Shares in BP fell sharply in London, as UK industry expressed alarm at the ‘inappropriate’ and increasingly aggressive rhetoric being deployed against BP by Barack Obama, US president. Ed Crooks, the FT’s energy editor, talks to Daniel Garrahan about the dire situation for BP and why Obama is making the oil company a scapegoat.
Last night Nalco, manufacturer of the Corexit dispersants being used in the Gulf of Mexico, finally gave in to pressure and disclosed its ingredients, after the EPA listed some of them on its website – apparently without the company’s permission. Read more
Will the Gulf oil spill change oil supply dynamics? Many have pondered this question, as the International Energy Agency notes. But the IEA itself says that while it’s a tragedy, the likely effects on global oil markets are less striking. Read more
Even while the Gulf oil disaster might be concentrating minds on the risks of fossil fuels, US Congress is now looking more unlikely ever to pass an effective climate bill. And this does not bode well for international climate talks. Read more
The ignominies continue to pile up for BP as its share price continues to plunge (it’s now down more than 40 per cent since the April oil-rig explosion and at the lowest level since April 1997) and continuing oil-leak woes. Read more
Last week US company Cheniere Energy announced it planned to build an LNG export terminal on the Texas-Louisiana border. Does net exporter status beckon for the US? It’s not quite as clear-cut as that, yet. Read more
[Chart] Meanwhile, traders claim BP’s CDS has traded at 510bps on Thursday morning, up from 386 at the close on Wednesday. Read more
- 100,000 barrels per day?
- Lindsey Graham rambles about climate change
- How deep 5,000 feet is, illustrated
- See all the deepsea oil action in high definition
- Is China freezing renewable energy IPOs?
- Oil’s share of primary energy supply is falling rapidly [And more] Read more
- BP faces bill for lost drilling wages – FT
- BP finds unlikely ally in former critic – FT
- Obama’s BP attacks spark worries in UK – FT
- BP shares hammered amid scrutiny – Reuters
- Firefighters try to stop blaze at Iranian well – FT
- Business leaders call for tripling of US energy spend – NY Times [And more] Read more