News from the Houston Chronicle energy team

Chron Energy Newslinks | 06.17.10 | Oil burns, investigation is 'backwards,' relief wells risky.

• New system begins burning Gulf oil spill crude out at sea. • Gulf Coast lawmakers push for lifting of drilling ban. • BP to set aside $20 billion escrow account for spill claims. • MMS investigation of spill “backwards” says federal inspector. • In the air with the Gulf oil spill’s traffic cops. • […]  More »

Low carbon fuels will bite deep into economy, says industry study

Low carbon fuel standards like those being rolled out in California and planned in some Northeastern States could lead to steep spikes in fuel prices and the loss of millions of U.S. jobs by 2025, according to a report being released today with funding from the Consumer Energy Alliance — a collection of energy producers […]  More »

Map of spill, June17

Spill JUNE17 c  More »

Map of spill, June 17

Map of spill, June 17  More »

Hayward "deeply sorry" for accident that "never should have happened."

BP CEO Tony Hayward will apologize for the Deepwater Horizon accident and the following spill in his opening statement to Congress on Thursday morning. Andrew Harrer/Bloomberg Tony Hayward, chief executive officer of BP Plc, leaves after a meeting with U.S. President Barack Obama at the White House in Washington, D.C., U.S., on Wednesday, June 16, […]  More »

Survey: Gulf spill shows businesses need to be socially responsible

More people think the oil spill in the Gulf of Mexico demonstrates that corporations must be socially responsible and not just responsible to shareholders, according to a survey conducted by Rice University’s Jones Graduate School of Business. Vikas Mittal, professor of marketing at the Jones school, said the survey results showed there has been a […]  More »

Lawmakers dump their BP, Transocean stock

It’s Personal Financial Disclosure Day in Washington, and noticeably absent from the 2009 financial records of a few members of Congress are their previous holdings in BP and Transocean. AP Senator John Kerry, D-Mass. Three senators — John Kerry, D-Mass., Kit Bond, R-Mo., and Judd Gregg, R-N.H. — and Rep. Carolyn Maloney, D-N.Y., have sold […]  More »

BP halts dividends, commits $20 billion to fishermen, $100 million to oil workers

BP’s decision to set up a $20 billion claim fund to compensate victims of the oil spill in the Gulf of Mexico is “an important step toward making the people of the Gulf Coast whole again,” President Barack Obama said in announcing the escrow account moments ago. “It should provide some assurance to some of […]  More »

Guest Post: Dan Pickering on spillgate, nat gas and World Cup

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Escrow + new spill data = $40 billion for BP

The BP/White House agreement to have the oil giant set aside $20 billion for future payments to businesses and individuals harmed by the spill gives us a nice round number for one side of the cost equation. And now with the spill flow rate increased yesterday to as much as 60,000 barrels per day, we […]  More »

Update: BP execs agree to escrow fund in White House meeting

Under pressure from President Barack Obama, BP today agreed to set aside at least $20 billion in a spill recovery escrow account that would be used to compensate fishermen, deckhands and others who lose wages and work because of the oil spill in the Gulf of Mexico. BP’s concession, confirmed by a senior White House […]  More »

Lawmakers vote to press Interior Department on national monument plans

The House Natural Resource Committee is asking the Department of Interior to turn over missing pages of an internal memo detailing plans to potentially designate 13 million acres of U.S. land as national monuments. “We now have a strong bipartisan agreement that the Interior Department needs to reveal to the public exactly what plans are […]  More »

BP's second containment system catching oil, gas

BP has been successfully capturing oil and gas from the leaking Macondo well through the second containment system since approximately 1 a.m. this morning. The second containment system, which is connected directly to the failed blowout preventer, has been siphoning oil and gas and sending it up to the Q4000 multipurpose vessel on the surface. […]  More »

Statoil invokes force majeure in Gulf of Mexico

Norwegian oil company Statoil has declared force majeure on two of its contracts in the Gulf of Mexico as a result of the moratorium on offshore drilling. Transocean and Danish shipping and oil group Maersk Drilling contracts are affected by the action, Dow Jones Newswires said. “The moratorium has created a very challenging situation for […]  More »

Arctus sells Nicaraguan wind power stake

A Houston-based energy investment and project development group has sold its stake in Nicaraguan wind project to Enron’s former international operations. Arctas sold its 47.5 percent joint controlling interest in the 63 megawatt Amayo I and Amayo II wind projects to Houston-based AEI (ranked No. 1 on the Chronicle’s annual ranking of top private companies). […]  More »