“Millions of gallons of potentially hazardous chemicals and known carcinogens were injected into wells by leading oil and gas service companies from 2005-2009, a report by three House Democrats said Saturday.”Comments »
Monthly Archives: April 2011
The San Francisco company said its net income rose to $243 million, or 20 cents a share, in the three months ended March 31, from $6 million, or less than a penny a share, in the year-ago period. The 2010 quarter included a $126 million reserve for class action lawsuits.
Revenue climbed 23 percent to $1.21 billion from $978 million.
On average, analysts polled by FactSet expected earnings of 19 cents per share on $1.18 billion in revenue.”Comments »
Daraa, Syria chanting “leave, leave, leave”[YouTube:http://www.youtube.com/watch?v=n6dH6eT1v-Q&sns=em 616 500] Comments »
“Just a week before the one-year anniversary of the BP oil spill in the Gulf of Mexico, legislation that would greatly speed the pace of offshore drilling permitting has been approved by the Republican-led House Natural Resources Committee.
The bill would require the Interior Department to approve or deny permit applications within 60 days; after that period, permits would be granted automatically.”
“Even as leaders grapple with the nation’s fiscal troubles and urge expanded drilling for natural resources, their failure to remedy decades-old systemic shortcomings at the Interior Department may have allowed billions of dollars in royalties from oil and natural gas companies to slip away, increasing the burden on taxpayers.
By law, energy companies must pay one-sixth to one-eighth of the value of oil and gas obtained on public lands and in federal waters off the nation’s coasts. In practice, government auditors and Interior’s inspector general believe the industry is paying less than it legally should. Exactly how much less is anybody’s guess, but it is believed to be at least hundreds of millions — and possibly tens of billions of dollars.”
“The financial crisis came about as banks had an excessive amount of leverage and too many risky assets,” Paulson told French financial newspaper Les Echos.
“Trying to dictate what banks can or cannot do is not the solution. Instead, they should be made to strengthen their balance sheets to absorb potential losses and to hold fewer risky assets.”Comments »