oil companies

Fri, 2014-10-17 14:00Mike Gaworecki
Mike Gaworecki's picture

More Oil Companies To Disclose Risks Of Fracking, Climate Change To Investors

Last week brought yet more evidence that investors in oil and gas companies are waking up to the risks of fracking and climate change.

Two natural gas companies, Anadarko Petroleum and EOG Resources, recently struck a deal with New York Attorney General Eric Schneiderman to disclose the financial and environmental risks associated with fracking to their shareholders, including “probable future regulation and legislation” that could impact their operations, according to a statement released by Schneiderman's office.

The agreement resolves a probe by Schneiderman into the disclosure practices of oil and gas companies begun in 2011.

Business media outlets like Bloomberg are framing the story very much as “oil companies doing the right thing,” but it's important to note that these companies would not be doing this if they didn't feel it was in their best interest—and generally whatever keeps shareholders happy is in a company's best interest.

Bloomberg notes that the oil companies are hoping “to ease public fears about fracking after legal setbacks and concerns over water pollution.” As is becoming increasingly clear, concerns over water pollution are all too valid.

Legal setbacks are probably keeping any fracker in New York up at night, as well, after the New York state supreme court ruled in June that municipalities have the right to adopt their own rules on fracking.

So far, 180 New York towns and cities have issued a ban or moratorium on fracking.

Fri, 2012-07-06 17:11Farron Cousins
Farron Cousins's picture

FreedomWorks Fails Basic Math And Economics To Smear Renewable Energy Investments

The corporate funded, Libertarian/Conservative “think tank” FreedomWorks is doing their best to convince Americans that taxpayer-funded energy subsidies and loans are a waste of our resources. Of course, that doesn’t apply to the massive giveaways to the dirty energy industry, only to the federal loan programs established to invest in cleaner, renewable energy companies.

Touting the superiority of the so-called “free market” over the actions of the government, a recent report titled “Free Markets, or Government Knows Best?” by Wesley Coopersmith broke down the amount of money that the federal government has allocated to renewable energy projects, per the American Recovery and Reinvestment Act of 2009, and compared the amount of money given to the number of permanent jobs created by each company. Here’s what Coopersmith had to say:
  

Under the 1705 loan program, taking up half of the funding form the Loan Guarantee Program, 2,378 permanent jobs were claimed to be created. If you do the math right, this works out to costing the taxpayer $6.7 million per job created. I don’t know about you, but if it takes the government $6.7 million to create one permanent job, something is wrong.

The combined amount of money given to alternative energy companies, through the 1705 and 1703 Loan Programs, totals around $19.2 billion. According to the US DOE, 3,498 jobs have been or will be created because of these loans. This comes out to almost $5.5 million in cost per one permanent job created.

Unfortunately, these projected permanent jobs created are an overestimation, if you take away the jobs lost due to six of these companies going bankrupt. Solar Millennium Inc., LSP Energy LP, Ener1 Inc., Beacon Power Corp, Abound Solar, and Solyndra LLC combined have received over $3.5 billion from the Logan Program yet have produced zero jobs and hurt the fragile U.S. economy.
 

Coopersmith also provided a helpful chart that shows exactly how much money each (of a select few) company received and how many permanent jobs were created. For credibility purposes, Coopersmith even linked back to the U.S. government’s official website and used their own numbers on permanent jobs per company, as well as how much each received.

The problem with Coopersmith’s analysis is that he omitted several important numbers in his calculations. For example, he only lists the permanent jobs created by each company, failing to add in the number of construction jobs that would be created by each project. He also used the total amount of money that had been allocated to each company, not the amount that had actually been paid.
  

Thu, 2010-06-10 19:00Morgan Goodwin
Morgan Goodwin's picture

Exercise in Denial: BP Still Claims No Oil Plumes

BP Executives Tony Hayward and Doug Suttles have repeatedly denied the existence of underwater oil plumes in recent weeks.  They cite expert evidence and studies, even as multiple other studies have shown the existence of plumes.  Just how deep is the culture of denial in this large oil company?

Energy Boom reported on May 31st that “Hayward said samples taken by the company show no evidence of large masses of underwater oil.  He said that oil’s natural tendency is to rise to rise to the surface, and any oil underwater is currently making its way to the top.”

Days earlier, on May 28th, the Wall Street Journal reported a University of South Florida research vessel discovered an oil plume 1300 feet below the surface.  Then on June 9th, a two-week research expedition on the Walton Smith (pictured above) found overwhelming amounts of evidence for plumes and large clouds of oil below the surface.  The samples, pulled from depths of up to 1200 meters “stank to high heaven,” researcher Smanatha Joye said. “They smelled like creosote, asphalt and diesel.”

Yet on June 9th BP COO of Exploration and Production told NBC’s Today show still defended Hayward’s statement, saying “we haven’t found any large concentrations of oil under the sea” and that it “may be down to how you define what a plume is here.” Watch the whole chilling interview:

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