BP.... Back in Profit

[California Girl]

As I said months ago, BP has not gone bankrupt, as so many of my fellow Americans so desperately wanted. Quite the opposite, they're fine. Which in turn means their shareholders are fine. I'm glad that the millions of ordinary people who own BP stocks as part of their portfolio will not have their lives ruined.

Oil giant BP has announced a return to profit in the three months to September after last quarter's record loss.

The firm said its replacement cost profit for the period was $1.85bn (£1.15bn), as against the $17bn loss recorded from April to June.

The previous loss reflected the massive costs of the Gulf of Mexico oil spill crisis, which followed an explosion on a drilling rig in April.

BP said the cost of the oil spill had now risen by $7.7bn to $39.9bn.

Bob Dudley, who led the clean-up, became BP's chief executive last month.

He replaced Tony Hayward, who was criticised for his leadership during the crisis.

BP said the $39.9bn cost of the oil spill included $20bn set aside under pressure from the US government for compensation payments.


BBC News - BP back to profit after oil spill

 

[Mr. H.]

 

[JiggsCasey]

As I said months ago, BP has not gone bankrupt, as so many of my fellow Americans so desperately wanted. Quite the opposite, they're fine. Which in turn means their shareholders are fine. I'm glad that the millions of ordinary people who own BP stocks as part of their portfolio will not have their lives ruined.

Oil giant BP has announced a return to profit in the three months to September after last quarter's record loss.

The firm said its replacement cost profit for the period was $1.85bn (£1.15bn), as against the $17bn loss recorded from April to June.

The previous loss reflected the massive costs of the Gulf of Mexico oil spill crisis, which followed an explosion on a drilling rig in April.

BP said the cost of the oil spill had now risen by $7.7bn to $39.9bn.

Bob Dudley, who led the clean-up, became BP's chief executive last month.

He replaced Tony Hayward, who was criticised for his leadership during the crisis.

BP said the $39.9bn cost of the oil spill included $20bn set aside under pressure from the US government for compensation payments.


BBC News - BP back to profit after oil spill

Special lulz for the over dramatic assertion that shareholders' lives are "saved from ruin." ... yeah, as if diversification isn't a trademark of any sane share holder.

It's easy to claim you're "back in the black" when 1) the price of gas is up a quarter since then, 2) you bill one of your subsidiaries for part of your losses, and 3) you announce plans to sell off $30 billion of your own assets by the end of the year.

Any way you, or the your heroes at BP, care to spin it, ... all this does is show how Big Oil's fortunes are vital to a global economy desperate to keep feeding the beast. If we learned anything from the Exxon Valdez, it's that the oil giants are untouchable for a paradigm that can't exist without the assumption of "more tomorrow."

Unfortunately for them, there is no "more tomorrow," evidenced by the fact that they went through all this trouble to desperately tap into a pool of 55 million barrels (16 hours of global energy) a mile under the sea bed. Zzzz... Evidenced by the fact that ANWR has been revised DOWN to 10% of what they originally lied about... Evidenced by the fact that investors are walking away from shale and tar sands projects, left and right.... And evidenced by the fact that we occupy Middle Eastern nations for 7 years for the express purpose of taking what's left of their natural resources.

So, yeah, Anne. You can gloat all you like. But it doesn't change the fact that Big Oil is terminally ill, unless they coordinate on a Marshall Plan for alternatives. And they're too greedy and arrogant to ever do that. Just like their loyal little followers are who are ever faced with the prospect of "conservation."

Odd that the word "conserve" is so radioactive to "conservatives."

 

[Revere]

None of America's global competitors are moving away from fossil fuels.

 

[rdean]

As I said months ago, BP has not gone bankrupt, as so many of my fellow Americans so desperately wanted. Quite the opposite, they're fine. Which in turn means their shareholders are fine. I'm glad that the millions of ordinary people who own BP stocks as part of their portfolio will not have their lives ruined.

Oil giant BP has announced a return to profit in the three months to September after last quarter's record loss.

The firm said its replacement cost profit for the period was $1.85bn (£1.15bn), as against the $17bn loss recorded from April to June.

The previous loss reflected the massive costs of the Gulf of Mexico oil spill crisis, which followed an explosion on a drilling rig in April.

BP said the cost of the oil spill had now risen by $7.7bn to $39.9bn.

Bob Dudley, who led the clean-up, became BP's chief executive last month.

He replaced Tony Hayward, who was criticised for his leadership during the crisis.

BP said the $39.9bn cost of the oil spill included $20bn set aside under pressure from the US government for compensation payments.


BBC News - BP back to profit after oil spill

You forgot to mention the families that lost a husband, a brother, a son or a father. Not that I would expect anyone on the right to care. After all, they had BP to worry about. And BP is more important. After all, it's a company.

But things are looking up. The Republican who apoligized to BP on behalf of the Republican Party will probably become the new chairman of the Energy Committee. Who knows? Republicans may even get to block any reparations from BP and move the cost to the middle class where they believe it belongs.

 

[JiggsCasey]

None of America's global competitors are moving away from fossil fuels.

Not willfully. But it's inevitable.

 

[Revere]

Name one global competitor who is backing away from the exploration of new sources of fossil fuels.

 

[Big Black Dog]

I'm glad. I'd hate to know that they are charging almost $3.00 for a gallon of gas and not making any money.

 

[JiggsCasey]

Name one global competitor who is backing away from the exploration of new sources of fossil fuels.

Do you have a reading comprehension problem? I just said they're not willfully moving away in their desperate search for it.

That does absolutely nothing to prove we haven't reached peak. Discoveries peaked 40 years ago, and production has flatlined since 2004. What do you think that means?

 

[Revere]

Name one global competitor who is backing away from the exploration of new sources of fossil fuels.

Do you have a reading comprehension problem? I just said they're not willfully moving away in their desperate search for it.

That does absolutely nothing to prove we haven't reached peak. Discoveries peaked 40 years ago, and production has flatlined since 2004. What do you think that means?

I think it means a handful of industrialized nations desirous of knocking the US' block off can't be wrong.

 

[rdean]

Name one global competitor who is backing away from the exploration of new sources of fossil fuels.

Do you have a reading comprehension problem? I just said they're not willfully moving away in their desperate search for it.

That does absolutely nothing to prove we haven't reached peak. Discoveries peaked 40 years ago, and production has flatlined since 2004. What do you think that means?

What's this? Are they just making this stuff up? And the answer is yes, they are. These reserves increases are called "political" in the sense that OPEC production quotas are based on a member's reserve base. But here's the kicker: OPEC reserves never go down, they either go up or stay the same.

OPEC Will Never Run Out Of Oil - Decline of the Empire

 

[Old Rocks]

None of America's global competitors are moving away from fossil fuels.

My, my, every bother to read anything at all? Or do you just post opinions pulled out of your ass without any referances at all?

Germany Leads the World in Alternative Energy Run With The Wind JANET L. SAWIN New Internationalist n.357, Jun03

Germany Leads the World in Alternative Energy
Run With The Wind
JANET L. SAWIN New Internationalist n.357, Jun03
Clusters of tall white wind turbines spin gracefully atop green hillsides. Solar photovoltaics (PVs) are integrated into windows and rooftops of modern homes, factories and office blocks. Even the old renovated seat of government is fitted with solar panels. A utopian fancy? No, just Germany today. Remarkable considering that in 1990 Germany had virtually no renewable-energy industry and appeared an unlikely candidate for it. Utility monopolies, entrenched nuclear and coal industries and a general conservatism made Germany appear barren ground for renewable-energy advocates.

Joschen Twele, a wind-energy expert recalls: ‘When I started my job in wind energy [in the 1980s] I thought it had only a chance in remote areas of developing countries. So I concentrated on Africa.’

Yet by the end of the 1990s, Germany had transformed itself into a renewable-energy leader. With a fraction of the wind and solar resources of the U.S., Germany now has almost three times as much installed wind capacity (38 percent of global capacity) and is a world leader in solar photovoltaics as well.

And it has created a new, multibillion-dollar industry and tens of thousands of new jobs. The German wind industry now employs more people than nuclear power (an industry that provides 30 percent of the nation’s electricity) without a commensurate increase in electricity costs.

Germany now generates 4.5 per cent of its electricity with the wind and appears on track to meet government targets of 25 per cent by 2025. The government also considers solar photovoltaics an option for future large-scale power generation.

 

[Revere]

Germany is a small pond. Tell me about Russia or China and their exodus from fossil fuels.

 

[Sallow]

Thank you Dick Cheney and Joe Barton for saving those oil profits from greedy Americans.

 

[Revere]

But, but, Ken Feinberg was going to make it all better.

Didn't government make everyone equal?

 

[Old Rocks]

Germany is a small pond. Tell me about Russia or China and their exodus from fossil fuels.

My, my, once again trying to prove your ignorance? Germany exports more than the US. And the European Union exports far more that we do. Germany, by industrial exports is a bigger pond than the US.


TIANJIN, China — China vaulted past competitors in Denmark, Germany, Spain and the United States last year to become the world’s largest maker of wind turbines, and is poised to expand even further this year.


http://www.nytimes.com/2010/01/31/business/energy-environment/31renew.html?_r=1

Shiho Fukada for The New York Times
A worker inside a wind turbine at a factory in Tianjin, China.
China has also leapfrogged the West in the last two years to emerge as the world’s largest manufacturer of solar panels. And the country is pushing equally hard to build nuclear reactors and the most efficient types of coal power plants.

These efforts to dominate renewable energy technologies raise the prospect that the West may someday trade its dependence on oil from the Mideast for a reliance on solar panels, wind turbines and other gear manufactured in China.

Looks like China is preparing to eat our lunch here, also.

 

[Revere]

China manufactures more of everything.

They are still mining coal and opening up new oil fields and have no intention of slowing down.

 

[Luissa]

As I said months ago, BP has not gone bankrupt, as so many of my fellow Americans so desperately wanted. Quite the opposite, they're fine. Which in turn means their shareholders are fine. I'm glad that the millions of ordinary people who own BP stocks as part of their portfolio will not have their lives ruined.

Oil giant BP has announced a return to profit in the three months to September after last quarter's record loss.

The firm said its replacement cost profit for the period was $1.85bn (£1.15bn), as against the $17bn loss recorded from April to June.

The previous loss reflected the massive costs of the Gulf of Mexico oil spill crisis, which followed an explosion on a drilling rig in April.

BP said the cost of the oil spill had now risen by $7.7bn to $39.9bn.

Bob Dudley, who led the clean-up, became BP's chief executive last month.

He replaced Tony Hayward, who was criticised for his leadership during the crisis.

BP said the $39.9bn cost of the oil spill included $20bn set aside under pressure from the US government for compensation payments.


BBC News - BP back to profit after oil spill

Glad their shareholders will be fine, too bad their employees are still in danger. Hopefully now that they are not bankrupt they can start up grading their equipment, and stop putting so many workers in danger.

 

[Kat]

They're still working in the Gulf, daily. I saw them (crews) still combing the beaches the 1st part of October. Is still a continuous effort. No oil was hitting any beaches, but I think some small tar balls here and there.

 

[Kat]

As I said months ago, BP has not gone bankrupt, as so many of my fellow Americans so desperately wanted. Quite the opposite, they're fine. Which in turn means their shareholders are fine. I'm glad that the millions of ordinary people who own BP stocks as part of their portfolio will not have their lives ruined.

Oil giant BP has announced a return to profit in the three months to September after last quarter's record loss.

The firm said its replacement cost profit for the period was $1.85bn (£1.15bn), as against the $17bn loss recorded from April to June.

The previous loss reflected the massive costs of the Gulf of Mexico oil spill crisis, which followed an explosion on a drilling rig in April.

BP said the cost of the oil spill had now risen by $7.7bn to $39.9bn.

Bob Dudley, who led the clean-up, became BP's chief executive last month.

He replaced Tony Hayward, who was criticised for his leadership during the crisis.

BP said the $39.9bn cost of the oil spill included $20bn set aside under pressure from the US government for compensation payments.


BBC News - BP back to profit after oil spill

You forgot to mention the families that lost a husband, a brother, a son or a father. Not that I would expect anyone on the right to care. After all, they had BP to worry about. And BP is more important. After all, it's a company.

But things are looking up. The Republican who apoligized to BP on behalf of the Republican Party will probably become the new chairman of the Energy Committee. Who knows? Republicans may even get to block any reparations from BP and move the cost to the middle class where they believe it belongs.

Re the bolded...that was a STUPID thing to say...even for you.