February 8, 2016
The world is awash in oil, and Congress has decided to do something about it. With the Saudis pumping like crazy, the Iranians returning to the market, and U.S. production near record highs, oil prices are the lowest in more than a decade, and gasoline prices are back to their Great Recession lows. In the midst of all this, Congress ended the ban on exporting oil. Though the decision may not make much of a difference right now, when the oil markets return to normal there could be some real impacts, and they might not all be positive.
November 27, 2013
A RECENT National Public Radio report made much of financial troubles in the Philadelphia schools, and shortfalls of a few hundred million dollars. This is an economic problem that could be solved with a fraction of the money taken from the pockets of Philadelphia citizens by the high price of oil. The U.S. currently pays $94 each for 19 million barrels of crude oil every day. Under President Clinton, the price averaged $26 per barrel in today's dollars and the oil companies made good profits at that price.
July 3, 2013
Rawleigh Warner, 92, the Mobil Oil Corp. chairman and chief executive officer who took corporate-image management to a new level through company sponsorship of public TV's Masterpiece Theater and paid opinion pieces that appeared in U.S. newspapers, died Wednesday in Hobe Sound, Fla., of complications from a progressive muscle disease, a New York Times obituary said. As chairman and CEO from 1969 to 1986, and president from 1965 to 1969, the finance-minded Mr. Warner led Mobil, then based in New York, as it overtook rivals to become second in sales behind Exxon Corp., years before the two companies merged.
June 7, 2013
By Robert L. Bradley Jr. Several of the country's most powerful environmental groups have latched onto the recent 10,000-barrel Arkansas oil spill to fight against a federal permit for Keystone XL, a proposed transnational pipeline project. New subway ads in Washington from SumOfUs.org claim that this spill is just a "preview" of what will come by connecting Canadian oil deposits with refineries on the Texas Gulf Coast. This now-standard tactic among green groups - opposing new energy projects by highlighting dissimilar accidents - is obstructionist thinking.
December 31, 2012 |
Walter Joseph Lufkin Jr., 95, a longtime Abington resident and an Atlantic Richfield Co. employee for three decades, died Wednesday, Dec. 19, of cerebrovascular disease at Rydal Park in Jenkintown. Mr. Lufkin joined the Atlantic Refining Co. in 1945. His responsibilities included the field of industrial engineering, which was new at the time, and later, implementation of information technology. In the 1970s, he retired from Atlantic Richfield Co., now part of British Petroleum, with the title systems implementation manager.
November 15, 2012 |
New Jersey Senate President Stephen Sweeney (D., Gloucester) is suing officials in West Deptford, his hometown, alleging that they let two oil companies skirt an environmental cleanup law in exchange for money to buy two fire trucks. The lawsuit, filed in Superior Court in Gloucester County, argues that the mayor and township council "willfully ignored" a law designed to prevent companies from leaving a polluted site without first paying the state for environmental cleanup. In a June e-mail exchange, a lawyer for Sunoco pledged that the oil company would pay $1 million toward West Deptford's purchase of two fire engines if the township awarded it $13.9 million for a property tax settlement and withheld nothing for cleanup in accordance with the pending law, according to the lawsuit.
November 9, 2012 |
LONDON - The next archbishop of Canterbury will be officially introduced Friday, the British government says, and the expectation is that the new leader of the world's 77 million Anglicans will be former oil company executive Justin Welby. Welby, 56, made an unusual midcareer shift from the oil industry to the clergy. He has said he faced conflicts between his beliefs and how companies acted - and has made business ethics and standards part of his work. "I don't believe in good human beings," Welby said in an interview with the Guardian in July.
May 6, 2012 |
"My first reaction was, ‘Wow, they're thinking outside the box.'?" — C. Alan Walker, an aide to Gov. Corbett, on Delta Air Lines' purchase of the ConocoPhillips refinery in Trainer, where the carrier intends to make its own jet fuel. "Acquiring the Trainer refinery is an innovative approach to managing our largest expense. " — Delta chief executive Richard Anderson, on the $150 million purchase. "They're really going to have to prove that they can start to monetize these 900 million users, not just in a desktop environment, but more importantly in a mobile environment, which is even more questionable.
February 16, 2012 |
More than 15,000 jobs could be affected - in some instances eliminated - by the closings of oil refineries in Marcus Hook and Trainer, Delaware County officials warned Wednesday. "This is a real devastating situation," said Frank Carey of the county's Office of Employment and Training. Citing a state analysis it had requested, the county said that for every job lost at the refinery, 18 nonrefinery employees would either lose jobs, have hours reduced, or have their jobs changed in some way. Those who would be out of work included more than 1,100 union members employed by refinery contractors, according to the study.
December 20, 2011 |
Sunoco Inc. and ConocoPhillips are shopping their Delaware River refineries to a small group of potential buyers who might keep them open, saving about a thousand threatened jobs. But elected officials and labor leaders who met Monday with representatives of the oil companies expressed frustration that they knew little more about the seriousness or intentions of the buyers. "They're precluded from telling us what may be going on at this time," U.S. Rep. Pat Meehan (R., Pa.)