Economy & Business

"Two Years After BP Oil Spill, Executive Compensation Still Flowing"

"BP paid out $1.1 million worth of shares on Feb. 15 to former chief executive Tony Hayward under a three-year incentive plan, even though Hayward resigned in the wake of the massive Gulf of Mexico oil spill in 2010.

Hayward also earned $194,973 in fees in 2011 as a director of BP’s TNK-BP joint venture in Russia, according to the company’s annual report released Tuesday. The company’s stock price is down more than 20 percent since the spill.

Source: Wash Post, 03/08/2012

"Can The Shale Gas Boom Save Ohio?"

"The help-wanted sign is out in Canton, Ohio, for Chesapeake Energy."

"The company that has led the charge in shale gas drilling is looking for truck drivers with licenses for hazardous materials, a purchasing coordinator for oil field equipment, a pipeline technician, a field safety coordinator, administrative assistants, troubleshooting electricians, a tax analyst and more.

Source: Wash Post, 03/05/2012

"Utilities Announce Closure of 10 Aging Power Plants in Midwest, East"

"Two utility companies announced the closure of 10 aging U.S. power plants Wednesday, a move environmental groups hailed as a major victory even as critics warned it could raise the price of electricity."

Juliet Eilperin reports for the Washington Post February 29, 2012.

Source: Wash Post, 03/02/2012

"Obama Seeks to End Subsidies for Oil and Gas Companies"

"NASHUA, N.H. -- With his re-election fate increasingly tied to the price Americans are paying at the gas pump, President Obama asked Congress on Thursday to end $4 billion in subsidies for oil and gas companies and vowed to tackle the country’s long-term energy issues while shunning 'phony election-year promises about lower gas prices.'"

Source: NY Times, 03/02/2012

"A Record Buyout Turns Sour for Investors"

The Texas utility formerly known as TXU seems to be turning out a big bust for investors. It's a story that goes back to the political and economic failure of the Bush-era plan to build hundreds of coal-fired electric plants -- and the fact that the go-go pace of natural gas drilling has pushed the price of that commodity down for the long term.

"Struck at the peak of the buyout boom five years ago, the $45 billion acquisition of the Texas energy giant TXU — the biggest leveraged buyout in history — has been a painful investment for its private equity owners.

Source: NY Times, 02/29/2012

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