BP Faces $18 Billion Fine For “Gross Negligence” In Gulf Of Mexico Spill

U. S. District Judge Carl Barbier in New Orleans ruled today that BP was “grossly negligent” in the 2010 Deepwater Horizon rig explosion and may face up to $18 billion in civil penalties, according to The WSJ. In addition, Transocean and Halliburton were found ‘negligent’ – a lessor offense – (fines up to $1,100 per barrel for ‘negligence’, $4,300 for ‘gross negligence’). This result comes 2 years after BP agreed to accept criminal responsibility for the disaster and to pay $4.5 billion in fines and restitution. BP quickly issued a statement that it will appeal the decision and believes the findings “are not supported by evidence at trial.”
As Bloomberg reports,
In a turning point after four years of legal wrangling over responsibility, U. S. District Judge Carl Barbier’s ruling laid the bulk of the blame on BP for the explosion, which killed 11 men and caused the largest offshore oil spill in U. S. history. BP, which has spent more than $28 billion on the accident so far, is exposed to as much as $18 billion in additional government fines and penalties.

This post was published at Zero Hedge on 09/04/2014.

Big-Oil CEO Faces His Failure by Keeping His Eyes Closed about Global Warming

Head of Oil Company that’s Most at Risk Of Declining Value
From Oil & Gas Is Burying His Head in the Tar-Sand About It
According to the landmark study of the impact that the rising world concerns about global warming will have destroying the market-value of oil company stocks, no large oil company is as vulnerable as Norway’s Statoil, but Statoil’s head says that he must drive his firm, and implicitly therefore Norway’s economic future, down the drain of this declining market-value. His response to the challenge, he says, must be to drive his corporate ship even straighter into the coming economic abyss for fossil-fuels firms.
He says:
Many people want Statoil to invest in all types of renewable energy activities. Often with no concern for whether the company can achieve realistic profitability within a reasonable time span. It is an easy stand to take for people who are under no obligation to run a profitable business. But I know who will be blamed if Statoil decides to invest five billion Norwegian Kroner in something which is in today, but turns out to be a fiasco in five years’ time,
The headline and sub-head of that article is: ‘Helge Lund uncertain about Statoil’s green future: It is not given that Statoil will become a green company.’ It was published on 21 August 2010, in the Norwegian newspaper, Stavanger Aftenbladet.
The reporters at Aftenbladet wrote: ‘He believes that one of the most important tasks for the years ahead is to reduce the cost of renewable energy.’ But nothing indicates that his firm (the one firm that’s the most at-risk of a big global-warming market-value hit) should hotfoot the way into this ‘green’ direction – switching away from investing in oil and gas, to investing instead in renewable energy. Exactly the contrary, in fact. Statoil’s President/CEO said:

This post was published at Washingtons Blog on September 4, 2014.

Keiser Report: Islamic State Startup (E648)

The following video was published by RT on Sep 2, 2014
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the Islamic State resembling the Taliban with oil fields – ie a whole lot like Oklahoma. They also discuss the new Misery Index, which shows labor force participation and velocity of money plunging. Meanwhile, back in America naked incidents are on the rise and, in Europe, suicide tourism rises four-fold. In the second half, Max continues his interview of bitcoin mogul, Trace Mayer, about bitcoin, central banking and geopolitics.

U.S. power waning as it seeks Europe’s agreement to sanction Russia more

While the U. S. reels from the triple bombshells of this week that have left the Superpower nearly impotent to act, an astonishing occurrence is taking place in diplomatic circles as Washington no longer feels it has the authority to simply impose economic sanction on Russia, but must beg to Europe to stand with them in a move where they hope will allow them to restrict the use of the SWIFT system by Russia.
Earlier this week, the U. S. faced three critical events in which President Obama appeared stunned and without the fortitude to act against. First, Russia placed several more chips on the table by cracking the decades long petro-dollar system, and will now allow for oil to be purchased directly in the markets with either Roubles or Yuan. Secondly, the President was cornered by the media on what the U. S. intends to do regarding ISIS, and what plans Obama is ready to implement to contain or destroy the Muslim Caliphate. In a press conference where Obama wore a taupe suit and grey tie instead of his normal blue power suit and red ensemble, the leader of the free world acknowledged that they had no plan ready to go, and as yet have no idea on how to confront the Muslim terrorists.
Finally, the worst fears for NATO and the U. S. appear to have happened as Ukrainian soldiers failed in their attempts to crush the Eastern rebels, and signs indicate that Russia is now going on the offensive to shut off Kiev from their vital energy links and ports by seeking control over Mariupol.

This post was published at The Daily Sheeple on August 31st, 2014.

False Flag Warning: Expert Reports ‘Imminent’ ISIS Threat To The U.S. Power Grid- Episode 456

The following video was published by X22Report on Sep 1, 2014
UK shocked as manufacturing growth has ended. Germany’s GDP has fallen by 0.2%. Europe is suffering from a decline in factory orders. Ecuador looking to replace the dollar with a digital currency. Facebook posts could get you on the US Government terrorists watch list. Ebola breakouts seems to coincide with new oil discoveries in West Africa. Dutch government will not release the voice recording. The Islamic State might have the ability to bring down the power grid in the US according to an expert. The central bankers/US Government have been pushing propaganda warning about the Islamic State terrorist attacks. We know its a false flag event. We know this will be an inside job to get the country into WWIII.

Iran Sanctions: US Plays Dirty Game

Washington’s Middle East policies are only meant to incite chaos, to capitalize on the chaos and turn things to its own benefit.
The nuclear talks which were infused with unnecessary optimism are no longer seen by many to yield much fruit as Washington once again reveals its true colors and pernicious intentions by imposing further sanctions on Iranian companies and individuals.
As a rule, Washington has never proved to be a trustworthy and reliable dialogical partner and any idea to the contrary stems from a nave perception of the realities on the ground.
On Friday, the US government announced the imposition of a new round of sanctions on over 25 Iranian individuals and companies, including shipping firms, oil companies, airlines and six banks despite the fact that Iran and the six world powers Russia, China, France, Britain and the US and Germany are in the process of talks with the intention of resolving the West’s nuclear standoff with Iran.
What seems to be the truth of certitude in this regard is that Iran will by no means back down on its rights in the least bit and that further sanctions imposed by the West will only conduce to the complication of an issue which could be resolved if the West really wanted.
In point of fact, the new sanctions which fly in the face of international laws and regulations have exasperated the Iranians and the Iranian officials and fortified the swelling distrust of the Iranian nation in Washington.

This post was published at Boiling Frogs Post on August 30, 2014.

The Financial War Waging Underneath The Surface PART 2 – The Daily Coin

(By The Daily Coin)
We cover three crucial topics – the economics of the new marijuana laws, the Shanghai Cooperation Organization and we wrap up with Fukushima. Fukushima is a global problem that is getting zero coverage. There is so little information being transferred about this ongoing nightmare that it is appalling.
We quickly turn to the Shanghai Cooperation Organization (SCO). Dave explains that the SCO is the Eastern version of NATO, with one major exception. Eric picks up and details how the SCO will encompass somewhere around 50% to 65% of the global population and three-fourths of the global mineral wealth, including oil. To all you scum-sucking bottom feeders in New York, Washington DC and London – put that in your pipe and smoke it!! This plays a big part in the current events in Eastern Ukraine, Syria and Iran.
SOURCE


This post was published at SRSrocco Report on September 1, 2014.

Libya May Be Focus Of Major Rift Between US And Regional Allies

Submitted by Defense & Foreign Affairs via OilPrice.com,
It had become clear by late August 2014 that Libya could no longer be seen as a unified state; at best it was in two parts, even with the communal leaderships of both sides professing a desire to resume national unity. By late August 2014, the country had two parliaments: one elected by the Libyan people, and the other given legitimacy solely by foreign support.
The situation seemed so intractable by that point that it was possible that a full military intervention by regional states, perhaps spearheaded by Egypt, could be attempted, with the goal of stabilizing the country and eliminating the foreign-funded and foreign-armed jihadis who were using Libya as a springboard for a proposed pro-Islamist war against the current Egyptian Government.
The proxy forces of the 2011 unilateral intervention by Qatar, supporting jihadis and the Muslim Brothers (Ikhwan), and by Turkey and the US, into the Cyrenaican revolt against Mu’ammar al-Qadhafi, were still dominating the Libyan political scene, much to the frustration of Libyan tribal forces.
Qatar was creating a ‘Free Egyptian Army’ in the Cyrenaica desert, and patterned on the ‘Free Syrian Army’ which Qatar, Turkey, and the US had built to challenge Syrian leader Bashar al-Assad.
Significantly, while the US and European Union (EU) continued in August 2014 to promote the concept of a unified Libya, they were basing their approach around what was essentially a modification of the mode of governance practiced by Mu’ammar al-Qadhafi, who seized power by a coup in 1969, and held it until 2011. Widespread Libyan calls for a return to the 1951 Constitution – drafted by the United Nations and the 140 or so Libyan tribes – have been consistently ignored by Washington and Brussels.
By August 2014, the foreign jihadist fighters – mainly linked to salafist groups and either directly or indirectly working with the Muslim Brothers (Ikhwan) – were still entrenched in Cyrenaica, in Eastern Libya (where the local moderate. anti-salafist Senussiyah sect of Islam predominates), supported by Qatar, Turkey, and the US Government. As well, they were entrenched around Tripoli.

This post was published at Zero Hedge on 08/31/2014.

A Big Summer Story You Missed: Soaring Oil Debt

Over 100 of the world’s largest energy companies are running out of cash
Some of the summer’s biggest news stories took place in the bombed schools of Gaza, the abandoned hospitals of the Democratic Republic of Congo, the wheat fields of eastern Ukraine and the bloody mountains of northern Iraq.
But one of the most important made virtually no headlines at all, and seemed to only appear on the website of the U. S. Energy Information Administration.
Last July the government agency, which has collected mundane statistics on energy matters for decades, quietly revealed that 127 of the world’s largest oil and gas companies are running out of cash.
They are now spending more than they are earning. Profits have lagged as expenditures have risen. Overburdened by debt, these firms are selling assets.
The math is simple. The 127 firms generated $568 billion in cash from their operations during 2013-2014 while their expenses totalled $677 billion. To cover the difference of $110 billion, the energy giants increased their debt load or sold off assets.
Given that the gap between earned cash and spending stood at a modest $10 billion in 2010, that’s a significant change for the industry as well as the global economy it fuels.

This post was published at Silver Bear Cafe on August 30, 2014.

Oil tanker with $100 million cargo goes missing off Texas coast

An oil tanker loaded with $100 million of disputed Iraqi Kurdish crude has disappeared of the coast of Texas in the latest development in a high stakes game of cat-and-mouse between Baghdad and the Kurds.
The AIS ship tracking system used by the U.S. Coast Guard and Reuters on Thursday showed no known position for the United Kalavrvta, which was carrying 1 million barrels of crude and 95 percent full when it went dark.
Several other tankers carrying disputed crude from Iran or Iraqi Kurdistan have unloaded cargoes after switching off their transponders, which makes their movements hard to track.
Days ago, the partially full Kamari tanker carrying Kurdish crude disappeared from satellite tracking north of Egypt's Sinai. It reappeared empty two days later near Israel.

This post was published at The Independent

The Fall of Man’s Logic

In Northern Alberta the leaves are already beginning to turn yellow as they begin their cyclical pattern of death and rebirth. The morning air is becoming cooler and the smells of autumn wrap themselves around me as I rise each morning for the hour long drive into the mines of Canada’s oil sands. Images of the long cold winter ahead creep into my mind with a sense of foreboding.
Leonardo Dicaprio was here last week doing research on what is most likely a work of protest against the oil sands. Mr. Dicaprio refers to it as the ‘tar sands’, the derogatory and politically incorrect name which is shunned by the industry and the region. Words are important in that they convey pre-loaded messages which are intended to extract a specific and desired response from the listener or observer. In this sense the word ‘tar’ is dirty but the word ‘oil’ is necessary.
Regardless, the world requires energy and energy is extracted from oil. With Goldman Sachs’ shale oil ‘quick grab’ almost at its viable end, it is only a matter of time before large amounts of energy investment is poured back into the oil sands and the Keystone XL Pipeline becomes fully operational along its extended length. After all, Obama only held it off long enough for Goldman to push the limits of the shale oil revolution to support the international dollar just a while longer.
Perhaps its shale oil versus tar sands with oil sands coming out as the clear winner.
The world will continue to need oil long after the last internal combustion engine has been retired to the automobile collections of the rich. Many of the products we use today require oil for their production or composition, such as plastics. The world will not wake up one day and no longer require oil, nor could it. Simply put, the world economy must slowly transition away from oil – if it can and where it can.

This post was published at Silver Bear Cafe on August 29, 2014.

Marc Faber Slams US Intervention In Middle East, Warns “Whole Region Will Blow Up”

Let’s talk about the ongoing power shift from the West to the East.
Well, basically, everything is connected and interrelated. We had a colonial system until the end of the Second World War, followed by the rise of individual countries. And over the last twenty-five to thirty years what we had was the rise of China with 1.3 billion people. Because of China’s rapid growth and resource dependence (iron ore, copper from Australia, Brazil and Africa, and oil principally from the Middle East), the Chinese have obviously become a very important economic force. Take Africa twelve years ago: trade between Africa and the US was twice the size of trade between Africa and China. But today, the situation is reversed.
As a result, China has gained large geopolitical influence due to its growing economic relations. This helped shift alliances from the US to the East, which has led to tensions. China has many provinces that are larger than a European country and as an economic block, China is huge! It dwarfs everything else in Asia. But now China is surrounded by military bases in Asia, by American aircraft carriers and by the signed defense treaties between the US and Japan.

This post was published at Zero Hedge on 08/29/2014.

Why Does the U.S. Support a Country FOUNDED With Terrorism, Which Is the MAIN SOURCE of Islamic Terrorism Today?

America Has Sold Its Soul for Oil A U. S. congressman for 6 years, who is now a talking head on MSNBC (Joe Scarborough) says that – even if the Saudi government backed the 9/11 attacks – Saudi oil is too important to do anything about it:

This is not an isolated incident. It is a microcosm of U. S.-Saudi relations.
By way of background, former MI6 agent Alastair Crooke notes that Saudi Arabia was founded with terrorism:
One dominant strand to the Saudi identity pertains directly to Muhammad ibn Abd al-Wahhab (the founder of Wahhabism), and the use to which his radical, exclusionist puritanism was put by Ibn Saud. (The latter was then no more than a minor leader – amongst many – of continually sparring and raiding Bedouin tribes in the baking and desperately poor deserts of the Nejd.)


This post was published at Washingtons Blog on August 29, 2014.

JPMorgan Warns Military Escalation In Ukraine “May Lead To A Lehman-Style Shock”

The sudden military escalation in Ukraine in recent days has, according to JPMorgan’s Alex Kantarovich, reduced the earlier hopes that the high level meeting in Minsk on 26 August would help to defuse the conflict. As Kantarovich warns, the markets are now bracing for the US/EU responses. In the worst case scenario, now appearing more likely, severe pressure on stocks may extend. As he concludes, “we believe that with the significant deterioration in the Ukrainian situation, markets may treat this as a Lehman-style shock.”
Via JPMorgan Cazenove,
Lehman moment. We believe that with the significant deterioration in the Ukrainian situation, markets may treat this as a Lehman-style shock. We note there are substantial fundamental differences between the current situation and the 2008/09 crisis; the oil price is now holding up relatively well and the economic contraction may not be that deep. On the other hand, for traded stocks, the challenges and risks to investability presented by sanctions could be practically open-ended. We demonstrate that revisiting the post-Lehman lows would imply downside of 50% from an index perspective, and ~40% from the forward P/E perspective (Fig. 1 and 2).

This post was published at Zero Hedge on 08/29/2014.

Central Bankers Will Attack ISIS and The Assad Regime – Episode 452

The following video was published by X22Report on Aug 27, 2014
France’s President replaces the economy minister with a central banker. France is collapsing, unemployment hits an all time high. China and Russia start using rubles and yuan for oil trade bypassing the dollar. NATO planning for more bases, military assets in Eastern Europe. US preparing to bomb the Islamic State which is a cover to bomb Syria and to remove Assad. The UN came out with a report which implicates the Islamic State and Assad in war crimes. The report also mentions the false flag chlorine chemical attacks which occurred in April. Russia is now being targeted as carrying out cyber attacks on the financial system. Be prepared the false flag event is coming.

New Book- CIA Plotted to Assassinate Nixon Over Vietnam Troop Withdrawals, Detente

Senator Howard Baker learned Agency Infiltrated and sabotaged the Watergate Break-in
Roger Stone, former Advisor to Richard Nixon and New York Times bestselling author of The Man Who Killed Kennedy – now says the same forces who killed JFK tried twice to assassinate President Richard Nixon for the same reason, Vietnam and their bitter opposition to detente.
A Washington Insider for forty years, Stone’s sweeping new book Nixon’s Secrets traced the ark of the career of the 37th President, Richard Milhous Nixon, the most brilliant, sad, bold, awkward, disciplined, insecure, proud and visionary man to ever serve as President.
Stone claims the CIA tried to kill Nixon twice in Miami in 1972. Nixon further inflamed the CIA for demanding their records on the Bay Of Pigs and the JFK assassination. ‘CIA Director Richard Helms and Nixon had so much on each other that neither could breathe’ says Sen Howard Baker in Stones’s book. When Baker asked Nixon who really killed JFK, Nixon barked ‘you don’t want to know’ according to CBS producer Don Hewitt.
The author who proved LBJ, the CIA, the Mob and wealthy right-wing Texas Oilmen plotted to kill John Kennedy in his first book The Man Who Killed Kennedy – the Case Against LBJ now says ‘The CIA, the JOINT CHIEFS, NSC all opposed Nixon’s rapid draw-down of troops from Vietnam, his arms control agreement with the USSR and the opening to China’ said Stone. ‘They thought Nixon would be the ultimate hard-line anticommunist and were shocked by his pro-peace foreign policies.’ Stone told the UK Daily Mail.
Stone says a military spy ring started spying on Nixon as early as 1969- with a Navy courier copying documents from burn bags, desks, files and even Henry Kissinger’s brief case and send the material to the Chairman of the Joint Chiefs Admiral Thomas Moorer says Stone and co-author Mike Colapietro, a veteran investigative Journalist.

This post was published at Lew Rockwell on August 27, 2014.

Forget Geopolitical De-Escalation – Here’s The Real Reason Why Oil Is Tumbling

As with every other asset-class in the world now, fundamentals have taken a very distant back-seat to both liquidity (flow) and positioning (technicals) as traders are increasingly (in one way or another) on the same side of the same trade. Mainstream media will proclaim US energy “independence”, US sanctions ‘winning’ over Putin, or US airstrikes ‘calming’ down Middle East uncertainty; but the real reason oil is plunging is… the biggest mass liquidation of speculative longs in recorded 30 year history over the last few weeks…

This post was published at Zero Hedge on 08/26/2014.

The Kardashians And Climate Change: Interview With Judith Curry

Climate change continues to drive energy policy, despite the fact that there is no way to reconcile eradicating energy poverty in much of the world with reducing carbon dioxide emissions. This is one of the many conundrums of the climate change debate – a debate that has been taken over by social media and propaganda, while scientists struggle to get back into the game and engage the public.
Judith Curry is an American climatologist and former chair of the School of Earth and Atmospheric Sciences at the Georgia Institute of Technology, as well as the co-author of over 140 scientific papers. Her prolific writings offer a rational view of the climate change debate. You can find more of Judith’s work at her blog: JudithCurry.com
In an exclusive interview with Oilprice.com, Curry discusses:
‘ The Koch-funded climate denial machine ‘ Why the public is losing trust in scientists ‘ How alarmist propaganda has skewed the climate debate ‘ How climate change has contributed to a new literary genre ‘ The impact of social media and the ‘Kardashian Factor’ ‘ Climate and the ‘clash of values’ ‘ Global warming or global cooling? ‘ The Polar Vortex and ‘global warming’ ‘ Extreme weather hysteria ‘ Why climate change should not drive energy policy
Oilprice.com: You’ve talked a lot about the role of communication and public relations in the climate change debate. Where do scientists fail in this respect?

This post was published at Zero Hedge on 08/25/2014