Better Fill up today

[frawin]

This has gotten buried with all the bad news in the economy, but I thought it indicative of much business that is conducted between lobbyists and government. This all came about last week.

And this is important how??  Are we now into regulating what people do??

These people were breaking the law by accepting goods and favors from the oil companies involved. In turn they accepted certain bids and then lowered the real return that the American people should have received as royalties on the oil removed by these companies from public lands.

Happens in every industry. I question that the royalties were lowered, in fact I doubt that very much. Believe what you want, but if wasn't for the American Oil and Gas industry we would still be farming with horses. No other nation has had so plentiful supply or cheaper supply than the United States and it was all due to the Oil and Gas industry, in spite of what the liberals and Democrats have tried to do. If we ever become energy independent it will be because of the Oil and Gas Industry and in spite of what the liberals and the dems try to do to stop it.

[sixdogsmom]

Liberals and Democrats or communists or socialists had nothing to do with this! This involves greed pure and simple on both sides, the emplyees of the Mineral Management department and the oil companies involved. By appealing to the baser instincts or these few employees they were able to cut a deal and cheat the American people of what was rightfully theirs. This is not a charge that comes out of any campaign, but the result of an investigation by the FBI. Sorry Frank, but the oil industry deserves no more thanks for the development of this country than any other industry, and I refuse to think this should be overlooked.

[srkruzich]

These people were breaking the law by accepting goods and favors from the oil companies involved. In turn they accepted certain bids and then lowered the real return that the American people should have received as royalties on the oil removed by these companies from public lands.

Ohh kinda like obama is doing by accepting free haircuts, dinners, parties, favors, and all kinds of graft while being senator huh.

[sixdogsmom]

Steve, these folks are public employees with strict guidelines on the gifts they may accept and associations they may have with the oil companys. On the other hand, Senator Obama was the author and sponser of a successful bill that limits perks that can be accepted by members of the senate. This is not a partisan issue, but an instance where some people got caught stealing from you and me on the behalf of the oil companys involved and received gifts of money, cocaine, marijuana, alcohol, and sex. This is a clear cut scandal in the Minerals Management Office in Denver Colorado, and will probably have some repercussions that echo down for awhile. 

[sixdogsmom]

 
Conservatives Stay Under The Covers With Big Oil
 
Read More: Big Oil, Clean Energy, Energy, Offshore Drilling, Oil, Green News


    As predicted here last week, House leaders put an "All of the Above" energy bill on the floor.

And conservatives in Congress -- who pretended to support an "All of the Above" energy policy all summer -- rejected it, staying under the covers in bed with Big Oil.

The compromise bill -- which both allows states to lift bans on coastal drilling and repeals handouts to Big Oil so we can invest in clean energy -- passed the House without conservative support. Furthermore, President Bush -- for years the lead whiner demanding more drilling -- threatened to veto the bill.

Why? As the New York Times reports:

Among other objections, House Republicans joined industry in criticizing the measure because it would eliminate about $18 billion in tax breaks for oil companies, including a manufacturing deduction of particular benefit to large firms. The savings from the oil companies would be diverted to pay for tax breaks and incentives for renewable fuels, vehicles that use alternative energy and other fuel efficiency programs and research.
To review, conservatives are rejecting a bill that allows for more coastal drilling and more clean energy -- the exact "All of the Above" approach they claimed they wanted -- because it would take away special favors for Big Oil.

Whatever problems there are with this bill, it has served a useful purpose. It has exposed the lie that conservatives really believe in a comprehensive "All of the Above" energy policy.

Anything that makes Big Oil the least bit unhappy -- making oil companies pay their fair share in taxes, forcing oil companies to compete with clean energy companies, and actually giving us a choice for the energy we buy -- conservatives will fight to the hilt.

And since the conservative minority is large enough to either filibuster a compromise bill in the Senate, or sustain a veto from President Bush, we will remain at the mercy of Big Oil -- and forced to keep buying huge amounts of increasingly expensive oil.

[ELK@KC]

Look out people, I can see it coming now, this person is going to dig up something that says Obama and Biden are going to drill and produce all of the oil we need. You don't have a clue of what it takes to find and develop a big oilfield. And it is obvious you know absolutely nothing  about the Capital Markets.

[frawin]

Refilling fuel tanks after Ike to take weeks

Thu Sep 18, 2008 1:47pm EDT

HOUSTON (Reuters) - Oil refiners and producers on Thursday rushed to restore Gulf of Mexico production following Hurricane Ike, but energy traders and analysts warned it will take several more weeks to refill U.S. fuel inventories, increasing the risk of shortages.

At least five refineries were restarting out of 15 shut by Hurricane Ike that hit Texas on Saturday, while two switched off by Hurricane Gustav at the beginning of the month were restarting, as producers flew crews back to platforms across the Gulf of Mexico.

"They (The markets) are factoring in a quick return of refineries and are looking the other way regarding the gasoline situation," said one trader, who asked not to be identified by name. "I think that's a mistake."

Gustav and Ike's one-two punch sent national gasoline inventories to record lows according to statistics released by the U.S. Energy Information Administration on Wednesday, fueling a rebound in U.S. crude oil prices hammered by the dismal U.S. economic outlook as investment banks meltdown in the global credit crunch.

"Total refined products losses may top 80 million barrels," Mark Kellstrom, analyst for Strategic Energy, said in a note.

"The huge hurricane related adjustment in just two weeks has moved comparative inventories to a very low level that was last matched in August of 2003, just prior to a 30-month run-up in (benchmark West Texas Intermediate crude oil) prices," Kellstrom wrote.

On Thursday morning, U.S. crude oil prices have climbed to over $100 a barrel before falling to just below the $97.16-per-barrel level where it finished on Wednesday.

As of Wednesday, 95.9 per cent of the 1.3 million barrels of oil and 82.3 percent of the 7.4 billion cubic feet in natural gas taken daily from the Gulf remained shut, according to the latest information from the U.S. Minerals Management Service.

The Gulf provides a quarter of U.S. oil production and 15 percent of natural gas output.

[frawin]

Hurricane Ike destroys 49 oil platforms in Gulf

By H. JOSEF HEBERT – 13 hours ago

WASHINGTON (AP) — At least 49 offshore oil platforms, all with production of less than 1,000 barrels a day, were destroyed by Hurricane Ike as it raced across the Gulf of Mexico, and some may not be rebuilt, the Interior Department said Thursday.

It said in the latest hurricane damage assessment that the platforms altogether accounted for 13,000 barrels of oil and 84 million cubic feet of natural gas a day. There are more than 3,800 production platforms in the Gulf producing 1.3 million barrels of oil and 7 billion cubic feet of gas each day.

Most remain shut down.

The report by Interior's Minerals Management Service said the agency was conducting helicopter flyovers of the Gulf waters to investigate unconfirmed reports of oil spills and oil sheens, but that it was too early to issue any definitive findings.

"There are no reports of oil impacting the shoreline or affecting birds and wildlife from releases in the Gulf of Mexico federal waters," said the agency.

The agency also said five gas transmission pipeline systems sustained damage, although the extent of damage is not yet known. It earlier had reported four oil drilling rigs had been destroyed and another damaged.

Meanwhile, the Energy Department reported that as of midafternoon Thursday, 12 of 31 refineries in Texas and Louisiana, with a total production capacity of 3 million barrels a day, remained shut down as a result of the hurricane that swept through the region on Sept. 13. A number of the others are operating at reduced runs.

More than 2.3 million electricity customers in six states as far away as Pennsylvania remain without power as a result of the hurricane and its aftermath of heavy rain, said the department. Of those, 1.6 million customers are in Texas.

Other states affected are Louisiana (18,804 customers), Kentucky (167,740), Indiana (36,800), Ohio (488,900) and Pennsylvania (16,730), according to the department.

About 93 percent of the Gulf's crude oil production remains shut down as does 77.6 percent of its natural gas production, said the Minerals Management Service.

The Energy Department said 10 of 39 natural gas processing facilities also were still closed as a result of the Hurricane Ike and Hurricane Gustav which hit two weeks earlier, giving the Gulf's energy infrastructure a glancing blow.

The Gulf region accounts for 25 percent of the country's domestic oil production, or about 1.3 million barrels a day, and 15 percent of its natural gas supplies, or about 7 billion cubic feet of gas a day.

[frawin]

Oct-08 Crude is trading at $100.15, up $2.27, Oct-08 Natural Gas is trading at $7.655, up $0.034.

[frawin]

In the last day of trading for Oct-08 Crude settled at $104.55 up $6.67 on the day, Oct-08 Natural Gas settled at $7.531, down $0.09 on the day.