May 2, 2011

Ask the Expert: Michael Conathan on BP in the Gulf

CAP, Center for American Progress

Is BP following through on its pledge to “make things right” in the Gulf Coast?

In the months after the spill, at the request of President Obama, BP established a $20 billion escrow fund to pay economic claims arising from the impacts of the spill. But it’s worth noting that they also filed for a tax credit recently that would effectively leave taxpayers paying for $10 billion of that $20 billion fund. Also they put a three-year cap on claims against that fund, meaning that as of 2013 no more claims would be received or would be paid. It’s worth noting as well that in the aftermath of the Exxon Valdez spill the Herring Fishery in Prince William Sound didn’t collapse until more than three years following that spill. So fishermen in that case...

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TAGGED: oil, Clean Water Act, Conathan, Center for American Progress, Gulf Coast, BP Horizon oil spill, Michael Conathan


May 17, 2012
America's Future Under 'Drill, Baby, Drill'
Madrid/Gordon/Ramos, CAP
When it comes to Big Oil, the latest news clips say it all—soaring gas prices topping $4 a gallon; a record-high $33.5 billion, or $368 million per day, in 2012 first-quarter profits for BP, Chevron, ConocoPhillips,... more ››
May 4, 2012
Why Blame Energy Futures for Current Costs?
Scott Irwin, Wash Times
President Obama, doing his best imitation of a late 19th-century prairie populist, recently pinned the blame for rising gasoline prices on speculators in energy futures markets. . . more ››
It is difficult not to be wooed by Exxon Mobil (XOM). Even with the punches it has received, Exxon is still the big kid on the street that can take it and come back for more. With lower North American natural gas prices, an... more ››
Argentina’s Lower House voted on Thursday to approve the expropriation of 51 percent of YPF SA, the country’s largest oil company. Expect more international outrage in weeks to come, when President Cristina Fernandez de... more ››
May 4, 2012
Is Exxon Too Focused On Long-Term Growth?
R.B. Tracz, Seeking Alpha
Exxon Mobil (XOM) is a blue-chip company with a blue-chip management strategy. Exxon Mobil remains committed to a balanced production spread of gas and liquids. Though this might be an advantageous long-term strategy - gas prices... more ››