President Barack Obama supports a proposal that a large portion of any federal penalties paid by BP Plc over the Gulf of Mexico oil spill be returned to the states, White House energy adviser Carol Browner said today.
The $20 billion that BP Plc will set aside for claims from the worst oil spill in U.S. history probably won’t be all the company ultimately must pay, President Barack Obama ’s senior energy and environment adviser said.
When Victoria Switzer awoke on a cold night in March, her dog was staring out the window at the flame roaring from a natural-gas-drilling rig 2,000 feet behind her house. She remembers trees silhouetted in a demonic dance as the plume burned off gas that had been building up under her land.
By John Lippert July, 2010 (Bloomberg Markets) -- Natural gas trapped in bands of rock may deliver abundant energy and billions in profits. Companies and environmentalists are clashing as the world rushes to drill. When Victoria Switzer awoke on a cold night in March, her dog was staring out the window at the flame roaring from a natural- gas-drilling rig 2,000 feet behind her house. She remembers trees silhouetted in a demonic dance as the plume burned off gas that had been building up under her land. She discovered later that such flaring can occur when Cabot Oil & Gas Corp . and dozens more companies drill for gas trapped in shale rock. The deposits, stretching from Texas to New York, and as far away as Australia and China, represent what may be the biggest energy bonanza in decades -- one that Switzer, 57, recalls thinking the Earth isn’t surrendering without a fight, Bloomberg Markets reports in its July issue.
The Obama administration will propose raising the cap on economic damages from the BP Plc oil spill in the Gulf of Mexico and expanding aid to those affected by the leak, the president’s energy and climate change adviser said.
BP Plc will use undersea robots to begin cutting damaged pipe from its leaking oil well off Louisiana within the next several days, risking temporarily increasing the flow as it seeks to end the largest oil spill in U.S. history.