Tag Archives: BP


Two man-made disasters have hit the Gulf of Mexico in the last year and a half.  One largely corrected itself through the miraculous forces of nature with some helpful assistance from government cleanup programs.  The second disaster continues to fester and is only getting worse.  Mother Nature is powerless to do anything about the second disaster and only fools expect Washington to fix that which Washington broke.

We are talking first about the oil spill caused by lax safety standards on the part of British Petroleum that led to an accidental oil spill, and then about the ill conceived drilling moratorium that followed it.  The second disaster was no accident.  It was wrong headed intentional action taken by Barack Obama against strong advice from the panel of engineers chosen by the President himself.

The engineers report was so clear and emphatic and contrary to the President’s agenda that the administration saw fit to falsify the report.  We reported the fraudulent act here and here at the time.

As of now, ten rigs have left the Gulf of Mexico and gone to locations in Egypt, the Congo, French Guiana, Liberia, Nigeria and Brazil.  Three more are expected to leave and eight new rigs that were slated for the Gulf have been re-directed elsewhere.  Thousands of jobs have been sacrificed, millions of barrels of domestically produced oil have been forfeited, our dependence on foreign oil has increased, and there is less tax to collect.  Correction: less revenue to be earned.  The Democrats have done away with taxes.


The TARP program was originally estimated, in the fall of 2008, to cost taxpayers $356 billion. As of April 2010 the estimate was reduced to $89 billion. Paybacks from troubled firms have continued to exceed expectations. An estimate made today would likely be even lower. TARP was not funded, it was just budgeted. There is no leftover pool of money.

The BP spill is a different story. It looks like another doom that didn’t happen. Was it a disaster, yes, but a $20 billion disaster, probably not. In this case there will be a pool of leftover money because the $20 billion is funded with cash from BP now sitting in a fund under government control. It cannot be used for campaign expenses but it could buy happiness for some appreciative voters to whom it is distributed.

Why not use the excess money to better fortify the levies that failed when Katrina came ashore? It is not politically feasible I suppose. Shame.

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Only time will tell. Thus far it seems not. But the maneuver to get a 20 billion dollar reserve to be funded by BP and controlled by the Obama administration was a clever move indeed. BP supplies the money, Obama gets the credit.

Claimants will now come to Czar Feinberg who will dole out the money as Czar Feinberg sees fit. One wonders if the same criteria will be applied as in the selection of which GM car dealers to terminate. If your shrimp boat happens to be named The Sarah P you may be out of luck.

Here is the man you will come to for your share of the 20 billion. Sorry about the image. I am not very good at the graphics.

Bob B

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Juan and Eva Peron of Argentina were as corrupt as corrupt can be. They enriched themselves by boldly taking the people’s money and destroyed a great nation in doing so. A good friend of mine, the daughter of an important diplomat, was close with Eva Peron. At the time, nothing happened in Argentina without Eva’s approval. When a corporation or foreign nation needed government approval they, on occasion, inquired of my friend to know what Eva would like as an advance token of appreciation for her support.

Eva, or Evita (little Eva) as she was affectionately known, was beloved by the countrymen from whom she stole. It was many years ago. I was naive and disinterested in politics at the time, but nevertheless fascinated by the phenomenon that the more she stole the more they loved her. How did she get away with it, year in and year out? My friend explained, Eva takes from the people in ways the people do not understand and returns small portions with a great flourish in ways the people do understand. Simple.

The following is excerpted (and edited) from a post in Power Line today.

A reader wrote,

“In response to the notion that Obama has generated $20B from BP for US taxpayers, I’d like to offer some admittedly sloppy calculations.

First, you said yesterday US citizens own 40% of BP. Looking at my Schwab account right now (I own BP stock myself), I see their market capitalization presently stands at $99B.

If their stock price has fallen by 40%, that means the market cap was around $165B before all this started — the price of the stock has fallen by $66B. 40% of that loss, or around $26 billion was sustained by Americans if we hold 40% of the stock.

So the net cost of this drama to the taxpayers is $6B and counting. And that is assuming the $20B is distributed fairly.”

Power Line’s John Hinderaker added this comment, (emphasis added)

Modern politics consists largely of promoting the interests of those who are aware they are getting money, in opposition to those who don’t realize they are paying it. Here, I am not sure how the 40% was calculated, but it is likely that most of those who have a stake in BP don’t even know it, because it is part of a mutual fund or pension fund. So the administration can take credit for “creating” the $20 billion fund without worrying about which Americans contributed to it.

The concept of steal with complexity and return with simplicity belongs in Alinsky’s list of rules. But it is not there. Alinsky was not interested in self enrichment. He was a true believer, the ultimate ideologue. He lived for the battle, not for the success he thought it would bring.

Bob B

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Tipper and Al’s net worth grew from an estimated one million in the year 2000 to an estimated one hundred million 10 years later according to the Washington Examiner.

Al Gore has parlayed politics and his zeal for talking about global warming into an Academy Award, a Grammy and the Noble Peace Prize in 2007. He is a co-founder of Current TV, brings in six figures for speaking gigs, is a member of the Board of Directors at Apple, Inc. and serves as a senior adviser to Google.

From 1 to 100 in 10 years and still going, six figures for a global warming speech, and no jail time – makes Bernie Madoff look like a piker.

Mr. Gore has a habit of barring the press from his speeches. Google “Gore bars press” and “Gore limits press” for more instances of avoidance of press coverage. He also does not take questions or limits questions to 3 or 4 chosen from pre-submitted cards. On at least one occasion he required the press to leave the room after the first 5 minutes of his talk.

He was very vocal when Exxon Mobil’s ship ran aground in Alaska. He has been uncharacteristically silent on the BP disaster. Rumors are rife as to the reason. It does beg the question, why, when Mr. Gore has stood for banning offshore drilling and said: “For me, this issue is not only an economic issue and a health issue, it is also a moral issue,” For some reason the same morals do not seem to extend to the shorelines of our Gulf states.

Recorded at Mauna Loa for East Anglia Univ

If you were to smooth the red temperature line on the chart by drawing a regression (best fit) line back to 1998 the chart would look like an X, with CO2 rising and temperatures declining. Gore clings to the claim temperature are rising and CO2 is the cause. He is wrong on both counts.

Bob B

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Ken Arnold, speaking for the seven experts from The National Academy of Engineering, said the Obama administration changed their report to read support for a drilling moratorium when the actual recommendation was just the opposite.

Ken Salazar altered the signed report to convey the exact opposite advice than given. The report was then presented to the public as justification for a drilling moratorium in the Gulf of Mexico. The seven experts never saw the revised report. In a civil court the charges would be fraud, forgery and perhaps libel. But the sad fact is that politicians are de facto beyond the law.

The BP well was in the process of being shut down. This is a far more critical process than continued drilling. There is worldwide demand for rigs. They will not sit idle.

[The engineers report] also said that because the floating rigs are scarce and in high demand worldwide, they will not simply sit in the Gulf idle for six months. The rigs will go to the North Sea and West Africa, possibly preventing the U.S. from being able to resume drilling for years.

They also said the best and most advanced rigs will be the first to go, leaving the U.S. with the older and potentially less safe rights operating in the nation’s coastal waters.

And we thought Jimmy Carter was the worst President this nation ever had.

Bob B


Week ending June 11

Helen Thomas resigns

BP says ‘virtually all’ oil to be captured soon
We will believe it when we see it.

Joran Van der Sloot confesses to murder.
His parents could not save him this time. Peru and Chile are not Dutch Aruba

Turkey bans Google
Another reason to be thankful for America and freedom of the press.

Tensions increase around British Petroleum
Obama cranks up the rhetoric, the public reacts by shooting out windows of BP gas station, BP prepares for a showdown with Washington, animosity festers in Britain against the U.S. treatment of BP.

Late Thursday,
Obama now agrees to meet with president of BP

Los Angeles Times reports Obama is going soft on Iran
Reverses his support for the UN sanctions over concern they are too strong and may alienate certain nations.

Bob B

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Obama making it perfectly clear.

Barack H. Obama, the current president of the United States, just held a press conference, his first in over a year. As you probably know, a foreign oil company has been spilling a lot of oil in the Gulf of Mexico. It started more than a month ago (April 20) and apparently our current president thought it was time he said something about it.

Obama said his people ordered the company to drill two holes as part of the effort to control the spill instead of the single one that executives had proposed. “BP is operating at our direction,” Obama said. “Every key decision and action they take must be approved by us in advance,” adding that, “if the Coast Guard ordered BP to do something, they are legally bound to do it. BP is not running around wherever it wants and nobody’s minding the store,” Obama said. “Our teams are authorized to direct BP, in the same way that they’d be authorized to direct those teams if they were technically being paid by the government.”

When a reporter asked about Interior Secretary Ken Salazar’s comment that the administration has their “boots on the neck” of the oil company, Obama replied “We don’t need to use language like that. What we need are actions that make sure BP is held accountable.” It is unfortunate Salazar did not consult with the vice president about the use of language before making that statement.

Elizabeth Birnbaum was head of the U.S. Minerals Management Service, the federal agency that oversees offshore oil drilling. She just resigned. A reporter by the name of Chip Reid asked our current president about it. He replied that he knew she was gone, and added “I don’t know the circumstances in which this occurred.”

Presumably as a  courtesy to clear Ms Birnbaum, lest she be blamed for the accident, Obama told the reporter that corrupt practices of the Bush administration are what led to the disaster.

The President announced he was running BP at about 1:16 pm. By 1:38 pm  BP executives declared the flow had begun to slow and the oceans had started to clean. Obama will visit the Louisiana shoreline tomorrow to view the damage. It is presumed that from there, he will walk out to the sight of the spill and turn the remaining oil into wine.

The transcript of our current president’s more or less annual press conference is here.

Bob B

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