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Energy News: Chevron CEO Claims High Energy Prices Are Scarier Than Global Warming

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Plus, should Obama reject the Keystone Pipeline?

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This column highlights the most interesting and useful business and financial commentary on energy from around the Web.

The Washington Post
Link: Chevron CEO: Policies Show Risk of High Energy Prices Is Greater than Risk of Climate Change
"Chevron (NYSE:CVX) CEO John Watson notices something important as he visits his company's operations around the globe: Governments everywhere find high energy prices much scarier than the threat of global warming.

"And that means the world will need a lot more oil and gas in the years to come."

Seeking Alpha
Link: Exxon Mobil: Valuation Discussion
"Exxon Mobil (NYSE:XOM) is the largest company in the US by revenue and, until fairly recently, was the largest by market capitalization as well. After an impressive multi-year run, as seen in the weekly chart below, are Exxon shares overvalued? This article will use several metrics and oil price forecasts from the EIA in order to look into 2013 and see what we can reasonably expect from the oil giant next year."

Wall Street Journal
Link: Big Oil's Big Data Push Changing the Future of Energy
"Aboard the Noble Bully 1, Gulf of Mexico-The Noble Bully 1, a new kind of drill ship developed by Royal Dutch Shell PLC (NYSE:RDS.A) to help extract oil in once inaccessible regions of the deepest oceans, doesn't look anything like a conventional vessel of its kind. Equipped with a new generation of digital technologies, the ship-a 30,270 gross ton behemoth that is the length of two football fields-is able to guide a 21.5 inch wide drill bit thousands of feet below the surface to the center of a target that is only about four by four feet in size."

Financial Times
Link: Remaking BP Has Yet to Pay Off
"BP (NYSE:BP) has carried out one of the most radical asset disposal programmes in UK corporate history over the past two years. It is a strategy some have called "shrink to grow". But while the shrinkage is clear, BP's promised growth is still some way off.

"The immediate trigger was Deepwater Horizon, a disaster that at one point threatened BP's very survival. Facing billions of dollars of damages claims over the Gulf oil spill, and the threat of even larger fines, it had an urgent need to raise cash."

The Sacramento Bee
Link: Obama Should Resolve to Reject Keystone Oil Pipeline
"A dangerously obese man, serious about his New Year's resolution to lose weight, would not begin the year by buying $7 billion worth of fat-producing candy. Nor would any nation serious about reducing greenhouse gases approve construction of a $7 billion pipeline that would facilitate the consumption of 900,000 gallons a day of tar sand oil, spewing greenhouse emissions into the atmosphere.

"On this New Year's Day 2013, America is that dangerously obese man."
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No positions in stocks mentioned.
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