Oil Companies Still Hiding the True Risks of Deepwater Drilling from Investors
Posted: 03 Aug 2012 04:38 PM PDT
Oil and gas companies are doing a terrible job of disclosing climate and deepwater drilling risks, even in light of the tragic Gulf of Mexico oil spill, according to a new report.While companies are making extensive capital investments related to climate change and deepwater drilling, they are generally failing to adequately disclose the associated risks in a manner consistent with US Securities and Exchange Commission’s (SEC) rules and growing investor expectations, according to a report co-authored by Boston-based investor coalition Ceres…
Iraq’s Kurdish Region Pulling Away from Baghdad Control
Posted: 03 Aug 2012 04:34 PM PDT
To paraphrase Apollo 13, “Baghdad, we have a problem.” Iraq’s Kurdistan Regional Government’s (KRG) is increasingly signing unilateral oil deals with international oil giants, bypassing Baghdad. Iraq’s central government is insisting that all such regional deals first be cleared by the Iraqi government, but the oil majors have apparently concluded that such diplomatic niceties are largely irrelevant in their search for profits, and are now cutting deals directly with the KRG in Iraqi Kurdistan’s capital Erbil. The…
India’s Future in the Dark Following the Latest Blackouts
Posted: 03 Aug 2012 04:28 PM PDT
Electric power was restored across northern India on Wednesday after an electric grid failure on July 30 and 31 resulted in the world’s largest blackout. More than 600 million people, or nearly one tenth of the global population, were affected.As the country’s economy and population continues to rapidly expand, the energy crisis has sharpened fears about India’s ability to invest in the infrastructure needed to support it.“As one of the emerging economies of the world, which is home to almost a sixth of the world population, it is imperative…
Tax Breaks – Big Oil Makes Massive Profits whilst the Federal Budget Struggles
Posted: 03 Aug 2012 04:26 PM PDT
Second-Quarter Earnings Race Ahead, Boosted by Tax BreaksMiddle-class families may have gotten some relief in the second quarter of 2012 due to slightly lower gasoline prices compared to the first quarter of the year, but billions of dollars in big profits continue to pile up at the Big Oil companies. In the first half of 2012, the five biggest oil companies—BP plc, Chevron Corp., ConocoPhillips, ExxonMobil Corp., and Royal Dutch Shell Group—earned a combined $62.2 billion, or $341 million per day. This compares to an average dip in…
Panasonic’s New Process for Artificial Photosynthesis Looks Promising
Posted: 03 Aug 2012 04:08 PM PDT
Tuesday the web started noticing that Panasonic has developed an artificial photosynthesis system, which converts carbon dioxide (CO2) to organic materials. A quick review of the web site commentary revealed how far the assumptions got before Panasonic got the press release open and out in English on the corporate site in Japan.What Panasonic has developed is three major improvements in one process.The first part is Panasonic has taken CO2 directly to formic acid, a valuable precursor to numerous petroleum like compounds including fuels. …
Sanctions Cost Iran $133 Million a Day in Lost Revenue
Posted: 03 Aug 2012 04:01 PM PDT
According to a recent report by Bloomberg, the US and EU sanctions have already caused a 52% fall in shipments exporting oil from Iran, equating to 1.2 million barrels per day, about $133 million worth of crude.US Congress has now passed a new set of sanctions aimed at punishing banks, insurance companies, and shipping companies which deal with Tehran in oil trades.Republican Representative Ileana Ros-Lehtinen, chair of the House Foreign Affairs Committee, said that the new sanctions seek “to tighten the chokehold on the regime beyond anything…