Consulting firm IHS Inc. says only one in every 20 projects planned are actually necessary by 2025 as weakening Asia economies, cheap coal, the return of nuclear power in Japan and the ever-expanding glut of shale supply in North America temper demand for the power-plant fuel, putting tens of billions of dollars worth of export projects at risk.
A New Orleans judge will have to approve the consent decree after a 60-day public comment period before BP and the federal government can officially resolve their long-running legal battles over the massive 2010 oil spill.
“If the U.S. stands in the background, Russia will move forward, and things won’t be as good as they could be if the U.S. had a seat at the table in the Arctic,” said Jed Hamilton, senior Arctic consultant at Exxon Mobil Upstream Research Company.
The case began last year when Iraq’s central government sued to seize a tanker loaded with crude from the country’s Kurdish region that had sailed to the Gulf of Mexico and anchored in international waters off the coast of Texas.
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