As with most things the government enters into when it attempts to extract capital from productive companies, there are always unintended consequences, and that's the case when Alaska imposed higher taxes on ConocoPhillips (NYSE:COP) under "Alaska's Clear and Equitable System", or ACES, which was put in place under then-Governor Sarah Palin at the time.
According to ConocoPhillips CEO Jim Mulva, because of its 'escalator' mechanism, that increases rates as oil prices rise, Alaska has the highest oil-production taxes among all OECD nations.
"As a result, Alaska is not attracting as much investment as it should during periods of high oil prices. And that's unfortunate. In fact, it's downright sad," Mulva added. "No other state's production has declined more than Alaska's."
Also noted by Mulva was the consequences of lower oil flow through the Trans Alaska Pipeline System because of lower production from too-high taxes.
Oil flow through the aging line is now under a third of the peak levels of 2 million barrels a day in 1988 and falling at a rate of about 6 percent a year, meaning the remaining oil flow could soon diminish to a point where the system can no longer function, according to Mulva.
"TAPS faces new challenges with less oil flowing through the pipeline," Mulva said. "When it starts getting down to 300,000 and 400,000 (barrels per day), there are serious technical issues of its ability to flow. We're reaching that in the next several years."
ConocoPhillips closed Thursday at $80.40, falling $0.03, or 0.04 percent.
Showing posts with label Sarah Palin. Show all posts
Showing posts with label Sarah Palin. Show all posts
Friday, April 8, 2011
Tuesday, November 9, 2010
Sarah Palin Tells Bernanke "Cease and Desist" from QE2
Citing the hyperinflation experienced by Germany in the early part of the 20th century, Sarah Palin took aim at Ben Bernanke and the Federal Reserve, saying "maybe it's time for Chairman Bernanke to cease and desist," from printing more money and inflating the money supply through acquiring more government debt, "When Germany, a country that knows a thing or two about the dangers of inflation, warns us to think again," she said.
Palin rightly noted there's no certainty the printing of money will work, and I would add more strongly: it won't work. What about the abysmal failure of the first round of quantitative easing doesn't Bernanke or the Federal Reserve understand?
"We don't want temporary, artificial economic growth bought at the expense of permanently higher inflation which will erode the value of our incomes and our savings," concluded Palin speaking to the Specialty Tools and Fasteners Distributors Association.
Again, last time the so-called stimulus failed to do anything, but the debt is still owed, and no jobs created.
That is proven by the fact when the gimmicks and money that actually went into the economy ended, the economy reverted back to what it really was: a disaster.
Or, it simply revealed itself for being as weak and anemic as it had always been. And even with the hundreds of billions spent, no jobs were created whatsoever, other than the, for the most part, temporary government jobs.
The Federal Reserve is under increasing pressure as Americans slowly but surely understand the devastating and unchecked institution this is, and how they control the quality of their financial lives.
The genie is out of the bottle, and there's no putting it back. Slowly we'll see this out-of-control institution weakened, and hopefully, ended.
Until then, chiseling away at the edges by people like Sarah Palin is a good way to keep in front of the American people the carnage the Fed creates through its actions.
Gold prices will continue to benefit from the horrid policies of the Fed, which seem to be committed to printing money until by what they consider the power of their actions can push the economy into growth.
When the economy recovers, we all need to know it's not from the Federal Reserve, but in spite of it.
Palin rightly noted there's no certainty the printing of money will work, and I would add more strongly: it won't work. What about the abysmal failure of the first round of quantitative easing doesn't Bernanke or the Federal Reserve understand?
"We don't want temporary, artificial economic growth bought at the expense of permanently higher inflation which will erode the value of our incomes and our savings," concluded Palin speaking to the Specialty Tools and Fasteners Distributors Association.
Again, last time the so-called stimulus failed to do anything, but the debt is still owed, and no jobs created.
That is proven by the fact when the gimmicks and money that actually went into the economy ended, the economy reverted back to what it really was: a disaster.
Or, it simply revealed itself for being as weak and anemic as it had always been. And even with the hundreds of billions spent, no jobs were created whatsoever, other than the, for the most part, temporary government jobs.
The Federal Reserve is under increasing pressure as Americans slowly but surely understand the devastating and unchecked institution this is, and how they control the quality of their financial lives.
The genie is out of the bottle, and there's no putting it back. Slowly we'll see this out-of-control institution weakened, and hopefully, ended.
Until then, chiseling away at the edges by people like Sarah Palin is a good way to keep in front of the American people the carnage the Fed creates through its actions.
Gold prices will continue to benefit from the horrid policies of the Fed, which seem to be committed to printing money until by what they consider the power of their actions can push the economy into growth.
When the economy recovers, we all need to know it's not from the Federal Reserve, but in spite of it.
Monday, September 13, 2010
BP (NYSE:BP): Extremist anti-Palin Environmental Group Got Government No-bid Contract
Extremist environmental group Defenders of Wildlife, who via its political arm, the Defenders Action Fund, attacked Sarah Palin for her battle against the over-population of wolves in Alaska, which were devastating the food supply of the native population, was rewarded a no-bid contract of $216,625 from the Obama administration.
The extremist group didn't like the way Palin was having the wolf population culled, which was by the use of aircraft to hunt them down and kill them; as if it mattered how they were killed.
Democrat Jamie Rappaport Clark, the executive vice president of the group, and prior director of the Fish and Wildlife Service under former President Bill Clinton, asserted, "I just truly believe there are no dots to connect," concerning the appearance of impropriety.
Defenders of Wildlife made the amazing claim that no politics played a role in the decision in the no-bid contract.
They've obsessed so much over Palin that they're attempting to pressure Discovery Communications to stop the proposed reality TV series called "Sarah Palin's Alaska."
The Fish and Wildlife Service paid out the money to study how the BP oil spill affected ocean birds.
The extremist group didn't like the way Palin was having the wolf population culled, which was by the use of aircraft to hunt them down and kill them; as if it mattered how they were killed.
Democrat Jamie Rappaport Clark, the executive vice president of the group, and prior director of the Fish and Wildlife Service under former President Bill Clinton, asserted, "I just truly believe there are no dots to connect," concerning the appearance of impropriety.
Defenders of Wildlife made the amazing claim that no politics played a role in the decision in the no-bid contract.
They've obsessed so much over Palin that they're attempting to pressure Discovery Communications to stop the proposed reality TV series called "Sarah Palin's Alaska."
The Fish and Wildlife Service paid out the money to study how the BP oil spill affected ocean birds.
Monday, May 24, 2010
Sarah Palin, BP (NYSE:BP) and Obama
Growing concern over Barack Obama and his connection to big oil is emerging, as BP (NYSE:BP) has given Obama the largest single donation in two decades to Obama, $77,051, according to the Center for Responsive Politics.
Sarah Palin has openly started asking why there isn't as much scrutiny over the slow response of the Obama administration to the Gulf of Mexico oil spill as there was over the alleged slow response of the Bush administration to Katrina.
Palin likens Obama's lack of response in the beginning to the Katrina situation, citing Obama's ties to big oil as the reason behind it.
"I don't know why the question isn't asked by the mainstream media and by others if there's any connection with the contributions made to president Obama and his administration and the support by the oil companies to the administration," said Palin.
Others have questioned Obama's slow response as well as possibly being related to his strong connections to the oil industry, which he is now trying to distance himself from.
Sarah Palin has openly started asking why there isn't as much scrutiny over the slow response of the Obama administration to the Gulf of Mexico oil spill as there was over the alleged slow response of the Bush administration to Katrina.
Palin likens Obama's lack of response in the beginning to the Katrina situation, citing Obama's ties to big oil as the reason behind it.
"I don't know why the question isn't asked by the mainstream media and by others if there's any connection with the contributions made to president Obama and his administration and the support by the oil companies to the administration," said Palin.
Others have questioned Obama's slow response as well as possibly being related to his strong connections to the oil industry, which he is now trying to distance himself from.
Monday, December 22, 2008
Governor Palin Disappointed by Shell Decision to Cancel Drilling Activities in the OCS
December 18, 2008, Anchorage, Alaska – Governor Sarah Palin today expressed her disappointment in Shell Oil Company’s decision to cancel drilling activities in the Outer Continental Shelf (OCS) of Alaska’s Beaufort Sea for 2009.
The decision comes on the heels of a ruling by a three-judge panel of the Ninth Circuit Court of Appeals on November 20. “Alaska’s economic past and future are tied directly to the development of our abundant natural resources," the governor said. “The loss of this exploration activity will cost our state’s families hundreds of jobs next year.”
The governor also announced today that the state of Alaska intends to support Shell’s petition to the Ninth Circuit Court of Appeals for a rehearing in front of the full court.
The decision comes on the heels of a ruling by a three-judge panel of the Ninth Circuit Court of Appeals on November 20. “Alaska’s economic past and future are tied directly to the development of our abundant natural resources," the governor said. “The loss of this exploration activity will cost our state’s families hundreds of jobs next year.”
The governor also announced today that the state of Alaska intends to support Shell’s petition to the Ninth Circuit Court of Appeals for a rehearing in front of the full court.
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