Archive | January, 2009

Press Release

Exxon & Chevron’s Record Profits

CONTACT: 213-280-0175 (cell); or 310-392-0522, ext. 305

30. January 2009

Exxon & Chevron’s Record Profits

Energy Prices That Deepened Recession Drive Exxon, Chevron to Yearly Profit Records, Says Watchdog Oil Giants Cling to Cash Hoards and Trim Output, Setting Trigger for Next Price Spike Santa Monica, CA — Consumers left deeper in debt by 2008’s record price gyrations for gasoline and heating oil now find that their money landed in […]

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News Clipping

Shell Refinery May Be Idled

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29. January 2009

Shell Refinery May Be Idled

Bakersfield Refinery May Be Idled Indefinitely Big West is unable to buy the crude oil to keep the facility running. Job cuts are imminent. By Marla Dickerson, LOS ANGELES TIMES January 29, 2009 A financially troubled Bakersfield refinery appeared headed for a prolonged shutdown after management on Wednesday informed workers that it hadn’t been able […]

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Press Release

Shell’s 4th Qtr Profit Or Loss?

CONTACT: (310) 392-0522, ext. 305; or cell 213-280-0175

29. January 2009

Shell’s 4th Qtr Profit Or Loss?

Shell Oil: Is It Profit or Loss? Paper Losses Blur Hard-Cash Record Profits in Industry Oil Production and Gasoline Refining Cuts Increase Odds of Future Price Spikes, Says Watchdog Santa Monica, CA — Shell’s 4th quarter loss of $2.8 billion, based on the lower value of its oil inventory, turns into a $4.8 billion quarterly […]

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Press Release

Conoco’s 4th Qtr Loss

CONTACT: 213-280-0175 (cell); or 310-392-0522, ext. 30

28. January 2009

Conoco’s 4th Qtr Loss

Conoco’s Loss: Consumer Group Sees Trend of Major Oil Companies Waiting Out Recession, Not Investing for Recovery Corporate Cutbacks Now Likely to Generate Price Spikes Later As Economy Tries to Recover Santa Monica, CA — Conoco Phillips’ CEO today deflected questions on the company’s layoff plans, investment cutbacks and refineries, saying the company was hunkering […]

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Blog Post

Wheels cut from under transit

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27. January 2009

Wheels cut from under transit

1-27-09 by dugan Now we know global warming will stick around for 1,000 years, and every extra pound of carbon emitted will make things worse. That report from scientists at the National Oceanic and Atmospheric Administration should make it a top priority to cut emissions. So what do we get instead? A report in the […]

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Blog Post

Oil profits: Watch the other hand

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26. January 2009

Oil profits: Watch the other hand

1-26-09 by dugan The major oil companies will be reporting their 4th quarter 2008 and annual profits this week, and here’s a safe prediction: They’ll lean on the drop in their 4th quarter profits as the price of oil tumbled, glossing over the fact that most or all of them will reap another year of […]

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Blog Post

Sarkozy is crazy… Like a fox

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23. January 2009

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Sarkozy is crazy… Like a fox

1-23-08 by dugan Despite the fondness of American conservatives for France’s "cowboy president" Nicolas Sarkozy, his proposal to bargain with OPEC for fixed and stable oil prices was all but ignored in the U.S. news media. It must have seemed too wacky to consider. But it’s not any crazier than what’s happening right now with […]

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Blog Post

Don’t cry for Chevron and Exxon

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22. January 2009

Don’t cry for Chevron and Exxon

1-22-09 by dugan   Can California’s poor little oil companies–Exxon, Shell, Chevron and Occidental Petroleum among them, afford in these bad times to pay something back to California for oil they extract and sell in the state? Oh, get real. Of course they can, as Richard Holober of the California Consumer Federation so easily shows […]

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Blog Post

Treat refiners like utilities? Yep.

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21. January 2009

Treat refiners like utilities? Yep.

1-21-09 by dugan It’s not exactly a buzz yet, but there’s discussion in Washington about banks becoming more like regulated public utilities. Let’s add to that the refining business, which has more in common with electricity producers than banks do. Tougher regulation of refiners is something OilWatchdog has advocated for a few years–and these days […]

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Blog Post

Predator Exxon

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19. January 2009

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Predator Exxon

1-19-08 by dugan How’s your 401 K? Having any trouble paying the mortgage, or the rent? Not Exxon’s problem. It’s on the hunt for bargains–specifically, other oil companies. There’s been a burst of stories like this one, from the British Guardian newspaper, about Exxon’s $40 billion cash hoard burning a hole in the corporate pocket. […]

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Blog Post

Anything to boost oil’s price

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15. January 2009

Anything to boost oil’s price

1-15-09 by dugan There are tanker ships loaded with cheap crude oil just floating around the oceans waiting for the price to go up, says a report today by Clifford Krauss of the New York Times. There’s more oil filling every available storage tank on land. The story of hoarded oil is fascinating, but the […]

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News Clipping

Why Gas Rises While Oil Drops

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15. January 2009

Why Gas Rises While Oil Drops

Meltdown 101: Why Gas Prices Rise While Oil Drops By John Porretto, ASSOCIATED PRESS January 15, 2009  HOUSTON, TX — You may do a double-take as you pass your local gas station. Chances are, the price you pay at the pump has jumped markedly in the past couple of weeks, even as crude prices have […]

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Blog Post

The unwinding begins

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14. January 2009

The unwinding begins

President-elect Obama’s nominee to head the Environmental Protection Administration all but said in hearings today that she would reverse the EPA’s rejection of California’s tougher-than-national greenhouse curbs on auto emissions. From the San Francisco Chronicle: Lisa Jackson, President-elect Obama’s pick for EPA administrator, Wednesday said she would immediately revisit the Bush administration’s decision to block […]

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