So Over
No blood for oil! No blood for oil! Oh, we’re not doing that anymore? Drat.
I can tell you there are some really huge resources sitting around right now nearly literally burning through cash waiting to get out into the Gulf of Mexico and drill baby drill.
Budgeting for this is interesting, because you are losing real money keeping your drilling rigs idle, but you are “saving” fake accounting money because you don’t have to write off any failures, since you’re not allowed to try. So, it’s all green in our books!
I feel bad for BP having to deal with these power outages at Texas City. I have a lot of bad things to say about the previous big trouble there, but it sounds like the drought just let some gunk build up on their lines. You are definitely going to flare if you lose power, no matter how good your plant is. That sucks.
It’s a pretty awesome sight when the flare comes up while they’re firing up the hydrocracker’s hydrogen compressor.
I don’t really know what’s going on with the tax breaks for oil companies. I’m actually all for removing all the loopholes from the corporate tax system and agreeing on a fair and economically rational tax rate for everyone, but when I heard Republicans use “fair share” I almost choked. Let’s not make taxes a moral issue, oh Party of Big Business.