Category Archives: Oil and Gas

The petroleum industry includes the global processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol). Petroleum is also the raw material for many chemical products, including pharmaceuticals, solvents, fertilizers, pesticides, and plastics. The industry is usually divided into three major components: upstream, midstream and downstream. Midstream operations are usually included in the downstream category.

Petroleum is vital to many industries, and is of importance to the maintenance of industrial civilization itself, and thus is a critical concern for many nations. Oil accounts for a large percentage of the world’s energy consumption, ranging from a low of 32% for Europe and Asia, up to a high of 53% for the Middle East.

Other geographic regions’ consumption patterns are as follows: South and Central America (44%), Africa (41%), and North America (40%). The world consumes 30 billion barrels (4.8 km³) of oil per year, with developed nations being the largest consumers. The United States consumed 25% of the oil produced in 2007. The production, distribution, refining, and retailing of petroleum taken as a whole represents the world’s largest industry in terms of dollar value.

Governments such as the United States government provide a heavy public subsidy to petroleum companies, with major tax breaks at virtually every stage of oil exploration and extraction, including for the costs of oil field leases and drilling equipment.

Gulf of Mexico Oil Spill Blog BP Spins Spill Estimates

BP Spins Spill Estimates BP refuses to put figure on how much oil was leaked in Gulf oil disaster By Brett Michael Dykes BP executives may now be fretting over the prospect of going to jail on manslaughter charges—but they’re not … Continue reading

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Gulf of Mexico Oil Spill Blog Florida Gov. Rick Scott Forgoes BP Litigation

Florida Gov. Rick Scott Forgoes BP Litigation Scott coddles BP While Gov. Rick Scott never fails to mention Florida beaches when extolling the state’s virtues to business interests, it appears he is reluctant to challenge polluters who foul our shores … Continue reading

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Gulf of Mexico Oil Spill Blog Florida-based St. Joe Co. Sue Transocean and Halliburton in Delaware

Florida-based St. Joe Co. Sue Transocean and Halliburton in Delaware Florida company can sue Transocean and Halliburton in Delaware By Alejandro de los Rios A federal judge in Delaware has granted the Florida-based St. Joe Co. permission to seek damages … Continue reading

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Gulf of Mexico Oil Spill Blog U.S. Dollar Over the Cliff

U.S. Dollar Over the Cliff U.S. Dollar Collapse Could Occur at Any Time   China this morning reported 4.9% price inflation for the month of February, exceeding analyst expectations of 4.8%. With China now mimicking the U.S. Bureau of Labor … Continue reading

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Gulf of Mexico Oil Spill Blog Alabama Tourism

Alabama Tourism Alabama gets $16M from BP for tourism ads By PHILLIP RAWLS MONTGOMERY, Ala. Alabama is getting $16 million from BP PLC for a three-year advertising campaign designed to lure tourists back to Alabama beaches after the oil spill … Continue reading

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Gulf of Mexico Oil Spill Blog Louisiana Tourism Pick your Passion BP Marketing Campaign

Louisiana Tourism Pick your Passion BP Marketing Campaign First installment of BP money for Louisiana tourism to be divided among all 64 parishes By Jan Moller The initial $5 million installment of BP’s $30 million commitment to help rebuild Louisiana’s … Continue reading

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Gulf of Mexico Oil Spill Blog BP Back in Gulf

BP Back in Gulf Loren Steffy: BP’s deep Gulf comeback By LOREN STEFFY For all the talk of things returning to normal in the Gulf of Mexico, this isn’t what anyone – except perhaps the folks at BP – had … Continue reading

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Gulf of Mexico Oil Spill Blog Noble Energy Fronts for BP in Gulf

Noble Energy Fronts for BP in Gulf U.S. Approves First Deepwater Drilling Permit In Gulf Of Mexico Since BP Oil Spill NEW YORK — The U.S. has approved the first deepwater drilling permit in the Gulf of Mexico since BP’s … Continue reading

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Gulf of Mexico Oil Spill Blog BP Spin

BP Spin BP spin doctors pour water on oily spills by LEONIE WOOD THERE are times when words fail, when disasters are so profound or devastating that one’s vocabulary runs dry. That’s not the case at BP, though, the London-based … Continue reading

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Gulf of Mexico Oil Spill Blog BP Bonus Payout

BP Bonus Payout BP’s Conn, CFO Grote Get 30% of Bonus After Gulf Spill By Brian Swint and Eduard Gismatullin BP Plc (BP/) awarded directors Iain Conn and Byron Grote 30 percent of their target bonuses following the Gulf of … Continue reading

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