf of Mexico and despite how “big” it may seem to the oil companies who stand out on their little rigs in the midst of it and fly over far reaching vast spaces of the ocean to get there in the little helicopters they own – I’m here to tell you there is a massive life-threatening problem in the waters of the Gulf Of Mexico. (period)
And, what’s more – I think you all over there at BP and throughout the oil industry have known it all along or else you are blind, you are deaf, you are dumb and you are deranged. And, maybe – all of the above.
That is not the kind of businesses we need in America or anywhere else. That isn’t business – that is something significantly unprofitable to the human race and almost every living thing.
I don’t know what that is – but it isn’t business.
I’m getting cleaned up and go take a walk. There will have to be answers that actually are put into use which work and these people in charge of making a bigger mess out of what was already a disaster aren’t going to do one thing differently no matter what come hell, high water, crude oil up to the eyeballs of every living thing, air unbreathable, seas of our nation so polluted no one and nothing can swim in them, our beaches populated with crude oil and toxic chemical dispersants mixed with oil instead of rosy faced children and families vacationing as tourists, and there won’t be one thing fit to eat out of the waters of America for the rest of our lifetimes. But, they know what they are doing because they are experts. They can go to hell.
Yeah, I’m taking a bath and then going for a walk now. That is enough.
They have the same three solutions they started with . . . I don’t even see how that is possible.
The top hat, the top kill, the junk shot – who is coming up with this stuff> Are they spending most of their time trying to come up with a catchy name to establish it as an industry standard and get an award or something for having it accepted throughout the industry or what?
Maybe it is time we find out if the things they are planning to use have been successful in the past most of the time, sometimes, or occasionally. I don’t think that question has been asked at this point. Is is a 50 – 50 thing or have they worked differently than expected 2 out 3 times they were used or what?
Gone to walk to the store now that it is cool enough to do it.
Be back in a bit. – cd
Well, that was no fun at all. The air is filled with exhaust fumes from the cars and no wind, the humidity is impossible and it was too hot to be walking anywhere, even at night. And, everybody was racing their cars faster than the typical speed limit to eat up as much gasoline as possible so they can get their fair share before it is gone.
At least, that’s the case whenever the price goes up, the availability goes down, the scarcity of it is feared, the potential loss of it is feared. I’ve noticed it especially over the course of events the last few years and it matches what people did in Los Angeles during the oil shortages then. They would race their cars down the road faster than usual, go more places than they needed to go just in case they needed to get there and genuinely used more fuel making jackrabbit starts and idling their cars higher than they had to be when stopped at lights.
I saw them do it during the oil prices spiking a couple years ago, whenever it was. And, on the days that the price significantly spiked – this road wasn’t safe to walk down the sidewalk for the filth in the air and the speeding of the cars through here, even at night. I don’t know what the overwhelming fear is that drives it – but its like an obsessed need to use as much gasoline as possible to the point of making sure they have had their share of it not taken away. It is bizarre.
And, it was like that tonight. People were rushing around like they had somewhere pertinent to go that couldn’t wait and they needed to have left fifteen minutes ago to get there in time, but its Saturday night at 9.00 – our stores stay open late. There is no hurry. It is not a workday. And, if there are that many parties tonight that have to have started earlier in the evening and people are rushing to get to – then they need to stop going by Starbucks on the way sipping the caffeine or something.
But, most of all – the air is so filthy that when I don’t smoke, it smells like I’m standing behind a diesel truck that has been idling in an enclosed space for a long time when I walk down the sidewalk from here to the grocery store a mile away, especially when there is high humidity and no wind like there was tonight.
To be honest, all the way up to the store and a bit of the way back, I still kept thinking about that business getting $500,000 a month for every month over this next year in front of us, just to tell the US Treasury Department when to sell the GM stuff. And, I can expand that and know the fact is highly hellishly likely that they are giving that much or more every month at about 80 other companies of the same kind who are telling them when to sell the AIG stuff and the whatever stuff they took off the hands and books of Bank of America and Citigroup and not telling who all else.
And, I thought about how many jobs at $50,000 A YEAR that is for how many people and their families to keep their homes and to keep their financial well-being sound going forward. And, I think about the 6,000 houses in Detroit and how many in countless other cities and counties across America that we are paying from the Home Help – Keep Your House Programs money to tear down, as well as paying to buy them.
You know and I know that many of those building materials aren’t even the same anymore – many were made with hardwoods that we don’t even have now for building houses. And, they are just tearing them down with hundreds of thousands of people homeless across America.
In fact, that is the other thing I think about a lot – that the people who suited up every day, got there on time, did the job well, cared about their work, and cared about their family, their home and their community didn’t stay employed – they were let go.
And, the assholes on the top rungs who drove these businesses into bankrupt status that we had to bail them out of – are the worthless, show up three percent of the time, late, incapable, uncaring, greedy jerks that made 412 times what everybody else made at the company while doing little or nothing to earn it – and those are the ones these companies kept at the same time they unemployed everybody that was doing a good honorable job for the company. That’s what I think about as I’m walking to the store and back on days like this – and I don’t much like it.
These people have stolen America blind and their companies blind. They’ve leveraged the securities and assets of the company against future earnings until they bankrupted them. They raided every pension fund, health fund, savings plan and employee benefit program to give themselves the salaries and perks they’re enjoying and then they have turned to the vast array of employees and management teams who were actually doing their jobs and blamed them for the mess while laying off huge numbers of people as they went.
Then, it turns out as we know now that any revenues coming in the front door weren’t even going to pay out the overhead costs as these companies in our country were doing business.
It has all been loans and special privilege commercial paper and obtuse, complex credit derivatives, bonds and other leveraging that they have been using to pay themselves outrageously, pay high dividends to share holders and cover operating costs as they went.
That leverage still has every dime and dollar of future earnings tied up but the market base for their consumer-driven economic standing no longer exists because huge numbers of our population are out of work, their houses aren’t sellable at any increased but rather sit at a decreased price, their stock values and privately held portfolios are nearly worthless.
– cricket D