oil

We need to pay attention to this brewing issue at BP. Toledo is supposed to be one of the main, mainland processors of oil sand crude and if there already is shareholder concern, what will happen to the future of the refinery in Oregon especially after they spend lots of money to convert it to process oil sand crude? If the Oregon plant is converted and BP pulls out, will it be rendered useless and close down? We will have to watch this.
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From the Financial Post:
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Plans for Sunrise call for a steam-assisted gravity drainage project, where steam is pumped into the earth to loosen up the tarry bitumen in the oil sands so it can be pumped to the surface in wells.

Husky and BP also co-own a refinery in Toledo, Ohio, which is targeted for US$2.5-billion of retooling work so it can run the oil sands-derived crude.

Photo credit: baltimoresun.com
Article link for photo: http://weblogs.baltimoresun.com/features/green/2009/06/post_9.html

WASHINGTON- Congressman Bob Latta (R-Bowling Green) made the following
statement in response to Vice President Biden's visit to Perrysburg
earlier today.

"If the Obama administration truly wants to protect and create jobs, the
President and Congressional Democrats must stop their consideration of
the Cap and Trade legislation that will result in a massive national
energy tax on American businesses and families.

Under The Heritage Foundation's Manufacturing Vulnerability Index,
Ohio's Fifth District is the third most vulnerable district in the

This week, House Republicans introduced the American Energy Act, an "all of the above" energy plan as an alternative to the Democrats misguided Cap and Trade (Tax) proposal that is currently under debate in the House of Representatives. The American Energy Act is based on three principles of increasing production of American-made energy, promoting alternative and renewable energy, and encouraging greater efficiency and conservation.

Does not answer the question of how this will affect the Oregon refinery.
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CALGARY -- British oil major BP PLC said it’s slowing down its oil sands plans with partner Husky Energy Inc. because it expects costs to deflate.

Andy Inglis, head of exploration and production at BP, said Tuesday a decision on whether to go ahead with the Sunrise project has been pushed back to 2010. The decision had been expected in late 2008.
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“We will proceed or not proceed depending on its viability on the day,” he said.

UK supermajor BP and Canadian integrated Husky Energy may “scale back” their Sunrise oil sands project in Alberta as they seek to cut costs.

Husky boss John Lau earlier this week estimated development costs at $2.5 billion, compared with an agreement in 2007 to spend about $5.5 billion through 2015.

The partners have delayed a final investment decision on the project until next year on expectation of falling industry costs.

http://www.upstreamonline.com/live/article176596.ece

First, T. Boone Pickens was in Toledo today talking about his plan to wean America off of foreign oil.
You can read more at:
http://www.toledofreepress.com/2008/12/15/pickens-in-toledo-for-owens-co...
http://abclocal.go.com/wtvg/story?section=news/local&id=6557099
http://www.marketwatch.com/news/story/Owens-Corning-Joins-Forces-T/story.aspx?guid={9359490A-D8D1-487A-A904-2D0E95636BBB}
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BAGHDAD, Sept 3 (Reuters) - Iraq expects to gross $55 billion in a new 20-year oil deal it recently renegotiated with China, the government said on Wednesday.
"Iraqi gross revenues obtained in the contract will be $55 billion, equal to 87 percent of total revenues of $63 billion," government spokesman Ali al-Dabbagh said in a statement.

Republicans in Congress this June united to defeat a proposed windfall tax on oil companies, deriding it as a bad idea that would discourage investment in U.S. oil exploration.

Things worked out far differently in the GOP stronghold of Alaska, a state whose economic fate is closely tied to the oil industry.

Road proposal riles activists in Roosevelt country

BISMARCK, N.D. - Plans to turn a secluded Badlands trail into a major road and river crossing might not have created such a stir if not for where it is: near the ranch where Theodore Roosevelt helped conceive the American conservation movement.

You might not know it looking across the topographically-challenged lakeside landscape, but there's probably oil under Oregon.

Bowling Green, too. And Cygnet, and Lima, and a whole crescent-shaped swath of northwest Ohio. There's also some under southern Michigan.

Republicans in Congress this June united to defeat a proposed windfall tax on oil companies, deriding it as a bad idea that would discourage investment in U.S. oil exploration.

Things worked out far differently in the GOP stronghold of Alaska, a state whose economic fate is closely tied to the oil industry.

A record 1.6 million barrels a day in U.S. refined petroleum products were exported during the first four months of this year, up 33 percent from 1.2 million barrels a day over the same period in 2007. Shipments this February topped 1.8 million barrels a day for the first time during any month, according to final numbers from the Energy Department.

This is just gross...Republicans keep trying to shove ANWR and offshore drilling down our throats as a way to achieve energy in dependence.

As it turns out, for the first 4 months of 2008, oil exports from the US were at an all time high! The sad part of this is that I had to go to the UK version of the Reuters News Service to read this.

"Over all, the report from the Government Accountability Office estimates, Iraqi oil revenue from 2005 through the end of this year will amount to at least $156 billion.

July 23 (Bloomberg) -- Crude oil fell for a second day in New York after forecasters expect Hurricane Dolly to miss fields in the Gulf of Mexico and the dollar rebounded, curbing investments in commodities.

WASHINGTON: Accusing the Bush administration of playing into the hands of big oil companies, a Democratic law maker has demanded that it release supplies from the Strategic Petroleum Reserve that is now close to 700 million gallons, saying the country cannot go "begging" for long.

America is in a hole and it's getting deeper every day. We import 70% of our oil at a cost of $700 billion a year - four times the annual cost of the Iraq war.

I've been an oil man all my life, but this is one emergency we can't drill our way out of. But if we create a new renewable energy network, we can break our addiction to foreign oil.