Entries Tagged 'oil' ↓
May 2nd, 2010 — BP, Emergency, Environment, FEMA, Federal, Haliburton, White House, oil
Oil company BP, services company Haliburton, and the operator of the oil rig, Transocean, stand to face at least 36 lawsuits, including class-action suits, as well as costs of up to $8 billion over environmental damage fallout and personal injuries caused by the oil spill in the Gulf of Mexico in April.
The lawsuits include those from fishermen, shrimpers, charter boat operators and waterfront property owners whose livelihood depends on the coastal waters that are currently being threatened by an oil slick so big it is visible from outer space.
The White House, which has been openly criticized for a slow federal response to the crisis, said that President Barack Obama would visit the region today. He may meet with Tony Hayward, the CEO of BP, who was also on his way there from London.
Fisheries located east of the mouth of the Mississippi River were closed by early on Saturday. Among local fishermen and charter captains, it was the uncertainty of when the height of the oil slick might come, and what kind of damage it would do to their livelihood - that was bothering them the most.
October 11th, 2008 — Auto, Auto Loans, Automobile Industry, Bankruptcy, Credit Crisis, Credit Crunch, Economy, Financing, GMAC, Gas, Loans, Mergers, Mortgage Meltdown, Subprime Crisis, oil
General Motors and Chrysler are holding preliminary talks about a possible merger or acquisition of Chrysler by GM.
Chrysler already works on a joint project with GM making hybrid gas-electric components, and has approached GM about some type of merger or acquisition.
The Wall Street Journal, has said that Cerberus, a private equity firm that owns a large stake of Chrysler as well as about half of GM’s financing arm, GMAC Financial Services, floated the idea of trading Chrysler’s automobile operations to GM in exchange for GM’s remaining portion of GMAC. GMAC, while primarily an auto lender, also has a significant mortgage portfolio and lending operations that have been damaged by the subprime crisis.
April 21st, 2008 — oil
Oil prices have spiked up to a record above $117 a barrel early today after a Japanese oil tanker was attacked off the coast of Yemen.
The 150,000-ton tanker, Takayama, was fired upon about 300 miles off the Yemen coast in the Gulf of Aden while it was heading for Saudi Arabia.
None of the ship’s crew were injured, but several hundreds of gallons of fuel leaked before a hole in the tanker’s stern was repaired.
The Kyodo News agency reported that the Japanese tanker was fired on by a rocket launcher from a small boat.
News of the attack pushed crude oil futures higher into record territory.
Light, sweet crude for May delivery on the New York Mercantile Exchange rose to a record $117.40 a barrel but fell back to $116.80 in electronic trading by the afternoon in Europe, up 11 cents from Friday’s closing price. Oil prices had touched $117 on Friday before slipping.