The oil industry’s decommissioning costs will dwarf those of nuclear power. The money being made now should be put aside to meet them.

Has BP ever made a profit? The question looks daft. The oil company posted profits of $26 billion last year. There’s no doubt that BP has been pumping money into the pockets of its shareholders. The question is whether this money is what the company says it is. BP calls it profit. I call it the provision the firm should be making against future liabilities. (more…)

(Reuters) – The Obama administration plans to announce on Thursday a suspension of offshore oil drilling in the Arctic until 2011 as a result of the Gulf of Mexico oil spill, an Alaska senator said.

Democratic Senator Mark Begich said he had been told by the Interior Department that the Obama administration will announce that consideration of any applications for exploratory drilling in the Arctic is suspended until 2011.

The suspension is part of measures President Barack Obama plans to order in response to the runaway oil spill in the Gulf of Mexico. (more…)

Imagine paying over $300 for a gallon of gas. That was essentially what Exxon was paying in 1989 when their oil tanker, Valdez, split open and released over 10 million gallons of oil into Prince William Sound, Alaska. The cleanup alone is estimated to have cost roughly $2.5 billion and settlements over $1.1 billion. Divide $3.6 billion by 10 million gallons and Exxon paid well over $300 a gallon for oil they never even sold at the pump. Include all the bad PR and the total cost of the whole incident could easily double.

If current estimates are correct about BP’s monster oil leak in the Gulf of Mexico then there is roughly 5 to 6 million gallons of crude floating around in need of some immediate attention. And immediate is the key word because statistics show that the cost to clean up a gallon of oil on land can run 10 to 30 times more than it does at sea.

So what should BP do? Wait and hope the booms hold and the oil never makes it to land. But when it does, they can expect to start paying over $300 a gallon. This wait and hope is not the answer. The answer is in the backs, equipment and know-how of the Gulf area fisherman. (more…)

For almost a month, BP monitored oil and natural gas gushing from the broken riser and blow-out preventer with remote operated vehicles (ROVs). And for almost a month, they kept all of that video to entirely to themselves. But that’s about to change.

In the hours and days immediately following the explosion on the Deepwater Horizon offshore drill rig in the Gulf of Mexico, the federal response was centered on firefighting, search and rescue. For nearly three days, although the rig was burning, the wellhead and riser assembly were still in tact and there was no leaking oil to speak of. And then, the worst-case scenario happened:  the Deepwater Horizon sank.

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This satellite image shows a long tail of oil drifting close to the Gulf of Mexico’s so-called loop current, which could then carry the oil south to Florida and even up the East Coast of the U.S.

Although government officials say the oil has not yet reached the loop current, two university scientists interviewed by The New York Times said the oil is circulating in an eddy just north of the loop current and will probably soon be pulled in the direction of Florida.

The loop current carries warm water in a clockwise gyre from the Yucatan Peninsula to the northern Gulf of Mexico and then south to the Florida Keys and the Atlantic Ocean.

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The successful development of the controversial oil sands in Canada has prompted oil companies to invest in similar operations elswhere, including Russia, Venezuela, the Congo, and Madagascar, according to a new report.

With the price of crude oil rising, companies — including BP and Shell — are increasingly looking to so-called “unconventional” oil deposits similar to the massive resources of bituminous sands found in Alberta, according to the report by the environmental group, Friends of the Earth. (more…)

WASHINGTON/PORT FOURCHON, Louisiana (Reuters) – U.S. lawmakers pressed oil executives about flaws in a well safety device on Wednesday while BP scrambled with its latest deep-sea effort to control the huge Gulf of Mexico spill that threatens environmental disaster.

BP Plc, Transocean Ltd and Halliburton Co are all back in the hot seat in Washington over their responsibility in what could be the worst oil spill in U.S. history.

After a day of hearings on Tuesday where company officials traded blame for the April 20 rig explosion and oil spill, a U.S. House of Representatives panel said it had uncovered significant problems with a safety control mechanism on BP’s oil well that could have contributed to the accident.

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For consumers, discussion of electric cars tends to focus on how long the vehicle travels before needing a recharge and what it will cost to buy. But a new report backed by several large corporations takes a broader view of what the electric car will mean to our overall finances.

And the news is good.

Fueling our cars with electricity instead of gasoline – this one change – could avert a lot of economic pain, according to the “Economic Impact of the Electrification Roadmap” report by the Electrification Council. (more…)

The U.S. Environmental Protection Agency has released the15th annual U.S. greenhouse gas inventory report, which shows a drop in overall emissions of 2.9 percent from 2007 to 2008.

The downward trend is attributed to a decrease in carbon dioxide emissions associated with fuel and electricity consumption.

An emissions inventory that identifies and quantifies a country’s primary anthropogenic1 sources and sinks of greenhouse gases is essential for addressing climate change. (more…)

Top News: This week, President Obama startled both his allies and critics with a plan to permit drilling for oil off the Southern Atlantic states and in the Gulf of Mexico. Meanwhile the Secret Service, in a stroke of karmic justice, denied the president’s request for a hybrid limo.

On Saturday, Apple’s long-awaited iPad emerged to great fanfare, and with it some schwag and a initial smattering of green apps.

Wising Up to the Smart Grid: After years of talk and speculation, several big U.S. companies revealed that the smart grid lies at the center of their business plans. At the New York Auto Show, Ford and Microsoft announced energy-management software designed for the thousands of people who will plug in their electric cars or hybrids at home. Connecticut Light & Power applied for permission to scrap its flat-rate price structure in favor of one that penalizes customers for overloading the grid. Under the proposal, Connecticut electricity would be ten times cheaper at night than it would be in the middle of the day, when the A/C units are cranking.

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