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    Deep-Water Pause

    A list of 33 deep-water Gulf of Mexico floating rigs affected by the Obama administration’s drilling moratorium as of May 26, according to an official with the Minerals Management Service:

    Royal Dutch Shell Plc (5 rigs)
    Eni SpA (3)
    Marathon Oil Corp. (3)
    Anadarko Petroleum Corp. (3)
    Statoil ASA (2)
    Chevron Corp. (2)
    Noble Corp. (2)
    Devon Energy Corp. (2)
    BP Plc (2)
    BHP Billiton Ltd. (2)
    Hess Corp. (1)
    LLOG Exploration Co. (1)
    Walter Energy Inc. (1)
    Petroleo Brasileiro SA (1)
    ATP Oil & Gas Corp. (1)
    Newfield Exploration Co. (1)
    Nexen Inc. (1)

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    written by ABSTRACTMIND @ 3:20 pm, ,

    $420 MILLION AND COUNTING

    BP has incurred $420 million in costs so far from response, containment,relief well drilling and payments to Gulf Coast states, suggesting thefinal bill could be much higher than many analysts predicted.
    BP is ill prepared to deal with such an incident.
    BP shares fell 11 percent at 1430 GMT, lagging a 5.8 percent rise in theSTOXX Europe 600 Oil and Gas index. The stock dropped as low as 540.7p inLondon, its lowest since November. BP's American Depositary Receipts fell0.5 percent in New York.
    The stock has lost around 17 percent since the rig blast, wiping around $33billion from BP's market value.
    One economist predicts the spill's impact on the Gulf Coast will bewidespread, although jobs created for clean up efforts will spawn temporarynew jobs and demand for housing., but there will be more predictedlong-term casualties in terms of businesses lost, property depreciation andthe displacement of workers.

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    written by ABSTRACTMIND @ 2:22 pm, ,

    The crash !!!

    Finally the crash week has ended!!! A week back no one imagined we would have a crash, something unforseen forced many investors into a crazy out ofcontrol state for some minutes, with stocks falling sharply with loosesaround the 30 to 60%. During some seconds the market was hit by massive orders to sell, that created massive panic, until now no one can explain exactly what happened. We will see how the markets react next week, what we need now is for the markets to settle down so that we may return to the gains we were having. It’s important to point out that the biggest world economies continue to grow at a faster pace than expected, however the Greek situation must be watched closely in order not to affect even more the Financial World. In all this negative atmosphere Portugal continues to have record profits for the energy companies such as Galp, Repsol, BP and Cepsa, even as crude prices fall below $80 per barril these companies once more increased final consumer prices at the pump, this way record profits are guaranted and revenue for the ever unpopular government continue. Portugal has one of the Worlds highest petrol prices for the consumer, the price paid by motorists for crude is not $80 per barril but rather a stagering $132 per barril !!! WorldWatch announced a 12% drop in petrol demand for Portugal second quarter 2010, if prices continue to increase for no apparent reason , than the demand will certainly drop further.
    To contact the Author..http://www.so-buracos.blogspot.com/

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    written by ABSTRACTMIND @ 2:11 pm, ,

    The Chinese crash...

    WorldWatch said China’s economy will slow and possibly “crash” within a year as declines in stock and commodity prices signal the nation’s property bubble is set to burst.
    The Shanghai Composite Index has failed to regain its 2009 high while industrial commodities and shares of Australian resource exporters are acting “heavy”.
    The opening of the World Expo in Shanghai last week is “not a particularly good omen, citing a property bust and depression that followed the 1873 World Exhibition in Vienna.
    The market is telling you that something is not quite right.
    The Chinese economy is going to slow down regardless. It is more likely that we will even have a crash sometime in the next nine to 12 months.”
    This crash will start with a possible 12% drop in fuel demand...

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    written by ABSTRACTMIND @ 2:05 pm, ,


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