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Oct 27, 2012

BP oil spill settlement before election seen unlikely

HOUSTON, Oct 27 (Reuters) – For a president locked in a
tough re-election fight, it may look like political gold: a
settlement between the U.S. Justice Department and BP Plc
over the Gulf of Mexico oil spill that could send billions of
dollars to Florida, one of a handful of politically divided
states that could decide the Nov. 6 contest.

Yet a last-minute settlement with London-based oil giant BP
is unlikely before the election, experts say. Neither the
Justice Department or President Barack Obama, whose race with
challenger Mitt Romney is deadlocked in most polls, want to
appear to politicize a deal. And Obama appears to face more
potential risks than benefits from any settlement at this point.

Oct 11, 2012

BP to export US crude to Canada, Shell seeks permit

NEW YORK/HOUSTON (Reuters) – Oil major BP Plc has secured U.S. government permission to ship U.S. crude oil to Canada, and Royal Dutch Shell has applied for an export license, as rising production in the world’s top oil consumer upends global energy flows.

A surge in output from shale oil reserves in the Bakken of North Dakota and Eagle Ford of Texas has raised U.S. domestic production to the highest level since 1995, light, sweet crude that could fetch better prices on international markets. The United States still imports more than 8 million barrels per day, making it the world’s biggest importer.

Oct 11, 2012

Oil sheen near BP Gulf spill site from Macondo well -US

HOUSTON, Oct 11 (Reuters) – An oil sheen spotted on the Gulf
of Mexico near the site of the sunken Deepwater Horizon rig
matches samples from BP Plc’s ill-fated Macondo well, the
U.S. Coast Guard said.

BP reported a sheen on Sept. 16 in block 252 of the
Mississippi Canyon, about 50 miles (80 km) off the Louisiana
coast. Test samples indicate that “the sheen correlates to oil
that originated from BP’s Macondo Well”, the Coast Guard said in
a statement late on Wednesday.

Sep 28, 2012

Fed’s Fisher says U.S. is “drowning” in unemployment

RICHARDSON, Texas (Reuters) – The United States is “drowning in unemployment,” its economy is running at stall speed and inflation is “not a problem,” but easier monetary policy is not the answer, one of the Federal Reserve’s most hawkish policymakers said on Friday.

“We’ve had a recovery that is quite disappointing,” Dallas Fed President Richard Fisher said.

Jul 31, 2012

Back to the futures: ICE swap switch offers boon to big traders

HOUSTON/NEW YORK, July 31 (Reuters) -
I ntercontinentalExchange Inc’s plan to switch all of its
cleared over-the-counter (OTC) energy products to futures
contracts could be a boon to large merchants looking to reduce
their exposure to potentially costly new rules.

The move, announced by ICE on Monday, will see the exchange
switch the designation of all of its cleared OTC swaps for
crude, refined products, natural gas, electric power and natural
gas liquids to futures contracts in January 2013.

Jul 24, 2012

BP, Transocean faulted for lax guidelines in Gulf spill report

HOUSTON, July 24 (Reuters) – BP Plc and Transocean
Ltd lacked clear guidelines for key tests to ensure that
the ill-fated Macondo well was safely sealed before it ruptured
and triggered the 2010 Deepwater Horizon disaster, U.S. safety
investigators said.

The preliminary report from the U.S. Chemical Safety Board,
to be delivered at a public hearing in Houston on Tuesday, puts
the spotlight back on missteps highlighted in prior
investigations as BP faces potential civil and even criminal
penalties over the incident.

Jul 14, 2012

Analysis: New law on BP spill fines raises stakes for Gulf states

HOUSTON (Reuters) – U.S. Gulf Coast states have a higher stake in the amount of money the U.S. government can wring out of BP Plc for the 2010 Deepwater Horizon oil spill due to a new law that would divert billions of dollars in potential BP fines to them.

The RESTORE Act, signed by President Barack Obama on July 6, directs that 80 percent of Clean Water Act penalties paid by BP be placed in a new trust fund for restoration efforts in the five coastal states damaged by the worst U.S. offshore oil spill: Louisiana, Alabama, Mississippi, Florida and Texas.

Jul 14, 2012

New law on BP spill fines raises stakes for Gulf states

HOUSTON (Reuters) – U.S. Gulf Coast states have a higher stake in the amount of money the U.S. government can wring out of BP Plc for the 2010 Deepwater Horizon oil spill due to a new law that would divert billions of dollars in potential BP fines to them.

The RESTORE Act, signed by President Barack Obama on July 6, directs that 80 percent of Clean Water Act penalties paid by BP be placed in a new trust fund for restoration efforts in the five coastal states damaged by the worst U.S. offshore oil spill: Louisiana, Alabama, Mississippi, Florida and Texas.

Jun 25, 2012

Tropical Storm Debby heads for Florida coast

HOUSTON (Reuters) – Tropical Storm Debby meandered on an uncertain track toward the Florida coast on Sunday, bringing strong winds and waves that forced the closure of about a quarter of offshore oil and gas production in the Gulf of Mexico.

Debby, the first named storm of 2012 to enter the Gulf of Mexico, was centered about 205 miles east-southeast of the mouth of the Mississippi River and was moving slowly northeast at around 3 mph at 4 p.m. CDT (2100 GMT), the National Hurricane Center said. Debby, no longer expected to gain hurricane strength, packed winds of 60 mph, the Miami-based center said.

Jun 24, 2012

Tropical Storm Debby threatens Louisiana coast

HOUSTON (Reuters) – Strong winds and heavy rain from Tropical Storm Debby reached the U.S. Gulf Coast on Sunday as the storm meandered toward the Louisiana coast with 60 mph winds, the U.S. National Hurricane Service said.

Debby, the first named storm of 2012 to enter the Gulf of Mexico, was centered about 190 miles southeast of the mouth of the Mississippi River and was moving slowly northeast at around 6 mph at 10 a.m. CDT (11.00 a.m. EDT). The storm was expected to strengthen into a hurricane by Tuesday night, the Miami-based center said.

    • About Chris

      "Chris has been a journalist for Reuters since 2001, when he joined the Washington DC bureau as a summer intern. As a correspondent in Washington, Chris covered energy policy, reported on Congress, the Supreme Court and federal agencies like the Environmental Protection Agency. As Houston Bureau Chief, Chris oversees a team of five reporters and covers general news topics like the BP oil spill, hurricanes, NASA, and national politics. In addition, Chris oversees a team of Power and Gas reporters in New York and Houston."
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