Home | About | Donate

Experts Say $17.5 Billion Writedown by BP Prove Oil Giant Knows 'Reserves of Oil and Gas Increasingly Worthless'

Originally published at http://www.commondreams.org/news/2020/06/15/experts-say-175-billion-writedown-bp-prove-oil-giant-knows-reserves-oil-and-gas

3 Likes

Past time to retrain those roughnecks into solar jobs

Any tax credits should go there

3 Likes

Up $1.10 per gallon here.
Britz Petro is London England, not USA, although they do own Houston texas just now.

They already sold the alaska pipeline and north slope production earlier this year for nearly 7 billion dollars.

The companies prez was on tv about three weeks ago saying he was using $35 per barrel for 2021 financials, capital expenditures, etc.

They have a massive refinery in Whiting, Indiana near Chicago’s east side. They process alberta tar sands crude which they pay less than $15.00 per barrel for. Produce diesel and aircraft fuel.

2 Likes

Funny how it’s so quick to go back up, but slow to come down, huh?

5 Likes

Yup, see the price drop at the pump, NOT.

1 Like

“Big Oil is finally admitting what we’ve been saying for the last ten years,” Fossil Free Media director and Stop the Money Pipeline campaign spokesperson Jamie Henn told Common Dreams . “Their reserves of oil and gas are increasingly worthless because there’s no way to safely, or profitably, produce them.”

Jamie Henn wears lots of hats. Presumably this is 350’s Jamie Henn? Are enviro-pros distancing themselves from McK & 350 lately? It’s not “Blackwater” anymore, it’s “Xe” – no no, check that, now it’s “Academi”. With so many fronts to flaunt, enviro-pros risk resembling the mercenaries they truly are.

1 Like

Trade agreements include “movement of natural persons” provisions to vastly lower the cost of labor in areas like energy, healthcare, education, environment, engineering, teaching, etc. by globalizing the labor market.

“Save your applause until BP announces its ceasing all exploration and rapidly phasing out existing production,” he added. “Until then, these vague commitments are about as meaningful as painting an oil rig green.”

Sooooo DAMN TRUE! If we know anything at all we know this: The major oil companies are greedy lying and rotten S.O.B.'s!

4 Likes

Seems a bit like a non-sequiter, frankly. True enough, but what does that have to do with the price of tea in China? I guess my point is I don’t trust Henn about anything. He’s just a shyster/salesman to me, and he sounds like one too.

To your point about “natural persons” (as opposed to “unnatural persons”?): The term I usually associate with such “movement” is “human trafficking”. Legally provided for by fancy agreements or not (probably not, mostly), such workers comprise the cheap-labor foundation of huge competitive enterprises spanning the USA: farmworkers, meatpackers, construction, healthcare, and domestics.

The term “movement of natural person” is used to denote Mode Four under the General Agreement on Trade in Services. It divides trade in services up into four “modes of supply” this vastly expands the scope of WTO laws to include basically countries entire economy, including lots and lots of things most of us would never in a million years realize were now under foriegn control. Look up “four modes of supply” on my site.

Its legal so technically its not “human trafficking” which is usually used for sexual slavery, and other forms of real slavery. Although those provisions have been used to bring people into the country for sexual exploitation. For example, there used to be a popular restaurant in downtown Berkeley, CA, whose owner turned out be engaging in human sexual trafficking. he claimed that the underage girls he brought in were computer programmers and adults but they were actually minors and being trafficked. As jobs become harder to find, people are going to become desperate for work so we have to be vigilant this doesnt increase a lot.

1 Like

You mean to say that some of it is legal. I’d be astonished if “human trafficking” of workers into those five sectors is completely on the up & up these days. To whom would it even matter whether it’s legal or not, when nobody ever checks?

2 Likes

In 2008, a large number of cables between US embassies were released by Wikileaks, one was a cable between the US embassy in Hyderabad India and some other entity describing the process of an investigation into applicants for work visas, at that time, more than 80% of the visa applications contained fraud.

So yes, its a very serious problem. But the real money is in IT slavery, not sex slavery.

2 Likes

The real money is in flat-out just-plain slavery, for the past 400 years.

Labor is very precious to those who can confiscate it cheaply, by threatening to revoke your papers if you make any waves (about protective equipment or anything). “Legal” and “illegal” in this sense is just a game with papers to facilitate oppression: arbitrary and meaningless in principle.

2 Likes

Thats what I was trying to get at. And its getting worse pretty quickly. This era now may turn out to be the last days of the middle class as we have known it.

1 Like

The “middle class as we have known it” is sustained by slavery. About time for it to expire, I’d say.

Now if we could only finish the job by retroactively seizing 100 percent of oil profits from every US oil company in order to begin to fund climate reform efforts.

3 Likes

“Experts say…”

This article does not contain a single source or quote from someone with a degree in finance or economics, so who are these experts and why is their opinion credible?

1 Like

The world will be a better place when the likes of BP et.al. goes down the memory holes of history. Until then I’m watching for the ‘sleight of hand’ tricks all these energy giants are prone to do. Some energy giants have banks of good lawyers that are quite good at the ‘bamboozle’. The bad lawyers become politicians.

2 Likes

This is what I mean, its a way of saving money on workers’ wages and doing an end run around nations’ labor laws.

~http://www.channelingreality.com/NAU/Migration/Trade_and_Guest_Worker_Programs_AFSC.pdf

Its based loosely on the kafala system in the Mddle East.

There’s only one possible way to make money on oil now. Buy every possible government. Buy every possible senator and state senator. The fossil fuel industry has been averaging $900 million per year on lobbying for the past seven years or so. They can and will double that, go to ten times that, if it gets their product out the door. We’re facing off against raw money and lots of it.

I strongly recommend forced R&D to get mostly self-heating houses, after-sunset dependable renewable electricity and efficient electric transit. When I say forced R&D I mean that committees of vetted green engineers set it up and plan it all. There is no such thing as an unbought government that will willingly drive the stakes into the coffin to end the vampire. We do this or else nobody ever, ever does this. That’s how it works.

Massive death is simply unacceptable to anyone at all. Actually it is acceptable to lots of people that you know. Maybe we need to figure out exactly why it could be acceptable to any sentient being at all.

Can’t you already hear those thousands of people standing packed close together in Jacksonville screaming “Drill Baby Drill” without their masks on?