BP (NYSE:BP) oil said today that it is planning on beginning a $100 million fund for unemployed rig workers. It will be a charitable fund for those workers experiencing economic hardship caused by the drilling moratorium forced by the United States Government.
BP's Managing Director Bob Dudley said, "The Baton Rouge Area Foundation has a strong track record of meeting community needs, and we are quite confident the foundations will respond effectively to assist the rig workers who today are struggling to make ends meet."
On June 16th BP said they planned on setting up a voluntary fund as a gesture of good will for the people of the Gulf Coast Region. What's being called The Rig Worker Assistance Fund will be handled by The Gulf Coast Restoration and Protection Foundation.
Foundation president and CEO, John G. Davies said, "The foundation is committed to moving as quickly as we can to write grants from this donation by BP. This agreement with BP came together over about three weeks, and we are moving rapidly to create the guidelines related to this grant program. We expect to release all the details of the program within two weeks, than to begin taking applications for grants September 1st."
Showing posts with label Gulf Coast. Show all posts
Showing posts with label Gulf Coast. Show all posts
Friday, July 30, 2010
Wednesday, July 21, 2010
Dudley Replacing Hayward as BP (NYSE:BP) Chief
Tony Hayward, Chief Executive Officer is expected to step down from his position with BP (NYSE:BP) within the next two weeks, according to an anonymous source. The person most likely to replace him is Robert Dudley. The announcement of Hayward's successor isn't expected until August or September.
The leadership change is part of BP's strategy to rebuild their image, company, and reputation. Part of this process is raising money for the $20 billion fund by selling off some of their oil fields. The money raised will be used to compensate those in the Gulf Coast region. BP is making good strides in that direction with the agreement with Apache to sell $7 billion of their assets in North America and Egypt.
Hayward has gotten much criticism over public relation blunders. On May 30th he stated, I want my "life back." He took the job in 2007, promising a "laser like focus" on safety while boosting output and reducing expenses.
The leadership change is part of BP's strategy to rebuild their image, company, and reputation. Part of this process is raising money for the $20 billion fund by selling off some of their oil fields. The money raised will be used to compensate those in the Gulf Coast region. BP is making good strides in that direction with the agreement with Apache to sell $7 billion of their assets in North America and Egypt.
Hayward has gotten much criticism over public relation blunders. On May 30th he stated, I want my "life back." He took the job in 2007, promising a "laser like focus" on safety while boosting output and reducing expenses.
Tuesday, July 20, 2010
BP (NYSE:BP) Oil Leak Damage Causing Loss of 17,000 Jobs
According to Moody's analytics report, BP's (NYSE:BP) oil leak damage is not only effecting oceans and wildlife, it's also causing the loss of 17,000 jobs in the Gulf Coast. Also being lost is almost $1.2 billion in the regions economic growth by the end of the year. Even if the best case scenario plays out with the Macondo well being permanently fixed next month.
The other scenario is the Presidents six month moratorium gets pushed through, extended, and the leaking well continues spewing its toxic crude oil through the end of the year. Then the financial losses will be almost $7.5 billion and well over 100,000 jobs lost.
The hardest hit areas will be Florida, which relies on high tourism and Louisiana whose whole livelihood lies in fishing, oil extraction, and aquaculture. The other states, Texas, Mississippi, and Alabama will also feel the impact but on a much smaller scale.
The other scenario is the Presidents six month moratorium gets pushed through, extended, and the leaking well continues spewing its toxic crude oil through the end of the year. Then the financial losses will be almost $7.5 billion and well over 100,000 jobs lost.
The hardest hit areas will be Florida, which relies on high tourism and Louisiana whose whole livelihood lies in fishing, oil extraction, and aquaculture. The other states, Texas, Mississippi, and Alabama will also feel the impact but on a much smaller scale.
Monday, July 19, 2010
Island Sized Oil Slick Trapped Thanks to BP (NYSE:BP)
While so many have been watching for BP's (NYSE:BP) testing results on the sealing cap, a lot of people seem to forget about the massive oil slick that is trapped and traveling around the ocean. It is compared to the size of an island.
Roger Laferriere Coast Guard Captain, oversees the command center in Southern Louisiana. He is in charge of putting together exactly how the oil is to be cleaned up. He said there are routinely over 40,000 people are working along the Gulf Coast to track the oil. They skim oil when they can, clean the shorelines, and lay protective boom to minimize damage by the oil slick.
There are several analysts who feed satellite data into computerized maps that show where the oil is moving. There are also several fisherman and shrimpers who are involved with the cleanup. They work out of small docks and are out after sun up repositioning boom that has moved out of place, changing out the oil soaked boom, and repairing torn boom.
Stopping the leak has little to do with his mission over the next several months, "Even given that, we still have a lot of oil on the water. We're going to continue to push forward until all the oil is removed and the people of Louisiana can get back to their way of life. We're going to be here until the end," said Laferriere. He also meets with mayors, city councilmen, and parish presidents.
Roger Laferriere Coast Guard Captain, oversees the command center in Southern Louisiana. He is in charge of putting together exactly how the oil is to be cleaned up. He said there are routinely over 40,000 people are working along the Gulf Coast to track the oil. They skim oil when they can, clean the shorelines, and lay protective boom to minimize damage by the oil slick.
There are several analysts who feed satellite data into computerized maps that show where the oil is moving. There are also several fisherman and shrimpers who are involved with the cleanup. They work out of small docks and are out after sun up repositioning boom that has moved out of place, changing out the oil soaked boom, and repairing torn boom.
Stopping the leak has little to do with his mission over the next several months, "Even given that, we still have a lot of oil on the water. We're going to continue to push forward until all the oil is removed and the people of Louisiana can get back to their way of life. We're going to be here until the end," said Laferriere. He also meets with mayors, city councilmen, and parish presidents.
Sunday, May 23, 2010
BP's (NYSE:BP) Oil Leak Control Efforts Have Declined
Despite the continued efforts of BP (NYSE:BP) to contain the massive oil leak, it is not working as well as before. BP's PLC officials stated Sunday that the mile long tube that was inserted into the spewing oil, is not as effective.
John Curry, BP's spokesman told the Associated Press Sunday that there has been a substantial drop in the amount the tube is siphoning to the surface. As of Friday there was a reported 92,400 gallons a day being collected. On Sunday there was a big drop, down to 57,120 gallons a day.
Three of Obama's top administration officials are heading back to the Gulf Coast to monitor the ongoing oil spill cleanup efforts.
Meanwhile, engineers continue on in their efforts to try and get some control over the oil disaster. This is as the crude oil continues to wash into our shores, wildlife is at a continued high danger, and anger with BP and the government continues to grow.
John Curry, BP's spokesman told the Associated Press Sunday that there has been a substantial drop in the amount the tube is siphoning to the surface. As of Friday there was a reported 92,400 gallons a day being collected. On Sunday there was a big drop, down to 57,120 gallons a day.
Three of Obama's top administration officials are heading back to the Gulf Coast to monitor the ongoing oil spill cleanup efforts.
Meanwhile, engineers continue on in their efforts to try and get some control over the oil disaster. This is as the crude oil continues to wash into our shores, wildlife is at a continued high danger, and anger with BP and the government continues to grow.
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