No Energy Bill Until September

By: Tuesday August 3, 2010 12:45 pm

Harry Reid announced that there would be no vote on an energy bill until after the August recess, after a meeting with his caucus. He said that he has no Republican support for the measure, despite the fact that most of the bill was put forward in a bipartisan way, and that a vote on [...]

Billions on the Line for BP in “Gross Negligence” Determination

By: Sunday August 1, 2010 3:09 pm

BP will attempt to permanently seal the Macondo well on Tuesday, and they may well be able to succeed. The three month-plus ordeal of oil gushing into the Gulf of Mexico could finally end. What comes next is cleanup, and a determination of damages. Though scientists believe that the Atlantic coast will be spared from [...]

House Passes Oil Spill Legislation

By: Saturday July 31, 2010 9:33 am

Last night, before the August recess, the House of Representatives completed work on a series of bills responding to the disaster in the Gulf of Mexico. As Andrew Restuccia explains, the main bill, called the CLEAR Act, which passed 209-193, has a variety of different elements, many of them similar to the Senate energy and [...]

Senate Energy Bill: Republicans Vow to Stop It, As Renewable Energy Standard Talks Continue

By: Wednesday July 28, 2010 10:29 am

The text of the Senate energy bill is available here; it’s going to take me a while to get through it, but I offered a preview based on the summary yesterday. As I said then, the focus on electric cars is a welcome surprise, similar to the focus on high speed rail in the stimulus. [...]

Reid Energy Bill Released

By: Tuesday July 27, 2010 1:58 pm

Senate Majority Leader Harry Reid has released a summary of the Clean Energy Jobs and Oil Company Accountability Act, the massively scaled-back energy bill that spokesman Jim Manley says will reach the Senate floor early next week. In a statement, Senator Reid claimed that the package will create at least 150,000 jobs, hold BP and [...]

If Climate Bill Stalls, Oil Disaster Response Gets Sidelined, Too

By: Wednesday July 21, 2010 6:45 am

It’s becoming clear that we’re not going to see a climate and energy bill in 2010. Harry Reid has backed off his timeline of starting the debate next week, now saying “We’re going to make a decision in the near future.” John Kerry and Joe Lieberman are playing for time as well. What does this [...]

Holt, Inslee Pressure Boehner to Support Lifting Oil Spill Liability Cap

By: Wednesday June 16, 2010 12:40 pm

The $20 billion escrow account from BP will not account for all of the charges accrued by the oil giant associated with the gusher in the Gulf. It’s unclear, in fact, just what damages those escrow funds will include. So the $75 million dollar liability cap for economic damages could still come into play. Democrats [...]

Senate Democrats Charging Forward on BP Liability, Join President’s Call for Escrow Account

By: Monday June 14, 2010 7:53 am

Practically the entire Senate Democratic caucus has written a letter to BP CEO Tony Hayward, asking the company to create the same kind of $20 billion dollar escrow account that the President will reprortedly seek to pay for economic damages and clean-up costs associated with the Gulf oil spill. The letter was signed by 55 [...]

Boehner Calls for Eliminating Oil Spill Liability Cap

By: Sunday June 13, 2010 10:09 am

The operative word is “tipping point.” Even if John Boehner comes back tomorrow and says he was misquoted, he basically changed the conversation around financial responsibility for the disaster in the Gulf of Mexico, putting it entirely on the shoulders of British Petroleum. House Minority Leader John Boehner, R-Ohio, called for completely lifting the liability [...]

BP’s Total Liability: $80 Billion and Counting?

By: Friday June 11, 2010 12:34 pm

Earlier today I tried to get a handle on BP’s total liability for the Gulf oil disaster, given the new estimates of the spill rate. Street Insider actually came up with a higher figure than I expected, using a thumbnail metric from a Goldman Sachs per-barrel estimate: If 40,000 barrels per day has been leaking [...]

Vitter Fronting for BP, Oil Industry

By: Friday June 4, 2010 10:11 am

The idea that David Vitter can say with a straight face that he supports legislation to “remove” the liability cap for BP’s oil spill, and hold them accountable, only makes sense on the surface. You have to ignore a host of past experience, as well as the flawed legislation he’s actually pushing, to arrive at [...]

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