38 Burst results for "Exxon"

Fresh update on "exxon" discussed on The Oil

The Oil

00:36 min | 41 min ago

Fresh update on "exxon" discussed on The Oil

"God bless the Saudis are absolutely gone net to try to get this derelict. Tanker. That is spilling. Oil. Fix, UN is sitting there with their finger in their ear for five years and they known about it and they won't do a thing. It is now broken off its mooring and it is a disaster that's GonNa be four times worse than the Exxon Valdez and it makes my heart sick for it's brutal it and it's I am I am so disappointed. You last night ut's because i. kind of let it out in a very, very big secret that I'm not a fan of the UN need to be tossed out of the US. Next thing is they're not doing their job. Why are we paying their bill when they're about to support the biggest natural disaster in oil and Gas History? That is GonNa give our beloved and gas and energy. Market asked why in more importantly is or the human unanimity the poor folk I don't care you're a human and you don't deserve this. Just breaking a cost the Bloomberg terminal here president trump announces. Stewart. Turley new ambassador US ambassador to the UN. I would. They would not. I would pass background check. That's probably why did you get the job? So Hey, we're wide open stews available and I can take over the website if necessary absolute in and Michael you absolutely crack me up because I said if it doesn't walk like a duck doesn't quite like it because it doesn't quack covered in oil. Is. Beautiful. We had a fun closing bells you highly recommend checking out. On ener comes Youtube Channel I. Think it's like www dot. Youtube backslash user backslash. Entercom backslash live that's where we go everyday to PM Mountain Standard. Time. It was an international and an oil majors week this week which between us to I hate I'm down I'm not an old school, a new school small time us shale guy let me that extraction story. Love me those those politics going along in their loved some of the energy tech stuff that we have going on. We are rolling heavily into earning season here. And that's kind of what I would say calm before the storm and this week as the focus was on international and majors, we were about to shift heavy into quarter to. Quarter three earnings calls. But the sources I have told you. That, it's going to get worse next week in. Muck love. What I want to know I. Well, let's go ahead and moving to the levels for oil. As always guys. This segment is sponsored by Santo capital. These guys do great research You can check out everything of their sansone CD DOT. com call them three nights seven, six, eight, two, five, remember the podcast set you..

UN United States Exxon Valdez Youtube Bloomberg Santo Capital Michael Turley Stewart President Trump
"exxon" Discussed on The Journal.

The Journal.

06:21 min | 2 d ago

"exxon" Discussed on The Journal.

"This episode of the Journal is brought to you by the National Association of Realtors. Here's the truth too many are still being denied access to the futures. We all deserve. That's why the National Association of Realtors is fighting to make fair housing for all a reality. One point four, million realtors are sworn to uphold a code of ethics that sets a higher standard for fairness in housing than federal law because this ad won't end discrimination in real estate people will realtors are members of the National Association of Realtors that's who we are. Welcome back. As Chris was reporting on Exxon he heard about a tense meeting that happened in January an Exxon employees challenged executives about the company's approach on climate. I spoke to a guy named Enrico Rosero who was a an Exxon Geo scientists for years And he in some of his colleagues told me about meeting at Exxon's flagship campus here in Houston and they were talking about, I'm change this dual challenge of providing energy to the world while reducing the risk of climate change. And at the end of it, Enrica stood up and questioned his bosses. On whether Exxon's acknowledgement that the fossil fuels are contributing to climate change was inconsistent with its corporate strategy. He pointed out that Exxon says we have to reduce emissions. But Exxon's emissions are set to increase by twenty percent over the next five years. And he said isn't this a failure of? Leadership. and. Everyone I spoke to at that meeting said it was awkwardly quiet and one of the executive said something like I. Don't hear a question there. That executive was named toto. After that meeting and Riquet said, he was told he needed to improve or he'd be fired. So he voluntarily left the company he thinks he was punished for asking about Exxon. Climate. Strategy. Exxon, declined to comment on Enrica as. A spokesman said, the company encourages open dialogue and doesn't tolerate retaliation. Exxon strategy to lean into fossil fuels based on a few predictions. One is that oil prices will eventually go back up. And the best time to invest is when oil prices are low because when they go hi, we'll have the production in our competitors won't have it and we'll be the ones supplying the market with oil. It also believes that even if some countries start relying more on renewable energy, other countries won't. They do see a lot of the growth in demand for their products in the developing world. And so. Big, bed in some ways is on places like Africa and India and China where you have a middle class coming up and they just they just need energy. They don't have it and they need it and Exxon can give it to them and maybe. You know renewables the infrastructure isn't there to provide So. And their view there's no way that renewables can meet the needs of the world for energy. Oil and gas have a role to play for decades to come, and there's no way around it, and so they WANNA be supplying that oil and gas. So based on their predictions. It doesn't seem like Exxon is going to be changing course anytime soon. They haven't signaled that they're going to back away from trying to grow and gas production. I. Think they still believe that. Once, we get clear of the pandemic and. Economies open back up and things get back to normal while the world's going to need more oil and gas again in Exxon she provided. So I think, the view is Kinda. Let's ride this out. You know let's get to the other side of it, and then we can get on with our growth plans. What would it take for? Oil and gas strategy to succeed in the long term. There's definitely a scenario where Exxon is making a bunch of money this decade. They have said, look the world economy is going to rebound. Renewables are not yet in widespread use. And will need oil and gas and at the same time. Our peers and others are not investing in oil and gas. So the demand will be back, but the supply won't be there and we'll be one of the big companies that is investing in it and so will reap the rewards. And what would be the worst case scenario if you'RE EXXON? If they're wrong and someone figures out a sort of secret sauce to renewables and finds out a way to build it relatively cheaply and quickly and and can get the middle class of the developing world to get on renewables and kind of skip fossil fuels. Well Exxon. would be in big, trouble. In. Very big trouble because. If renewables become more affordable and climate change becomes a bigger issue to consumers there may not be much room left for oil and gas companies that is a possibility. Concerns I hear from investors are. Yes xm could stand to make a bunch of money in sort of the medium term, but the long term that could really be in trouble in twenty thirty years from now, the world may look dramatically different. We may not know what the world looks like, but maybe exit should be hedging his bets maybe it should look at investing in something other Oh boy gas just in case the world looks differently in twenty forty than it does now..

Exxon Exxon Geo National Association of Realto executive Enrica the Journal Enrico Rosero Africa Chris Exxon. Houston Riquet China
Fresh update on "exxon" discussed on Houston's Morning News

Houston's Morning News

00:47 min | 2 hrs ago

Fresh update on "exxon" discussed on Houston's Morning News

"Is here with a look at your money. Well, hey there. Jimmy. Futures are lower this morning. Congress has been in an impasse over another fiscal package for months. Prospects for another round of economic support have gym this week. So we are seeing Dow futures down. 133 points. Shares of BP trading at a 25 year low just a week after revealing its plan to turn itself into a clean energy giant. Management gave more than 10 hours of presentation's over three days last week in a bid to show the world that the oil and gas giant could adapt to a low carbon future. Investors are betting that Exxon's dividend, which is the third largest in the S and P 500 may be under threat, with the chairs dropping so much recently. And many Americans will celebrate Halloween this year sitting at home costume Lis chowing down on candy. Although Halloween isn't as big of a spending holidays Christmas, it's still a major draw with overall spending estimated at a little more than $8 billion this year. That's according to the National Retail Federation. I'm Courtney Donna. Hope Lumber business on NewsRadio. Some 40 K T H. Liberty Delayed farms in Reisterstown Stakes.

Reisterstown Stakes Courtney Donna Exxon National Retail Federation Hope Lumber DOW Jimmy BP Congress LIS
"exxon" Discussed on The Journal.

The Journal.

05:58 min | 2 d ago

"exxon" Discussed on The Journal.

"Realtors. That's who we are. Excellent strategy isn't just testing the company financially that focus on oil has been a source of frustration for some of its own employees who are concerned over the company's approach to climate. Change. And over the last few months, Chris has started hearing from them. Folks are reaching out to me and there was a lot of frustration within the company on a range of issues but one of the issues that people were upset about was climate change and there's definitely a contingent of employees within the company. That are frustrated with Exxon's strategy to handle climate change that. Think that Exxon with all of its financial might. Ought to be investing in with these employees would say or more groundbreaking technologies like renewables. To understand how Exxon reached this place of frustrated employees and mounting losses, you have to go back decade. At that time oil prices were really high and the industry was doing well. Exxon's CEO decided to go on a spending spree, buying up lots of new oilfields all over the world some of its competitors were taking a similar approach. But in two thousand, fifteen oil prices plunged an Exxon and its competitors responded to this oil bust with two distinct strategies. You start to see a split between Exxon and some of its peers. A lot of Exxon's peers decide relatively speaking to kind of hold back their investment in fossil fuels. The industry in the last few years has begun thinking about transitioning to renewable energy sources. Particularly, some of Exxon's European competitors have have made some some bold pronouncements and wanting to invest in renewables. What are some of these bold pronouncements that have come from Exxon European competitors? The European companies like BP and Shell and toe tall the big French energy company. They've really sort of accelerated their embrace of renewables recently. BP has totally restructured itself internally so that it's renewable business will be basically on par with oil and gas business and has said it's GonNa Invest Billions of dollars in renewables and is even willing to let its oil and gas production shrink. which is is really pretty incredible. When you think about it I mean doesn't oil and gas companies saying that it's not going to make as much of. Its major product and is going to be doing something else. and. After the pandemic caused oil prices to sink, even further BP accelerated its move toward renewables. So BP had pledged to be net carbon zero by twenty fifty meeting. They would effectively not be emitting any carbon, but they really hadn't said how they were going to do that. And then the pandemic erupts and the world turns upside down and throughout that they were formulating their plan August they laid out the markers about how they were going to get there, and basically what entails is this giant remaking of their entire company they said that they were going to transition from being an oil and gas company to being an energy company. That, they were going to dramatically increase their spending on renewables. While reducing their investment in oil and gas. So they're laying out this plan of fundamentally remaking the company M putting billions of dollars into it. Are companies like BP really going to be able to make the same kind of money on renewable energy. So. There's a lot of questions about the strategy I think BP Shell and others feel like the writing on the wall that this is the way the world is moving in. So we'd better get ahead of it and even if they can't make as much money. On renewables as oil and gas you know it'll be a steady return it'll be something they can count on whereas. The future for oil gas at least in their view may not be so bright. So. Exxon's rivals are in this moment of low oil prices responding by investing in renewable energy. Has Exxon decided to do that to. Exxon has not they have not invested in renewables. They have said they don't see that as something they'll be investing in anytime soon. And they've really double down on oil and gas. In its research arm Exxon is looking at renewables like turning algae into a biofuel but that isn't close to being commercially viable and when it comes to the company's core products, oil and Gas Exxon keeps investing building on those years of buying up new oilfields even after many of those projects came up short so that spending spree is totally backfired. These projects have not panned out have not me nearly the money that Exxon had planned to. But Exxon says, WE'RE GONNA keep spending we're gonNA, keep investing. After the break why Exxon thinks it's strategy will work and the challenges it's facing.

Exxon Gas Exxon BP Chris BP Shell CEO Shell M
Fresh update on "exxon" discussed on Daily Tech News Show

Daily Tech News Show

01:03 min | 16 hrs ago

Fresh update on "exxon" discussed on Daily Tech News Show

"And the big show with these dance for a tweet this out. He'd Kinda, confirmed this with Amazon. The big deal with this is these are the first Wifi, six kind of Mesh routers that will allow you to use. Integrate them into five system as well as kind of gradually build out your system. Eventually, if you want to do a whole home by six kind of thing, there were a few more announcements in Amazon's hardware event. But we we'd be remiss if we did not include the ring always home cam, a small autonomous drone that flies around your house with ten eighty p camera. When you're not home, it's not supposed to be flying around when you are home, it's supposed to be making sure everything's safe the. Jones economists with users mapping their house for hand. So it knows where to go not crashed into the wall directing where they want the drone to go or not go. It can also be integrated with ring alarm systems to investigate disturbances if there are any the cameras blocked when the drone is docked. So you know it's just it's doing its job for a specific purpose and Amazon says it makes enough noise. So you'll know when it's around, it's not going to sneak up on you and be some. Flying Drone well, we. Amazon. Says it won't but it does ship next year for two hundred, forty, nine dollars ninety, nine cents. So my initial cynical thought is. Finally security theater that is not a subtle as the rest of rings of product. Offerings But I don't know I donate this I think it's I mean it's certainly pricey a do a fifty dollars but especially, you know if you have a a rental property or your vacation place or somewhere else where you just kind of want every once in a while, take a walk through it without having to walk through it like this could be pretty helpful. Yeah. Absolutely. I'm just going to call the twenty twenty one headline where you know this shows up on show Dan and someone's taking control of your timing Amazon drone scaring terrifying headline that's theoretically possible you also if you have a pet I mean, my cat would not go for this maybe she'd get used to it eventually but boy you got used to it it's I guess I. Used to the room, but they can get used to drown. Are Well, thanks to all those who participate though in our suburb, we get great stories from there every single day some stories and voted them at new show that red DOT com. We also give a big shout out to our master and Grandmaster Level Patrons Super Appreciative to carmine Bailey John, and Becky Johnston and Chris Benneteau. Thank you. Shout. We Love the master grandmasters and all patrons. We also love Justin Robert Young Justin. It's been a delight as always. What else have you been up to? Well a few things, politics, politics, politics my politics podcast has guest segment from Tom Merritt on the most recent episode. So head on over there right now to we're all podcasts are found also I mentioned before but my history podcast raise the dead is coming back with season two it'll be all about the nineteen sixty four election of Lyndon Baines Johnson versus Barry Goldwater three episodes. Season begins on October fourth. You can get the trailer right now on either the raise the dead feed same as the first season, or you can find it on my twitter at just in our young. Exxon, Hey everyone reminder Monday August fifth we kick off our creator theme week we're going to look at technology how it's changed in how it's still changing how people create things, visual effects, costumes, and props narrative game design all sorts of goodies, and we have a lot of guests lined up you do not want to miss it and it all starts Monday August fifth thanks again to everybody for supporting us if you want to know more daily tech new show dot com slash Patriot All right. Our email address is feedback et daily Tech News show dot com. We're live Monday through Friday at four.

Amazon Exxon Twitter Lyndon Baines Johnson Tech News Tom Merritt Justin Robert Jones Carmine Bailey John Barry Goldwater Twenty Twenty Becky Johnston DAN Chris Benneteau
"exxon" Discussed on The Journal.

The Journal.

02:10 min | 2 d ago

"exxon" Discussed on The Journal.

"Just, seven years ago Exxon Mobil was riding high. It was the biggest company in the US bigger than corporate giants like Walmart Microsoft even apple, it's on at its peak was this giant sprawling monster of a company they made record profits for years they delivered on oil production for years. Chris Matthews covers the energy industry and he says with Exxon's work in. So many countries in some ways, the company was run like a government. was dealing with heads of state. It had its own foreign policy and was operating in dozens of countries all over the world. This was a giant company that in some ways functioned on on a scale that many companies can only dream of. But since that twenty thirteen peak, a lot has changed. Exxon has lost around sixty percent of its value and three weeks ago it was removed from the Dow Jones. Industrial Average a list of thirty top US companies that Exxon had been on for nearly a century Exxon has gotten so much smaller that it's no longer really represents a huge important segment of the economy. And this year, they are forecast to lose money they had for the first time. This century back to back losses in the last two quarters, which was previously unthinkable for Exxon. What was behind Exxon stunning decline. It's laser focus on fossil fuels. Analysts say while Exxon competitors started to invest more in renewables like wind and solar power Exxon stuck to oil and gas. And despite more than one billion dollars in losses, Exxon is doubling down. Welcome to the Journal, our show about money business power. I'm Caitlyn Ball. It's Tuesday September twenty second..

Exxon Exxon Mobil US Caitlyn Ball Chris Matthews Walmart Dow Jones apple Microsoft
How Big Oil Misled The Public Into Believing Plastic Would Be Recycled

Planet Money

11:28 min | Last week

How Big Oil Misled The Public Into Believing Plastic Would Be Recycled

"How did millions of Americans come to believe that most plastic would be recycled when that's not actually true Laura Sullivan is GonNa take the story from here. Okay, it seemed like a good place to start was the plastic industry they make the stuff. Did they know the truth about recycling plastic? I headed to one of the birthplaces of plastic plastic comes from oil. But really comes from the dupont chemical company and some of the plastic industries old records are housed in the Hagley Library. It's this stone building on the grounds of the first dupont family home in Delaware. This is a place that actually used to store sodium nitrate back when Dupont made gunpowder not plastic. There's an archivist with a bow tie a handlebar moustache named Lucas Clawson, and he looks like someone would make cocktails. Lucas wheeled out a cart of boxes. Thank you. Files that documented the discovery of a chemical marvel that changed the world, a product that looked like glass but break a product that could also look like lightweight fluff but keep things hot called Styrofoam and incredible new film that can preserve food for days called. Saran. Wrap there were a couple of clues about recycling inside the boxes from the industry's most powerful lobby group at the time the Society of the plastics industry their job was to lobby for the big oil and plastic companies. So think Exxon Chevron Dow Dupont. And there's this one memo from one, thousand, nine, hundred, seventy, three, the. Movement is just being born, and one of the top people in the plastics industry is talking about how the cost of sorting plastic is high but it seemed like a lot of the documents were were missing I find reference to a memo a report, but then I noticed that someone had drawn a line through it Lucas. Can I ask you a question absolute. Okay. Why? In this section are all. These APPS. So many of these. Cross out because those records are no longer. Here anymore day or not where did they go the society of the Plastics Industry Astra them back think they really yes is an unusual. That doesn't happen often. Do you do know why they took them. Did they say? I, do not know. Okay Of course, there are all kinds of reasons why an industry lobbying group might want. It's records back I did call society the plastic folks and ask them if I could see the records they took they said No. So I headed to another library this time at Syracuse University and they're buried in its tax, our boxes of files donated from an industry consultant. Actually the industry consultant died in the why found the boxes and gave them to Syracuse and inside these boxes. I found what I was looking for a report was sent to top oil and plastic executives in nineteen seventy three. It says, recycling plastic is nearly impossible. There is no recovery from obsolete products. It says recycling is costly sorting. It is infeasible plus it says plastic degrades every time you try to reuse it. So the oil in plastic industry new, they've known for almost fifty years. and. Then I found more confidential memos in meetings echoed decades of this knowledge insight thousands of pages of courtroom discovery. There's a speech from an industry insider in nineteen seventy four when it comes to recycling large quantities plastic, it says there is quote serious doubt that it can ever be made viable on an economic basis. Now. Okay. Sure. Anyone can take something plastic melted down and make something else. But what these documents are saying is that it's expensive, it's time consuming it's chemically problematic and it's just cheaper and easier to make plastic out of new oil instead of plastic trash there are all kinds of names in these documents men who have never spoken publicly before and there was one name I kept seeing over and over he. was, giving speeches at fancy hotels, hosting conferences and Berlin. Phoenix, they called him a bigwig. He was the industry's top lobbyist. Larry Thomas this is the man I had to find but do you know how many Larry Thomas's there are in the United? States. Thousands I'd call say are you the Larry Thomas used to work in plastics? Are you leery Thomas who used to be president of the Society of the plastics industry? And then finally, I'll prompt Merrin the plastics industry no getting around it the BIGWIG himself I'll walk. Do that's for sure. Yeah. My personal views certainly didn't always job with. US I had the quake as part of my job. That's the way it was there. He's retired now on the coast of Florida but I told him I've been reading all about his exploits in the world of plastic. Where would the offices the officers were? What would you think they would be K. Street yes. Twenty Five K. Street Casey was the heart of lobbying in Washington and it was in those offices at top executives in the world's most powerful oil and plastic companies met they had meeting after meeting about a little problem they were having there was just too much plastic trash consumers didn't like it. In one of the documents I found from nineteen nine, hundred nine Larry wrote the top oil executives at Exxon Chevron, Amoco Dow Dupont proctor, and gamble in a bunch of others he wrote the image of plastics is deteriorating at an alarming rate. We are approaching a point of no return. The classic. I was under fire. We gotta do. What it takes to take the heat off. Because we want to continue to make classic equality, they wanted to keep making plastic but the more you make the more plastic trash you get and the obvious solution to this is to recycle it but they knew they couldn't remember it's expensive. It's a great. Discussion about how difficult it was to recycle. They knew that the infrastructure wasn't there. So really have recycling amount to a whole lot. So they needed a different plan. Larry Decides to call a bunch of meetings at fancy hotels. He summons the Society of the plastics people executives Larry doesn't remember the specifics of each particular meeting but one of his deputies at the time Lou Freeman he remembers you could. Get. Back all the layers of my brain. Lou, remembers a bunch of meetings the basic question on the table was. You guys you're our trade association in the plastics industry aren't doing enough. We need to do more. This one dupont executive was telling Lou. It's your job to fix plastics imaging problem. So what do you need? You said, I think if we had five million dollars. which seemed like a lot of money. If we had five million dollars we could. We could. We could solve this problem. And My boss said in response. If you add five million dollars, you would know how to spend it effectively. Well, they came up with a way to spend five million dollars that and a lot more I. Remember this. This is one of these exchanges that sticks with me thirty five years later however long it's been. Anna was You know what we need to do is advertise our way out of it. That was the idea thrown out. The industry decided to advertise its way out of a can't recycle it problem. The possibilities off plastics plastics. From dense. Touted the benefits of a product that after it was used for the most part was headed to a landfill incinerator or even ocean. Look empty yet it's anything but trash it's full of potential. These commercials carried an environmentalist message, but they were paid for by the oil and plastic companies eventually leading to fifteen million dollars a year industrywide ad campaign promoting plastic. So I asked Larry why why spend tens of millions of dollars telling people to recycle plastic when the new recycling plastic wasn't going to work? and. That's when he said it. The point of the whole thing if the public thinks so recycling is working. Then they're not going to be concerned about the environment and if they're not concerned about the environment. Though keep buying plastic it wasn't just Larry in lieu who said this I spoke to half a dozen top guys involved in the industry at the time who all said plan was unfolding and it went beyond at the industry funded recycling projects and local neighborhoods expensive sorting machines that didn't make any economic sense school recycling contests. All of this was done with great fanfare. except I decided to go track down almost a dozen of the industry's biggest projects like the one where they were going to recycle plastic and national parks or the one that was going to recycle all the plastic and school lunches in New York they all failed and disappeared quietly but there was one more part of this campaign, the final piece that did stick around. That recycling symbol with the numbers in the middle this symbol has. So. Much confusion about what is and is not recyclable in the plan to stamp it on every plastic item popped up a lot in the documents I learned of a quiet campaign to lobby almost forty states to require that every single plastic item have this symbol stamped on it. Even if there was no way to economically recycle it, I should note that some. Environmental is also supported. The symbol thinking would help, separate and sort plastic but the industry knew the truth the symbols were causing problems. Warm report told executives in July nineteen ninety-three that the symbol is being misused. It's creating quote unrealistic expectations about what plastic people can recycle. It's being used as a green marketing tool, but the executives decided to keep the symbol anyway. I did reach out to plastic industry folks and they said that the symbols were only meant to help sort plastic and that they were not intended to confuse people but the symbol in the ads in the projects, all of this basically convince people Larry says the idea that the vast majority of plastic can be recycled was sinking in. Say that. After a while the atmosphere seems to change I. Don't know whether it was because people thought that recycling has solved the problem. was that they were just so in love with plastic products that they were willing to overlook the environmental concerns that were were mounting up. It's been thirty years now since most of those plans have been put into place and the public's feelings about plastic have started to shift again, people are reading stories about oceans choked with plastic trash and trace amounts of this stuff inside our bodies, and once again, people are wanting to ban plastic and the survival of the oil companies is at stake.

Larry Thomas Lucas Clawson Society Of Dupont Chemical Company Lou Freeman Dupont Laura Sullivan Sodium Nitrate Delaware Hagley Library Chevron Dow Dupont Exxon Syracuse University Phoenix Syracuse Consultant Berlin
Oil industry assesses damages at refineries, plants after Hurricane Laura

Michael Wallace and Steve Scott

00:20 sec | Last month

Oil industry assesses damages at refineries, plants after Hurricane Laura

"The NASDAQ is up 1/10 of a percent. Oil prices are lower after Hurricane Laura tour through the Gulf authorities air still assessing the damage, but most oil refineries were spared. Though the storm did score a direct hit on plants that produce chemicals and liquefied natural gas. Exxon is hoping to get its Beaumont refinery in Texas back on line tomorrow.

Hurricane Laura Exxon Beaumont Gulf Texas
"exxon" Discussed on Business Wars Daily

Business Wars Daily

05:20 min | Last month

"exxon" Discussed on Business Wars Daily

"From wondering, I've David Brown and this is business wars daily on this Wednesday August twenty sixth we'll talk about an exclusive club the only members allowed into the Dow, Jones Industrial? Average. Are The thirty most stalwart icons of the American economy names like Home Depot Microsoft McDonald's Johnson and Johnson Caterpillar Goldman Sachs and until next Monday. Exxon Mobil. That's right. The Dow is throwing Exxon out not long ago such a move would have been unthinkable. The multibillion dollar oil company is the longest standing member of the Dow. It was first listed in October of nineteen. Twenty eight. The. Dow's leaders announced their choice to boot Exxon late, Monday the move is so remarkable that Bloomberg called it a stunning fall from grace for the giant oil company. Is Twenty Thirteen Exxon Mobil was the world's largest publicly traded company according to CNBC. But now in the flash of time that has been the Kobe pandemic traditional oil companies have fallen out of favor as oil revenues and profits. Sink investors are spurning energy businesses. As we've reported here. Recently, Exxon has been foundering as the green economy becomes more and more important to global consumers. Bloomberg reports that exodus is now valued at only one, hundred, eighty, billion dollars A. Drop of forty percent just since New Year's and even more sense it's half a trillion dollar valuation in two thousand seven. You could say Exxon's worth is plunged as deep as one of its offshore drills like whack-a-mole when a company is pushed off the Dow, another one jumps up to replace it. In this case the Dow kicked out three businesses, Exxon? Mobil pharmaceutical company Pfizer and Raytheon. Technologies like Exxon Raytheon is also a dow old timer it was first. Listed in nineteen, thirty, nine, swapping into those slots are salesforce dot COM tech company specializing in customer relationship management. The Dow also added Biotech Company Amgen and industrial conglomerate Honeywell International. This is the Dow's biggest shakeup in seven years, not surprisingly the share prices of the three companies joining the Dow was Tuesday for the three kicked off the island. Well, you guessed it share prices fell. There's a much bigger strategy here than simply reflecting Exxon's ill fortunes the Dow. Index of American blue chip stocks was invented by Charles Dow and ninety four, two years later down his partner Edward Jones surely you know that name publish their first list of a dozen blue chip stocks ever since the Dow has served as a benchmark the standard intended to measure the strength or weakness of the US. Stock Market for that reason, it's leaders sometimes shuffled membership in the Dow to reflect the changing makeup in value of the entire stock market. And for that matter, the entire American economy currently, information technology makes up almost thirty percent of the value of the economy. Tech stocks are the stars next in importance are healthcare companies, which comprise almost fifteen percent of the economy's value. Energy stocks have dropped so low that only two and a half percent of the economy's worth comes from oil and gas today CNBC reports. That's as measured by an index of America's five hundred largest publicly traded companies the S. and P.. Five. Hundred another player made a move this week that started this whole chest came apple last Wednesday apple became the first American company valued more than two trillion dollars not surprisingly its stock price has been skyrocketing got an extra five hundred bucks a share in your pocket to lower that price apple decided to do a four for one stock split when it does. So next Monday it share price will fall to about one hundred, twenty, five dollars its valuation will remain the same. That's getting a little technical. So here's the bottom line. The Dow was waited by share price when apple share price drops the Dow's entire category of information technology will fall as well. That means the Dow's IT Group of stocks won't accurately reflect the. American. Economy which today is powered by Tech Moreover, investors in the Dow already haven't been doing nearly as well as investors in tech heavy index is like the Nasdaq. For the Dow that was a problem waiting to be fixed, which is where salesforce dot com comes in and Exxon goes away. SALESFORCE has grown exponentially since two thousand, nine Bloomberg reports and at twenty one years old. It's practically no geezer among Silicon Valley firms making it just iconic enough for the Dow adding salesforce to the Dow, pushes it back to its proper place in the index at least that's what the Dow's leaders argue the other swaps are intended to help the Dow. Better. Reflect the prominence of healthcare in the economy and the strength of certain industrial stocks. But let's not lose the meaning for Exxon Mobil remember a few weeks ago when we told you Exxon's mammoth British rival BP announced it will make a multibillion dollar investment in green energy is share price rose Exxon however is doubling down on traditional oil exploration despite big losses. So far that's not a winning strategy. Its earnings numbers don't lie and neither does the message that comes from being disinvited by America's oldest.

Exxon Exxon Mobil Charles Dow Exxon Raytheon Bloomberg Mobil apple SALESFORCE Johnson Caterpillar Goldman Sa America Jones Industrial Microsoft McDonald David Brown
In Seismic Shakeup, Dow Replaces Exxon Mobil with Salesforce

Business Wars Daily

02:49 min | Last month

In Seismic Shakeup, Dow Replaces Exxon Mobil with Salesforce

"We'll talk about an exclusive club the only members allowed into the Dow, Jones Industrial? Average. Are The thirty most stalwart icons of the American economy names like Home Depot Microsoft McDonald's Johnson and Johnson Caterpillar Goldman Sachs and until next Monday. Exxon Mobil. That's right. The Dow is throwing Exxon out not long ago such a move would have been unthinkable. The multibillion dollar oil company is the longest standing member of the Dow. It was first listed in October of nineteen. Twenty eight. The. Dow's leaders announced their choice to boot Exxon late, Monday the move is so remarkable that Bloomberg called it a stunning fall from grace for the giant oil company. Is Twenty Thirteen Exxon Mobil was the world's largest publicly traded company according to CNBC. But now in the flash of time that has been the Kobe pandemic traditional oil companies have fallen out of favor as oil revenues and profits. Sink investors are spurning energy businesses. As we've reported here. Recently, Exxon has been foundering as the green economy becomes more and more important to global consumers. Bloomberg reports that exodus is now valued at only one, hundred, eighty, billion dollars A. Drop of forty percent just since New Year's and even more sense it's half a trillion dollar valuation in two thousand seven. You could say Exxon's worth is plunged as deep as one of its offshore drills like whack-a-mole when a company is pushed off the Dow, another one jumps up to replace it. In this case the Dow kicked out three businesses, Exxon? Mobil pharmaceutical company Pfizer and Raytheon. Technologies like Exxon Raytheon is also a dow old timer it was first. Listed in nineteen, thirty, nine, swapping into those slots are salesforce dot COM tech company specializing in customer relationship management. The Dow also added Biotech Company Amgen and industrial conglomerate Honeywell International. This is the Dow's biggest shakeup in seven years, not surprisingly the share prices of the three companies joining the Dow was Tuesday for the three kicked off the island. Well, you guessed it share prices fell. There's a much bigger strategy here than simply reflecting Exxon's ill fortunes the Dow. Index of American blue chip stocks was invented by Charles Dow and ninety four, two years later down his partner Edward Jones surely you know that name publish their first list of a dozen blue chip stocks ever since the Dow has served as a benchmark the standard intended to measure the strength or weakness of the US. Stock Market for that reason, it's leaders sometimes shuffled membership in the Dow to reflect the changing makeup in value of the entire stock market. And for that matter, the entire American economy

Exxon Exxon Mobil Charles Dow Exxon Raytheon Johnson Caterpillar Goldman Sa Bloomberg Mobil Jones Industrial Microsoft Mcdonald Biotech Company Amgen Johnson Edward Jones United States
Dallas-Based Exxon Mobil Loses $1 Billion+, Dropped From Dow After Nearly 100 Years

KCBS Radio Midday News

00:07 sec | Last month

Dallas-Based Exxon Mobil Loses $1 Billion+, Dropped From Dow After Nearly 100 Years

"Exxon Mobil. Vel has been kicked off the Dow Jones industrial average after being on the exchange for 92

Exxon Mobil VEL
Exxon Mobil dropped from the Dow after nearly a century

KYW 24 Hour News

00:21 sec | Last month

Exxon Mobil dropped from the Dow after nearly a century

"Back in 2011. Exxon Mobil was the world's biggest company. Now the oil giant is worth just $180 billion. That's less than 1/10 of what Apple is worth. So is getting kicked out of the 30 stocks that make up the Dow. The Dow Jones industrial average along with Visor and Raytheon, In favor of software, giant sales force, the biotech Amgen and industrial giant Honeywell

Exxon Mobil Amgen Raytheon Honeywell Visor Apple
ExxonMobil To Simplify Oil Extraction By Cutting Earth In Half

The Topical

01:06 min | Last month

ExxonMobil To Simplify Oil Extraction By Cutting Earth In Half

"Well, it's no secret drilling for oil is dirty business and his natural deposits are used up companies have taken to drilling even deeper than before and in more dangerous locations seeking untapped reserves but that may soon change as Exxon. Mobil. Announced this week their plan to simplify oil extraction by simply cutting the earth and half here with more as OPR's. Carbon correspondent Rebecca Neal Hi Leslie Exxon Mobil spokesperson Todd McNamara told reporters at a press conference yesterday about the company's new initiative to cleave the earth into two separate pieces and drain out the crude oil hidden inside the plan they say, will have minimal environmental impact and provide Americans with affordable clean fuel. So. Think of the earth is like a really round EG, and on the inside of the Shell is the egg white or oil, and the yoke is lava and stuff. But that part's important we intend to score the earth all the way around like with an egg topper and then tap it with a chisel. This will split the planet into two pieces giving Exxon mobile access to all that we petroleum goodness buried inside

Exxon Leslie Exxon Mobil OPR Todd Mcnamara Rebecca Neal
ExxonMobil To Simplify Oil Extraction By Cutting Earth In Half

The Topical

01:06 min | Last month

ExxonMobil To Simplify Oil Extraction By Cutting Earth In Half

"Well, it's no secret drilling for oil is dirty business and his natural deposits are used up companies have taken to drilling even deeper than before and in more dangerous locations seeking untapped reserves but that may soon change as Exxon. Mobil. Announced this week their plan to simplify oil extraction by simply cutting the earth and half here with more as OPR's. Carbon correspondent Rebecca Neal Hi Leslie Exxon Mobil spokesperson Todd McNamara told reporters at a press conference yesterday about the company's new initiative to cleave the earth into two separate pieces and drain out the crude oil hidden inside the plan they say, will have minimal environmental impact and provide Americans with affordable clean fuel. So. Think of the earth is like a really round EG, and on the inside of the Shell is the egg white or oil, and the yoke is lava and stuff. But that part's important we intend to score the earth all the way around like with an egg topper and then tap it with a chisel. This will split the planet into two pieces giving Exxon mobile access to all that we petroleum goodness buried inside

Exxon Leslie Exxon Mobil OPR Todd Mcnamara Rebecca Neal
Trump Administration Rolls Back Obama-Era Restrictions On Methane Emissions

Environment: NPR

03:37 min | Last month

Trump Administration Rolls Back Obama-Era Restrictions On Methane Emissions

"Today the trump administration rolled back another environmental rule. This one was aimed at reducing climate warming methane emissions. The oil and gas industry is the largest source of those emissions in the US and get some big oil companies wanted to keep the rule in place NPR's Jeff Brady's covering this story. Jeff Hi, Ari. Why did the Obama Administration create this rule in the first place about methane emissions back in two thousand, sixteen it there's a lot of concern about methane. It's the main ingredient in natural gas and when it's burned, it's cleaner than other fossil fuels. But when it escapes into the atmosphere unburned safe from a leaky valve at a well drilling site, it's a very potent greenhouse gas it. Has More than eighty times the climate warming power of Carbon Dioxide over the first twenty years it's in the atmosphere. So under the Obama Administration, the Environmental Protection Agency required oil and gas companies to monitor and limit methane leaks, I to newer wells, and eventually to thousands of wells installed before twenty fifteen Also, that's by some oil companies. especially smaller ones oppose the rule they said. It's too costly. Now, the trump administration deciding with US companies and rolling back the requirement it says that they'll save those companies up to about nineteen million dollars. A year in compliance costs is the flip side of that cost saving an acceptance that methane emissions are gonNA rise. Yeah. Yeah. you know the the administration echoes and industry argument says oil companies have an incentive to stop. Methane from leaking because that's the product that they sell, and the industry already has a voluntary program to reduce methane emissions The administration also says the Obama EPA rule that they say it was duplicative they say methane can already be regulated under other rules but environmentalists methane is such a problem that it needs special attention. Here's a Peter Zahle South with the Group Environmental Defense, fund? Reducing methane emissions. Is One of the fastest whammos, low cost and most effective ways that we can combat climate change in the near term, and he says, there are side benefits to that old rule that the Obama administration had had passed because it also reduces other pollution that harms people's health. That's what we would expect to hear from an environmental group. But explain why some big oil companies also want to stick with the twenty sixteen rule even if it does cost the money to comply. Yeah and these are companies names we recognize Exxon Mobil BP shell they have a lot invested in natural gas and they worry if methane leaks continue to be a problem that could undermine their arguments that natural gas is a cleaner burning fossil fuel than say coal the president of Shell in the US Gretchen Watkins told us in a statement that she finds it frustrating and disappointing. The Administration is rolling back these regulations, her companies and others plan to continue their efforts to reduce methane emissions and some. States also have their own programs underway. So states and big companies are still focused on stopping these leaks is the trump administration's robot going to have much of an effect. It likely will especially because there won't be that requirement to go back and stop leaks at older wells Environmental Defense Fund calculates. The effect would be about the same as adding greenhouse gas emissions from one hundred coal fired power plants every year by rolling back these these these regulations. But there are two caveats here. One is the rollback will be challenged in court and second if Joe Biden wins in November and Democrats take control of the Senate, this nothing rule could be reversed again NPR's Jeff Brady thank you. Thank

Obama Administration United States Jeff Brady NPR Environmental Defense Fund Jeff Hi Group Environmental Defense Joe Biden Environmental Protection Agenc Shell Peter Zahle South Obama Epa
Los Angeles Sheriff Deputies To Start Wearing Body Cameras

Sean Hannity

00:36 sec | Last month

Los Angeles Sheriff Deputies To Start Wearing Body Cameras

"L. A. We'll soon be wearing body cameras, Los Angeles County Sheriff Alex Villanueva says. Finally, they have struck a deal with a company called Exxon to spend $25 million over five years on 5200 body worn cameras. The first of the cameras will go on to sheriff's personnel at five patrol stations by October 1st, it has a recall. I think that in one minute That we program it for for one minute so it can recall back one minute you won't get the audio, but you'll get to the video. One minute backwards from the time you hit the button, you know, Eva says every deputy is required to store the video at the end of their shift to the iCloud. Jessica

Sheriff Alex Villanueva Los Angeles County Exxon Jessica EVA L. A.
Makeover: Oil Giant BP Promises to Cut Oil Production, Invest in Renewables

Business Wars Daily

04:09 min | Last month

Makeover: Oil Giant BP Promises to Cut Oil Production, Invest in Renewables

"Somebody had to go I. It's no surprise that Covid Nineteen Delta Draconian blow to the oil and gas industry stay at home orders and line shutdowns of dramatically reduced the need for oil and gas prices and earnings plunged well. Now at least one giant oil company says demand for fossil fuels will never be the same again and it's taking steps not just to pivot, but to make itself over entirely. That business is BP the london-based behemoth last week, the one, hundred, ten year, old company announced a seventeen billion dollar quarterly loss and multibillion dollar writedown of its assets. But what generated headlines was its announcement that over the next decade, it intends to discard its identity as a fossil fuel business. Instead, it'll invest heavily in a wide variety of renewable energy technologies on its way to achieving net zero emissions by twenty fifty. Specifically bb says it will cut oil and gas production by forty percent over the next decade. At the same time, it plans to put ten times as much money into renewable energy investments as it currently does with a goal of investing five billion dollars a year by twenty thirty bio-energy hydrogen, carbon, capture and storage investments in electric vehicle charging stations are all said to be on the menu as our wind and solar. From. A business perspective the move does make some sense BP expects demand for oil to fall between fifty and seventy five percent over the next thirty years as the world attempts to slow global warming. In June BP officials acknowledged that the pain caused to the oil business by the pandemic isn't temporary. It's permanent. They say in a statement, they said covid nineteen would accelerate an existing transition to a lower carbon economy as country seek to quote, build back better meaning in ways less harmful to the environment. The shift is taking a toll on BP's employees. The company announced in June that it plans to lay off ten thousand people. BP's dismal second quarter didn't seem to faze investors instead they embrace the company's new renewable energy shift its share price leapt seven percent on the news stuart joyner an analyst at the market research firm redburn remarked that the move was major positive, thoughtful, and largely unexpected the New York Times reported. Unexpected too many perhaps, but close observers of the company may not have been that surprised. BP has spent the last decade clawing back from its disastrous deepwater horizon oil spill in the Gulf of Mexico. For obvious reasons, the company hasn't exactly been a darling of environmentalists, but quickly after becoming CEO in February Bernard Looney made a pledge for BP to achieve net zero emissions by twenty fifty it was the first of giant global oil companies to do so. At the time both socially conscious and traditional investors applauded BP's pledge Andrew Logan and oil and gas director at series a climate change advocacy organization said EP was setting a new standard for leadership in the oil industry CNN reported and Barclays analysts called the plan both fundamental and radical. Last week. Looney. said in a statement quote. This coming decade is critical for the world in the fight against climate change and to drive the necessary change in global energy systems will require action from everyone but so far oil giants. Exxon and Chevron have not followed suit indeed mobile continues to expand oil exploration and production around the world despite its own sharp drop in earnings. The Washington Post reported BP has attempted and failed at other eco, friendly initiatives over the years and BP will continue to invest in and make most of its money from fossil fuels for at least another five years. Still observers agree that this is the company's most transformative move yet, and the realities of business may give BP's ecoconscious strategy more momentum than has existed in the past. As reporter Steven muffs wrote in. The Washington Post for. BP. Is trying to get ahead of what climate change might forced the industry to do. Anyway.

BP Washington Post BB Mexico EP New York Times Exxon Andrew Logan Bernard Looney
Cybersecurity and the SMB

Down the Security Rabbithole Podcast

05:08 min | Last month

Cybersecurity and the SMB

"But yet, you guys are geared towards helping small businesses from policy in ready perspective on cyber right. Absolutely. So I can tell you what we do I. Just WanNa make a comment on your diversity common because I'll. I'll make a a plug for diversity across genders races. The capabilities and skills are out there, but you have to work to find them So it's just a question. If you really believe in diversity than you have to build it from the ground up get people into the position to acquire the skills, and there's plenty of there's a diverse skill that's out there but you have to look forward. and. Not just be complacent and go to the usual suspects. So that's that's my plug on diversity it it. They are particularly in this space and it's important to for US particularly cybersecurity, which is about building things and creating solutions to actually get divers, thoughts and ideas in. Well, if I made injected diversity of opinion is so important because we. I I've been in the industry. You know roughly twenty some odd years and I feel like while we continue to innovate actually like the solving things is is the difficult part right and so every couple years ago we need a fresh perspective and what we have disabled people like this is not how it is going to happen. Yeah exactly. Exactly and so the the Cyber Readiness Institute in Two Thousand Sixteen I served as executive director of President Obama's independent bipartisan commission on Enhancing National Cyber Security, and it was a nine month commission as. We're finishing up the commission and the Vice Chair of the Commission Sam Palmisano, who's the retired CEO of IBM in I came together to talk through how do you carry this momentum forward so the CO chairs were all involved co chairs of CRI were all involved in the commission of Penny. pritzker served as US Secretary of Commerce at the time and she was oversight and then Microsoft participated on the commission Ivanka the CEO of MasterCard was a commissioner and the idea was to your earlier point that by convening senior executives to come together. And say small business cybersecurity is important. You create momentum for this purpose because small businesses themselves don't have the voice and don't have the resources for this and so if you take and convene large companies and ask them to share their best practices and resources to create free tools for small businesses, then you're truly helping businesses and you're also improving the security of global value chains. The point that Ajay Banga the CEO of MasterCard with all the time is you know we're only as strong as our weakest link and particularly for a company. Like MasterCard helping small businesses make sense but it's true of all companies are members include Exxon, Mobil, General Motors, city, those companies, all recognize the importance of cybersecurity for small businesses will, and I think it's interesting as cyber security We'll save matures and it's it's time as thing One of the things that I think we we keep coming back to insert recognizing pretty readily and it's happened a few times over the years where your smallest vendor, your most insignificant from but number of dollars you pay them vendor or partner. Tends to be one of your weakest. Of A cybersecurity perspective right. So if you think about the overuse example although I haven't heard it in a while of the h back company that you know. Is your is your H, back to provide a provider of choice for the six hundred, seventy, four locations you have right or or even or even the one like you've got a shop or something of live in an area that's got a lot of these small companies that are the warehousing and electrical companies and right. These are not like global companies but they've got somebody that maintains their grounds. They got somebody that does their payroll. They've got somebody that maintains the electrical and all that and I sort of wonder How much of the companies that? These companies rely on actually do. In terms of cybersecurity sometimes, they have such A. Wealth and abundance was an embarrassment of riches as the attorney in terms of how much data they have a about some of the world's largest companies. Blows my mind that they spent like. Maybe sometimes nothing on cybersecurity will holy cow possible. Well exactly and I think one of the things that you are calling attention to, which is so critical as that supply chains are not linear. There are parts of your supply chain that people don't think about it's the catering company. It's the HVAC company and there was a story in the. New York Times by Nicole for over a couple of years ago about an oil company in Texas that was firewalls, six ways to Sunday. But they were breached because the militia actors were paying attention to the it department and saw that at six o'clock at night typically, they would download the menu from the Chinese restaurant around the corner and. To in order to order, and so they put them out where on the Chinese restaurant. because. They see a lot easier to breach

Mastercard United States CEO Cyber Readiness Institute Penny. Pritzker Ajay Banga New York Times Sam Palmisano IBM Microsoft Secretary Of Commerce President Obama Vice Chair Exxon Executive Director Texas Attorney
Tech giants lead gains as S&P 500 closes 4th winning month

KNX Weekend News and Traffic

00:25 sec | Last month

Tech giants lead gains as S&P 500 closes 4th winning month

"Giants lifted stocks. To end the week on a high note. The Dow closed up 115 points 1150.4%. The SNP gain 3/4 of a percent. The NASDAQ added 1.5% blowout. Earnings in the tech sector offset the worst losses in decades. Among oil giants, Chevron and Exxon Mobil, Chevron dropped more than 2.5%. Exxon, which pledged to keep paying out a dividend to shareholders. Gained half a percent.

Chevron Exxon Mobil Exxon Giants SNP
Exxon, Chevron down in second quarter as oil use dries up

Noon Business Hour

00:39 sec | Last month

Exxon, Chevron down in second quarter as oil use dries up

"With the economic outlook in doubt, the University of Michigan's consumer sentiment index declined. Aah, look at consumer spending for last month finds more of it. Spending up 5.6% in June. We've got some push and pull of Ernie's results. Caterpillars cost cutting help make up for slowing sales, but concerns about second waves of the Corona virus weighed on prospects for the rest of the year and Caterpillar down 3.5%. Exxon and Chevron both sharply lower. That is pulling the Dow down despite Applegate Ng 6.5% today, right now, after it posted better than expected quarterly

Applegate Ng Exxon University Of Michigan Chevron Ernie DOW
Oil giants lost billions as pandemic crushed demand for fuel

Balance of Power

01:58 min | Last month

Oil giants lost billions as pandemic crushed demand for fuel

"It is all about oil companies. They're losing billions on the 12 punch of both over supply and pandemic. Demand drops both Exxon Mobil and Chevron earnings Well, they reflect that our own scarlet fu is here with more Scarlett. What were some of your key takeaways? Around some of these oil giants reporting and just the losses that they're reporting. It was a pretty ugly day for big oil. You know, there was a time when Exxon Mobil was the most valuable company in the S and P 500. Those days are long gone. And if you look at Exxon Mobil today in its market cap, it is worth 1/10. Of what Apple is worth, and I bring this up because both Apple and Exxon Mobil reported earnings over the last 24 hours, and ExxonMobil's results look very different from what we heard from apple. Okay. So example one Chevron. They both had this integrated business model that is meant to protect them. No matter of oil prices rise or fall, So that means for the upstream business, they have oil exploration and production. I also have a downstream side. The business which is refining and chemical units in the second quarter, however, you can see production got hit because of lower oil prices, and the refining and chemical units also got hit because of lower demand for things like jet fuel, gasoline and plastic wrap that uses oil as a raw material, and in fact This is stunning. Exxon Mobil generated zero cash from operating activities in the second quarter. This is a massive company, and it generated zero cash from his operating activities. All that resulting in some pretty steep losses exam over reported a $610 million loss in the first quarter and even bigger loss in the second quarter. There are $1.1 billion Look at Chevron's numbers $8.3 billion deficit in the second quarter. That is two times the amount it made in the year ago period. And by the way, Chevron also wrote down a lot of its assets at $5.7 billion in oil and gas assets. I mean, these numbers are so big it just I had to look at it. A couple of times three or four

Exxon Mobil Chevron Apple Scarlett
Dallas - Irving Based Exxon Mobile Lost $1B In Second Quarter As Oil Use Continues To Fall

KRLD News, Weather and Traffic

00:30 sec | Last month

Dallas - Irving Based Exxon Mobile Lost $1B In Second Quarter As Oil Use Continues To Fall

"Exxon Mobil just posted its largest quarterly loss ever, the oil giant losing $1.1 billion in the second quarter. The company says pandemic related shutdowns kept people at home, reducing the need for its products. ExxonMobil's second quarter revenue of 32 billion Was less than 1/2 what it was a year earlier. Shares of Exxon Mobil down about 45 cents, down about 1%. There are

Exxon Mobil
Time running out to prevent oil spill from 'ticking time bomb' tanker in Yemen, UN warns

Democracy Now! Audio

00:25 sec | 2 months ago

Time running out to prevent oil spill from 'ticking time bomb' tanker in Yemen, UN warns

"The United Nations warning of a looming environmental disaster in the Red Sea. Where stricken oil tankers been abandoned off Yemen's coast since the war began five years ago, the vessel loaded with more than a million barrels of crude oil four times as much oil has spilled from the Exxon Valdez off Alaska in one, thousand, nine, hundred, eighty, nine, you, humanitarian affairs and Emergency Relief Coordinator Mark Lowcock, said Wednesday. A spill would directly affect one point six million

Exxon Valdez United Nations Red Sea Yemen Mark Lowcock Coordinator Alaska
A Conversation With Country Star Mickey Guyton

1A

05:39 min | 3 months ago

A Conversation With Country Star Mickey Guyton

"Star Mickey gotten about the state of the genre, and her new single black like me. So, Mickey, we have this tweet from Ric Ward, Who says, I think the lines of country music get blurred. What makes it country I thought the little Naz Exxon Old Town Road was country, but it was kicked off the country charts and before you answer, let me just remind listeners. The old town road Song was a major hit, and it debuted on Billboard's Hot 100 chart and the Hot Countries Songs chart. But then Billboard removed Old Town Road from the list of hot country songs and informed Columbia Records. That's laws Exes label that his Inclusion in that list was a mistake. What do you make of that battle over what is and what is not country music like an answer you that question right now, the whole over the last Eight years I have been hearing Trot beats an army melodies and country music and I've seen men wearing flat billed hats and Timberlands. And Doing a lot of what black culture does. So that is where the lines have gotten blurred and It has been Kind of frustrating for me because As a black woman who has grown up on that music. It was just very odd to me that they would call Little Naz Exxon, not country, but everything else is country. From other men, and that was a huge Dilemma for me. I had a really hard time. Writing songs myself because What was considered country for some people wasn't considered country for me. And that's where the lines have been drawn are blurred. Do you think that line has been drawn based on race that if a white artist had done old town road, it would have stayed in the country charts. I am. Because it wasn't an artist. I don't want to say absolutely. Yes, but I think that would have been a huge factor. Yes. This is something that you have without naming names. You have called out others in your industry for and I again want to go back to this interview that you did You said. I've been called the n word within this industry on DH. If you don't say something, it's saying that you don't care about me that I don't belong. Here is what that says to me. Yeah. What? What do you want your fellow artists in country music to say, I want them to say that they support black lives. Period. Saying you support black lives isn't saying you don't support Blue lives. It's not saying that you don't support all lives. When you don't say that there are black people. There are very few black people within this industry that air trying to find their footing within this industry. And if you're saying your acceptance of us You're not. And you're not saying that. That's how I feel. And I was very nervous when blackout Tuesday happened. I was terrified. I didn't know. If anybody was goingto say they support black lives because I understand that it's scary, especially with in country music because we don't typically express Our opinions on anything. And at that moment, it was more important. To rock the boat and say that you support black lives to let people know within the industry that we matter. Because there's been so many times that we haven't There's been times where I've been at a concert in Sol Confederate flags. Flown waving in my face. And I felt very alone in those moments. And this was a moment and a chance in a time for them to show that racism is not accepted within the country Community period. This is something that you have been grappling with. For most of your life. It seems like you grew up in mostly white neighborhoods in Texas. Yeah, why did you end up going to private school? I went to private school because I grew up and lived in Crawford, Texas. And where I lived in Crawford, Texas. Former Gore governor at the time was Governor George Bush's ranch was right next to my subdivision. And the school that I was supposed to go out there didn't want black kids to go to that school. So my parents had to work to put me in private schools and even in private schools, I still experience racism. There was a time I remember the map of Africa was pulled down and one of my private schools Trinity Lutheran. And two little white kids were saying In a different way. And I remember looking at my teacher and I still don't even understand what that meant. But I knew it was a word that we're not supposed to say. And the teacher didn't chastise them. She just said it's actually pronounced and that was it. Yeah, that's a lot. Luke Tweets. Keep doing you, Mickey. Music is beautiful, and so are you. You're just adding to that beauty of it. Don't stop. Don't ever

Mickey Governor George Bush Texas Ric Ward Crawford Trot Columbia Records Luke Tweets Blue Africa Gore Trinity Lutheran
Minnesota Attorney General Sues Exxon Over Climate Change

Environment: NPR

05:52 min | 3 months ago

Minnesota Attorney General Sues Exxon Over Climate Change

"A growing number of states and cities are asking courts to hold fossil fuel companies accountable for the costs of climate change. Minnesota is the latest state to file a lawsuit like this. The state's Attorney General Keith Ellison claims that Exxon, Mobil the American, Petroleum Institute and Coke Industries strategized to deceive the public about carbon emissions and attorney general joins us now. Welcome Bank you for having me. What evidence do you have? These organizations intentionally deceived the public. Well, you know we have. Documents such as One, stamped proprietary information from Exxon, engineering, which says the CO two concentration. The atmosphere has increased in the rate of Co. two release from ANTHRO GENYK sources appears to be doubling every fifteen years. The most widely held theory is that the increase is due to fossil fuel combustion, and that document was from when that document was from October. Sixteen nineteen seventy nine. Th that's so. They knew in seventy nine, and then they lied about it actually they produced propaganda. Woods, which essentially said things like who told you the earth is warming chicken little? And then other ones, the most serious problem with catastrophic global warming is that it may not be true. They directly contradicted what their research around. We can prove that and we will. Today, there's a lot of good information about the causes of climate change and the consequences that will have and yet Americans still commute by car and take cross country flights, so tell me how you can argue that anyone's behavior would have changed if Americans had known more earlier Oh. There's a lot of technologies that we could have engaged in a lot of different sorts of things including moving toward renewable energy sources including rapid transit that might be less carbon emitting. There are a lot of things that people are doing right now to reduce the carbon footprint. We've seen dramatic increase in solar and wind usage in the last few years. Mean the world is adjusting? What if we would've just had a ten or twenty years to make that adjustment rather than the limited amount of time that we have now now the first paragraph of this lawsuit you mentioned that climate change will disproportionately impact people living in poverty and people of color, other climate change lawsuits have not put this issue, front and center. Why did you WANNA put equity in the foreground of your case? Well codes is true. Which is always important? You know to make sure that we tell the story about what's really going on here. So many civil rights groups that work on issues of racial and economic justice don't always factor in the environmental realities that people of color and low income people face. I mean the fact is. Is that environmental justice and environmental harms that disproportionately affect communities of color and low income people? Is a civil rights issue, and it should be treated as that. We've got to make sure that as people are working on criminal justice and things like that factoring environmental justice as urgent as it is, give us an example or two of how climate change has already affected the lives of Minnesotans well I. Mean if you're a farmer, you probably have seen much wetter feels than you've ever seen Those wetter feels delayed. You're growing season. We've seen you've seen infestation in. In Pass that are impacting There are a lot the range of things that MINNESOTANS are seeing. Every day. We saw many of them just last week. One person who was with us was an environmentalist who is on the wider nation of GIBB. Way And she was talking about how rice production has been dramatically impacted, which is a she called a sacred food of the way people, and how the just climate change, the traumatic dramatically affected how they can harvest that crop. We reached out to the defendants for comment and Exxon Mobil responded calling the lawsuit. A politically motivated campaign against energy companies, saying that wastes taxpayer money. How do you respond to that? City by wasted money into them, you know they need to come in come to the table and talked with us about how they're going to mitigate the harm that they caused. You know they need to discourse their profits. They need to start telling the truth about the deception that they have put forward any to help us get on the path to renewable green energy. That's what they need to do but of course you know they've lied from the start. There's still lying. So that's just the way they do business you know there have been a lot of other cases like yours and so far none have been successful New York's attorney general lost a case against. Against Exxon Mobil others or taking a long time to resolve, what makes you think this one will be successful where others so far have not been? We have great confidence in Minnesota's consumer loss I mean this lawsuit claimed fried failure to warn multiple and separate violations of consumer fraud statutes deceptive trade practices. We can show that they have done it now. I'll never underestimate their ability to op. Escape trick and avoid, but we're even more confident in our ability to put on a strong powerful case that will require that. They have to be held accountable, so imagine for a moment that you do in this case. What do you want the impact or consequences to be? What we want is to disgorge their profits we want. We're seeking out remedial and injunctive relief in restitution. And we believe there needs to be a corrective public education campaign. They need to stop lying. Start telling the truth. They need to teach people that what they had been saying wasn't true that there that there is one there is climate change to it's caused by fossil fuels and its effects are catastrophic. We believe that the money that they have received based on their deception is ill gotten gains. They should not be allowed to retain it. Minnesota Attorney General Keith and thank you for speaking with us. Thank

Exxon Mobil Minnesota Exxon Attorney Keith Ellison Mobil Petroleum Institute Wetter Attorney General Keith Coke Industries Woods Rate Of Co. Anthro Genyk
"exxon" Discussed on 5-4

5-4

05:08 min | 3 months ago

"exxon" Discussed on 5-4

"Punitive damages can't be higher than the compensatory damages in maritime cases, so Exxon had been ordered to pay about five hundred million dollars as compensation and the five billion dollars was the punitive damages portion. The ninth circuit cut the five billion. Billion in half like we said, and the Supreme Court then reduces it by an additional eighty percent down to five hundred million one tenth of what the original jury found and this outcome, and the rule that punitive damages can't be higher than the compensatory damages. That is completely arbitrary. It's literally just the court saying look that's unfair. It's just too much money. You can't make Exxon pay that. That's it like that's the legal analysis. That's behind this. We talk a lot on this podcast about how selectively the court applies the concept of judicial restraint. Justices will say look. It's not the duty of the court to step in here, but that's just when it suits them. Here, they're making a completely unfiltered judgment. Call that Exxon had to pay too much money in damages for a massive oil spill. Yeah, and then as usual we have some criticism for the liberals in dissent as well and so Stevens in particular he writes this descent and is very focused on like sort of the judicial restraint question, and it's like well. Look, this isn't freely our job, and so he so talks about how like maritime laws like one of the few areas where the Supreme Court. Court actually has to sit as a court in common law and make up the law, but it does in sort of parallel with Congress and that Congress has legislated a lot, and this is really should be statutory Congress has spoken on limiting damages in some cases and the fact that it isn't here. They should respect that and blah. Blah Blah, and it's like well argued completely unpersuaded. Give completely absent from the entire discussion is everything we've talked about the damage that just utter destruction of this wildlife. This habitat, these people's livelihoods, which is like that's the core issue. Nobody's going to really care whether or not. The Supreme Court is overstepping its bounds with people care about is whether this monetary award is ridiculous it is it out of step with reason. Is it something that right? We socially think is inappropriate, and all the arguments about that are about how reckless Exxon was. was in how damaging this spill was. In Stevens has nothing to say about that at all right. Yeah, it's just so fucking week and disconnected. Yeah, it's like I read tower bullshit at its peak out. Yeah, right so it's important to understand that this case fits into a broader political objective spearheaded by Republicans to limit damages in civil cases right to limit damages in lawsuits. And they want that..

Supreme Court Exxon Stevens Congress
"exxon" Discussed on 5-4

5-4

04:40 min | 3 months ago

"exxon" Discussed on 5-4

"Able to its core, Exxon's official position was that punitive damages against them should be no more than twenty five million dollars because it had spent an estimated two billion on the cleanup. But you have to know that they recovered significant portion of the cost of cleanup and litigation through insurance claims. And also in nine, hundred, eighty, nine, a few months, after the accident Exxon sued the State of Alaska, saying that the state had not given Exxon permission to use oil dispersant chemicals in the clean up until a couple of days after this bill, so it was apparently Alaska's fault why the cleanup was bad Alaska's response by the way they said that Exxon didn't need permission. Permission to use the chemicals that are like know why you're asking us and in fact Exxon didn't have enough, and that's why they were blaming the delay on the state of Alaska. Also the chemicals used in the cleanup caused liver, kidney, lung, nervous system and blood disorders among the cleanup crews I. Love My Life I love this case. I love the world we live in. Skip back to the Lai should've needed approval to use those. All right so that was well. It's a lot. I learned a lot about Exxon I will be getting my gas from Gulf only from now. The! Gulf the oil supplier you can. Be Yeah Yeah. You got it. down. You can sign to start bringing in that. Can, sleep easy tonight. There probably owned by Exxon right yeah. It's either them or BP I'm sure, right. All right so the first thing to note about the law here. It's not that important for understanding the case, but it is sort of fun. We're talking about maritime law, which is the law that applies on the water on the on the open ocean, and the reason that maritime law is like the it's a separate thing is mostly a jurisdictional thing like if you're on a ship, you are not necessarily under the jurisdiction of any given states, you need a separate set of laws and rules to govern you, and it's also this sort of historic thing that carries back from these old ancient rules in. The waters around Britain and all that it's just every maritime law case. Even modern ones read like they're from the seventeen. Yes, it's very bizarre. The more important thing to understand about this case is that we're talking about two types of damages. One is compensatory, which are meant to compensate someone for any damage that they actually took the other. The one that's being contested here is punitive damages and those. Those are meant to punish the wrongdoer and deter others from engaging in the same type of conduct. So if you burn someone's house down, Duty Your own recklessness, you could be sued for the the value of the house, but they could also ask for punitive damages. Basically saying you're an asshole and there should be a punishment for being asked so you have to pay this amount of money..

Exxon Alaska Gulf Lai official Britain
"exxon" Discussed on 5-4

5-4

05:56 min | 3 months ago

"exxon" Discussed on 5-4

"The captain first of all was widely reported to have been drinking heavily that night, and he was sleeping off his bender when the ship Struck, the reef the third mate who was at the controls, was fatigued and overworked, and he failed to properly maneuver the vessel now third. I've heard of first mates. That's the right hand guy by the time he gets into third. That's like bring your child to work day. Got Any time, Daddy, what can I do? Enough third. Yup that guy, driving fifty million gallons of oil. Moving to like what the corporation did Exxon Shipping Company, it was determined after the collision had failed for a long time to adequately supervise the captain of the ship, and they also failed to provide arrested and sufficient crew for the ship, the oil industry had also previously promised, but never installed this sort of high-tech iceberg monitoring equipment on the ships, and the company also failed to maintain the collision avoidance radar system on the ship. If that piece of equipment had been functional, it would have indicated to the third mate that a collision was impending, because it would have detected radar reflectors that were placed in the Prince William. Sound for like literally this exact purpose of avoiding such collisions. And their radar system it turns out wasn't even turned on at the time of the collision, because it was fucking broken, and it had been broken for a year. No radar and they're just out there weighing in. Shifting million gallons of oil in the fucking Arctic and they're like. No, no, we can just do this blind. Let me. Let me know if you see any ice. Is What That's how that's how they're doing this. And like documents reveal afterwards that the radar system had been broken for a year, and it's just expensive to maintain and to fix, and so they'd left it fucking broken. This right this accident happened because the Exxon Valdez had left the normal shipping channel to avoid ice flows, and that's like a common occurrence, but it's not what was supposed to happen that night. They're supposed to stay in the channel and just slow down, but of course time is money right and this is about the bottom line, so of course eleven, million gallons of oil is like it's an unbelievable amount of oil spilled, but what made this? Particularly disastrous was Exxon complete, completely incompetent handling of the disaster immediately following the collision so i. I guess something that's widely known in the industry. Is that ships just like Wuxi? Daisy crash all the time and oil spills are like to some degree inevitable, so a responsible party would invest in their cleanup and containment capabilities and equipment. It turns out literally ten months before this disaster at a meeting of the six oil companies that own does oil. A chief of operations warned that it was quote not possible to contain an oil spill in the center of the Prince William Sound. which if you're paying attention is exactly where this happened. Wherever you Prince William? Were you that night. And same chief of operations requested millions of dollars for spill containment equipment..

Exxon Shipping Company Exxon Valdez Prince William Arctic Wuxi
"exxon" Discussed on 5-4

5-4

03:22 min | 3 months ago

"exxon" Discussed on 5-4

"Is that like if you were in law school at the time and you were like Oh yeah like I need to name like the nine justices on the Supreme Court. You're always gonNA forget suitor. Yeah. He's not you're going to be like WHO's that other white guy dumb ass It's not gonNA. Come to you. Yeah I mean I guess nothing else interesting you say about him. He's you know. He was usually on the liberal side, certainly good as far as Republican nominated justices go the. You mostly sucked just like the rest of them. He's dead, right? No! I've no I just retired. Yeah, he'd definitely retired I. thought he also died. Hold on. I'll check no stephen. Stevens died why? No! Stevens was one hundred and fifty. He's alive suitors alive. Still doing stuff like Emiratis. Sir I don't know how to pronounce that would. I think it's emeritus. Is No, but like O'Connor was doing it for a while to I think he still hears cases in the DC circuit now or am I making that up I dunno I mean obviously I. Don't know I thought he was at. He's eighty one. Yeah, he's not that. Retire-. Oh Nine! Yeah, all right so I think we should get into the background here so rian walk us through the Exxon Valdez oil. really excited about this. Because if you thought this podcast was only about human suffering well today we're talking about like oil drenched seawater. Willie's so. Mixing it up a little bit. Right. This case comes out of the famous Exxon Valdez. Oil Spill like Peter said it happened in. March. Nineteen eighty-nine. Win The Exxon Valdez. Oil Tanker ran into a reef in the prince. William Sound off the coast of Alaska like Peter said it's now the second largest oil spill in US waters, but many scientists say that in terms of environmental impact. This is the worst one in history, so how millions of gallons of oil spilled into the ocean is of course about corporate greed, but. But the particular facts and background are important here. I think because like after years of lawsuits investigation, a lot of really good investigative journalism that uncovered a what really happened what led to this disaster? It becomes clear that Exxon's like sheer disdain for the law. They're ducking accountability and their overall unbending commitment to their bottom line, or at the heart of this environmental catastrophe, and the Supreme Court Russia's in here in this case to protect them and buy them. I mean Exxon motherfucking Mobil. Oil Company okay. The court says in this case that they're quote. Worse than negligent, but less than malicious, and I think a quick rundown of the facts that I'm about to tell you like that gives you everything that a kindergartner could use to determine that this corporation absolutely fucking sucks to its core, and they suck on purpose with no regard for the consequences to any species human or not, so their ship was carrying more than fifty million gallons of oil, and about eleven million gallons were spilled into the Prince William Sound, but it's not a freak accident. It was actually highly forseeable. I, there are issues with individual crew members..

Exxon Valdez O'Connor Exxon Stevens Supreme Court Peter Prince William Sound Supreme Court Russia stephen rian Willie William Sound Alaska US
"exxon" Discussed on 5-4

5-4

04:19 min | 3 months ago

"exxon" Discussed on 5-4

"Hey everyone, this is Leon from fiasco slow-burn on today's episode of five to four Peter Reaction Michael Discussing Exxon, shipping the Baker case in which Alaska's residents and businesses and sued for damages after the Exxon Valdez oil spill, it was the worst environmental disaster in United States history, killing more wildlife than any other previous catastrophes. On top of that some sixty thousand Alaskans most involved in fishing say the oil spill hurt their lives and livelihood. The court cut down. Punitive damages owed by Exxon to one tenth Louis originally awarded by the jury and effectively capped damages in similar cases. This is five to four podcast about how much the Supreme Court sucks..

Exxon Exxon Valdez Supreme Court Peter Reaction Michael Leon Alaska United States Baker Louis
"exxon" Discussed on American Scandal

American Scandal

04:29 min | 4 months ago

"exxon" Discussed on American Scandal

"Early on the morning of June, twenty, fifth, two, thousand, eight ricky sits in her kitchen, reading the papers. Spent fourteen years since an anchorage jury awarded the residence of Prince. William Sound five point three billion dollars in punitive damages, and I still haven't received sent. Nine eleven has come and gone. Cell phones and the Internet have become indispensable tools and everyday life. A lot has changed. But Ricky. Hot still lives in Cordova. Alaska she's retired from fishing to devote herself full time to the nonprofit organization that she founded to help with lingering social and economic impact of the spill. At six Oh seven am her phone rings is reporter Euro throws in from Reuters. Have you heard the news? She asked Ricky the Supreme Court has come in with their decision. Ricky braces herself. They lowered the amount, ricky. To Five, hundred, seven and a half million dollars. Ricky is stunned. That's a tenth of the original ward in the rough equivalent of only four days profit for Exxon. If the fishermen see any of the settlement, it will amount to about nine thousand dollars after legal fees. Less than five hundred dollars per season since the whole affair began. After nineteen years of waiting. The Fishman will receive close to nothing. Outside wind and rain lashes at the windows of her house as a summer storm moves in. As if Prince William Sound, itself is reacting to the news. Twenty one thousand gallons of oil from the Exxon. Valdez remain underneath the beaches of Prince. William, sound, still leaching toxins into the water, the herring never returned. Many, fishermen were forced to sell their boats, permits and homes, a loss and leave cordover for a place where they could still support their families. Those that stayed struggle with divorce and alcoholism. Fishing incomes never return to pre nineteen nine levels in the town of Cordova will never be the same again. But some progress has been made with safety. A sophisticated new tanker piloting system requires that two tugboats captain by expert. Local pilots guide every oil tanker through the sound to prevent another disaster like the Exxon Valdez. But change is slow coming. On April Twentieth Two thousand, Ten, an underwater explosion at P p.. Deepwater Horizon, oil rig starts what will become the largest oil spill in history almost twenty times larger than the Exxon Valdez rowing concerns about the environmental threat from that rig disaster in the Gulf. It's already formed a slick measuring hundreds of square miles, and as the oil moves towards the coast. It's threatening marshes, beaches and wildlife enforce states, Brian Todd is two hundred ten million gallons of oil, spew unchecked from an open well on the floor of the Gulf of Mexico for eighty seven days, eventually covering sixty eight thousand square miles of ocean. Three weeks after the news hits the Press Ricky looks out the window of Alaska Airlines flight seven Oh nine. Begins its ascent into New Orleans Louisiana. Below, her Gulf of Mexico stretches to the horizon, and in the distance Pale Green water is blotted out by a reddish brown patch of oil, dwarfs the slipped from the Exxon Valdez. Spill is six times larger than Prince. William Sound itself and BP's fighting this fill with technology that hasn't evolved at all since nineteen eighty nine containment boom, skimmer, boats and dispersants. VP's spraying the Gulf with millions of gallons of core exit. The same disbursement ricky fought to keep out of Prince William Sound Twenty one years ago. As Ricky's plane begins its descent into New Orleans. She takes a deep deep breath. Looks like the Exxon Valdez spill was just round one round. Two of her fight begins today. In Nineteen, seventy, eight, the Boston College Eagles are promising young basketball team, but after members of the Mafia approach, some college players, a few of the athletes begin to believe that they can win i. lose him participate in a lucrative gambling. The plot influences the outcome of games and ultimately sponsored criminal investigation. From laundry. This is American scandal. I! Hope you enjoyed this episode if you did I have to other podcasts you, my American history tellers.

Ricky Prince William Sound Exxon Valdez Exxon Gulf William Sound Cordova Valdez Alaska Reuters basketball Fishman Boston College Eagles New Orleans Louisiana Alaska Airlines
"exxon" Discussed on American Scandal

American Scandal

05:59 min | 4 months ago

"exxon" Discussed on American Scandal

"On September seventeenth, nineteen, ninety-one one month after the worthless pink salmon harvest comes in Ricky returns home to her frame cabin high above Cordova. There's a package waiting for her inside is video cassette bearing the Exxon logo titled Alaska's Gift Of Pink Salmon to the people of the Soviet Union. Rick he pops it in the VCR. Overseas, a fisherman pulling that's full of salmon from Prince William Sound a narrator proclaims this week. The people of Alaska made a historic gift to the people of the Soviet. Union a gift. The Exxon Corporation helped make possible. It turns out Exxon paid canneries in the state millions of dollars to process three million pounds of the low quality, Pink Salmon, and then they donated it to poor people in the Soviet Union. What the narrator calls a victory for democracy. The video cuts to an interview with stocky crew cut bull of a man. Alaska's newly elected Governor Wally Hickel. Pickle smiles wide as he speaks. He couldn't be happier to be working with Exxon on the important endeavor. This is Hickel second time an office he came out of nowhere on third party ticket and stormed into the governor seat on a pro business, pro development platform, a former boxer and construction worker. He's blunt and plainspoken. He pushed hard to build a Trans Alaskan oil pipeline in his first term, and now that he's been elected again. He wants to build a new eight hundred mile natural gas pipeline to run alongside it. You can't just let nature one wild. He's of saying a tree. Tree doesn't really do anything. He doesn't have any time for environmentalists or their complaints about his plans, and he certainly doesn't have any time to cry about malformed. Pink Salmon Harvests in Prince William Sound. The final scene of the video shows plane taking off a Russia loaded with pallets of canned. Salmon The narrator proclaims from an environmental standpoint. The record return of Pink Salmon to Prince William Sound shows recovery from the oil. Spill is virtually complete. Ricky shuts off the TV. She can't take anymore. This tape was sent to thousands of homes across Alaska to convince the public that Prince William. Sound is doing fine, and now the state of Alaska endorsing the message to. And Governor. Hickel's not done yet. Two weeks later. He announces a plea bargain between the state of Alaska. The federal government and Exxon the deal settles all State and federal lawsuit stemming from the nineteen thousand nine oil spill. Exxon will pay a fine of one hundred twenty five million dollars and ninety million dollars a year for ten years into a fund that will support the restoration of Prince William Sound. It might sound like a lot, but it's not ex. Official tells reporters, we're talking about spreading a bill out over ten years. It's not going to curtail any of our plans and to the tens of thousands of fishermen who are no longer working. The settlement does nothing to ease their financial pain. By the time that money trickles down to them. They're looking at maybe thousand dollars a person. Even worse, what the governor wants to do with that settlement money he wants to build a road to Cordova, and stripped logged the force that line the sound. It's time to move on from the spill. The Governor says. But for the fishermen moving on is not that easy. By nineteen ninety two, the herring fishery has collapsed completely reports of domestic abuse or off the local mental health clinic swamped. The townspeople are in debt with few options of making ends meet. Then community leader Bobby van. Brooklyn kills himself. Balmy was beloved. He was mayor when the Valdez ranch around. In his suicide note, he says the stress of dealing with Exxon. The financial pressure were more than he could bear. A year later in nineteen, ninety-three, when eighty percent of the fish population has not returned, the fishermen of Alaska reached their breaking point. Enough is enough. The fishermen decide it's time to take stand. It's time to blockade the pipeline that provides America with twenty five percent of its oil. For three days in August nineteen, ninety-three, the entire country's attention is on Prince. William Sound once again. The first two days of the Fishermen's blockade Strand, seven empty oil tankers in the Gulf of Alaska. By. Day Three. The situation is growing more and more tents. AGLIETTA's oil storage units at the pipeline terminal are almost full. If the fishermen don't allow those waiting tankers through soon, there will be nowhere left to put the oil. The eight hundred mile pipeline will have to shut down completely. That will cost the oil companies millions. It'll deprive the state of Alaska. The oil taxes that fund it's government's operating budget, and it'll hit consumers across the country when gas prices spike with twenty five percent less oil available nationwide. Nobody from the Alaska governor's mansion to the White House wants that pipeline shut down. And that's why Rick Steiner is not out on the water with the other fishermen today. He's fifteen miles away in the lobby of the Valdez West Mark Hotel. Rick follows a state official up a flight of stairs and down along carpeted hallway. He's here to meet with Secretary of the Interior. Bruce Babbitt sent a Valdez by President Clinton to try to resolve the standoff. Abbott sits waiting for Rick at a table in the corner of a dark sweet. He's got close cropped white hair tire bags under his eyes. As Rick sits down. Babbitt leans forward telling. Ricky's got proposal and wants a quick yes, or no answer. He says that DP and pressure Exxon to talk to listen to what Rick has to say. White. House is prepared to put heat on them to. Babbitt reveals. He's also got governor Hickel's word that he'll use some money from the restoration fund to research. What's happening to the fish the sound? then. Bab Pauses looking at Rick. This is the best offer you're going to get. Yes.

Alaska Exxon Prince William Sound Rick Steiner Governor Wally Hickel Exxon Corporation Ricky Cordova Soviet Union governor Hickel Gulf of Alaska Bruce Babbitt William Sound Prince William official Russia
"exxon" Discussed on American Scandal

American Scandal

06:07 min | 4 months ago

"exxon" Discussed on American Scandal

"In our last episode as the worst oil spill in us. History. Continue to spread unchecked. The press finally found someone to take the fall for the disaster Exxon Valdez. Captain Joseph Hazelwood. This is episode three the spin cycle on April fifth nineteen thousand nine thirteen days after the Exxon Valdez ran aground. Joseph Hazelwood steps out of the glass double doors of the Suffolk County District Attorney's office in Long Island New York. He screens against the bright overcast. Sky And rubs at the fingerprinting ink staining his hands minutes ago. He came out of hiding to turn himself in criminal. Charges related to the spill. Three lawyers lead him across the parking lot towards the District Court House. Where his bail hearing scheduled to begin? Momentary Hazelwood is thousands of miles from Prince. William Sound where? His ship sits wounded inside a twenty five hundred square mile oil spill but he feels like the spill has followed him here up ahead a gauntlet of reporters waits for him at the entrance of the courthouse. They've heard Hazelwood has emerged from hiding. And if there's going to be a PERP walk today they don't want to miss it but Hazelwood's not in handcuffs the three charges. He's facing or only misdemeanors operating a vessel while intoxicated reckless endangerment and negligent discharge of oil relatively minor offenses. All of the week. He's just lived through has made him feel like he's charged with crimes against humanity. Eight days ago on March Twenty Eighth. He flew out of Alaska undetected and returned home to Long Island two days after that. He got a telex message from Exxon informing him. He'd been fired headlines across the country said he was a drunk at the helm of the Valdez and Exxon had let him go. He'd probably never captain a ship again and that was the easy part next. Came anonymous callers. Making death threats people threatening to blow up the tidy yellow yellowcake house. He shares with his wife and daughter reporters digging through his trash stealing his mail. Accosting his kid at her high school asking her for a statement reporters like the ones blocking the courthouse entrance right now as he steps onto the sidewalk he's blinded by camera flashes. Hazelwood tugs at the starched white button up shirt. That's biting in his neck. Looks down at the concrete that grinds and pops on his new leather shoes. He reminds himself that all the outrage and breathless combination is about and when it comes to the. Us Justice System Hazelwood is an idealist. He believes that in a court of law. The truth comes out. There will be no media frenzy inside that courtroom today. Just the facts. His lawyers fought to keep the cameras out of the courtroom. Justice is going to be served. The hearing is really just a formality anyway. Prosecutors have already agreed to set bail and mouth that Hazelwood can afford twenty five thousand dollars but soon as Hazelwood entered the courtroom. He realizes something's gone wrong. Tv CAMERAS ARE EVERYWHERE. Audio Equipment State Supreme Court Justice Kenneth K role as overruled. Hazelwood's attorney and opened the courtroom to the media. Judge Role is an avid environmentalist. Whose Chambers are decorated with duck hunting. Decoys he's going to make an example of Captain Hazelwood today. They want the press to be there to witness it. How does the defendant plead not guilty your own prosecutor? Go ahead with your recommendation. The county ask that bail be set at twenty five thousand dollars a year on judge role sits back and his giant Black Leather Chair. Shaking his head. He looks down on his. I'm appalled at the enormity of the damage that has been inflicted. These are misdemeanors of such magnitude. That has never been able at least in this country. This is a level of destruction. We've not seen since hero. Shema Hazelwood is a smart man. He knows what's coming. He's the fall guy he's going to jail. The judge points at Hazelwood. The stamp of this destruction will be on his mind for as long as he breathes. I'm setting bail at one million dollars. The judge knows a ship captain. Hazelwood doesn't make that kind of money even borrowing from friends and family. He could never come without amount. Even the District Attorney Shocked. Your honor we. We can't take out our wrath on one individual it's over-simplification to settle. One in which Hazelwood is handcuffed and led to a police cruiser waiting to take him to the Suffolk County. Jail in riverhead New York. Where he'll spend the night in a holding cell with fifty other men? Many of them accused of murder and armed robbery his perp. Walk Appears on TV newspaper front pages across the country and stories will describe him as the architect of an American tragedy. A as destructive as an atomic bomb killed tens of thousands of people justice served two days later on April seventh nineteen eighty-nine fishermen ricky ought steers her. Both the Ambrose's out of Cordova Harbor. It's been two weeks since the accident and oil has now spread one hundred fifty miles down the Alaskan coastline and in that time. Exxon has accomplished two things. They've gotten all of their oil off the damage. Exxon Valdez tender. And they've managed to save the tanker itself the Valdez. Now sits hidden from view in a secluded cove undergoing repairs thirty five miles from the site of the wreck but ricky in the Cordova fisherman want to know what Exxon is doing about the oil that continues to blacken the sound they know that. Exxon still has skimmer boats out on the Water. But so far they've only collected five hundred thousand gallons of oil less than five percent of the eleven million gallons. That's built now. The fishermen hearing Exxon has begun testing a new clean up technique on the beaches of naked island. And they've sent ricky out to investigate as soon as her boat. Rounds the tip of Hawkins Island and motors into the sound proper. She stunned by what she finds sound. She's never heard before in all her years of fishing. These waters silence no water splashing no whales breaching. No seals barking. Not even a single.

Captain Joseph Hazelwood Exxon Valdez Exxon Hazelwood Suffolk County District Attorn District Court House Valdez Long Island New York Hawkins Island Long Island Supreme Court William Sound Alaska ricky endangerment Suffolk County Justice Kenneth K prosecutor
"exxon" Discussed on American Scandal

American Scandal

04:38 min | 4 months ago

"exxon" Discussed on American Scandal

"One thousand nine hundred five four years before the grounding of the Exxon Valdez in Prince William Sound Captain Jonathan Hazelwood stance in the wheelhouse of the Exxon tanker Chester. His ship is carrying twenty seven thousand tonnes of asphalt from New York to South Carolina and. Easy run one. He's made many times before but today as he looks toward the southern horizon he sees dark skies ahead storm moving in fast and a big one within minutes thirty foot. Waves sweep across the deck a screaming sheer of wind. Rips the antenna off the tankers wheelhouse killing radar and the ship's radio in one fell swoop. Then the entire ship goes dark electrical systems. Dead Hazelwood's cut off from the outside world. Stand at the helm of a forty five thousand ton steel coffin tossing and heaving and the storm crew members panic. Pull on life vests and prepared to jump overboard. The first mate burst into the WHEELHOUSE. All systems are down captain. We need to get everybody off this ship now abandoned ship. We're not going anywhere captain. Hazelwood KNOWS JUMPING INTO. These waters is suicide. Their only chance of survival is to save the ship. Hazelwood's been out on the sea. Since he was a kid he's always had a knack for knowing what to do in tough situations on the water as a team. He wants got caught in a storm. Just like this one on board a sixty five foot schooner on long island sound while the other kids on deck started vomiting and crying. His would calmly climbed the ships. Fifty foot tall mast to haul in the main sail alone in gale force. Winds Hazelwood's been here before so now onboard the Exxon tanker Chester with the lives of his crew on the line. Hazelwood stays calm again. He rigs up a makeshift radio. Antenna then guides his wounded tanker through the storm. Back to New York for repairs. It's a feat. That will make him a legend among men and women who crew acts on ships and it will make his bosses at. Exxon furious as soon as he reaches port. He's called into the corporate office. Where an executive immediately lays into. Why'd you turn back? You're supposed to be making a delivery in South Carolina today with all due respect sir. You're lucky you didn't lose a ship. Entirely not to mention the cargo and the crew executives is narrow. Losing the cargo is not an option your pay to deliver the product on time. No matter what all his life. Hazelwood wanted adventure. You wanted to be out at sea going places and calling all the shots along the way. Exxon gave him the chance to do that when they made him. The youngest captain in their fleet in one thousand nine hundred ninety nine. But as soon as he put his captain's uniform on for them he felt hemmed-in in micromanaged by a bottom line by bureaucracy by men and women like this exact people who sit behind desks all day and have no idea what it's like to face a freak storm that forces a choice between profit and survival but Hazelwood's got a wife and a daughter little house on Long Island. He'd like to hang onto so he sucked it. Up keeps running asphalt and oil on time and in order he dots his eyes and crosses his teeth and he yes sirs the folks up at the corporate office and he drinks heavily for Hazelwood. Alcohol is the only way to ease the tension between the job. He always wanted the one he's got. Alcohol makes it possible to Kerryon until the Dark Alaskan night of March twenty third nineteen eighty nine American scandal sponsored by Madison Reed? You know that song that goes. I see your true colors shining through well looking at your hair. That song might be taking on a new meaning. But don't panic if you need to get your roots in order or make that big or subtle change. You've been planning. You don't need to go to a fancy salon. You don't need to fret about messing it up at home and you don't need to worry about harsh chemicals or odors because Madison Reed is reinventing home. Hair-color its hair color. You can feel good about infused with Argon. Oil Carrington and Ginseng not ammonia parabens or goods. And it's delivered right to your door. Take their online colored quiz or chat with color specialist to find your new rich multifaceted shimmering shade crafted in Italy easy to use anytime get ammonia free multidimensional hair-color delivered to your starting at just twenty two dollars at Madison Dash Reed Dot Com use. Promo Code A S and you'll get ten percent off plus free shipping on your first color kit. Visit Madison Dash Reed Dot Com. Promo code a s now to find your perfect shade. That's Madison Dash Reed Dot COM.

Jonathan Hazelwood Exxon Madison Dash Reed Dot Com Madison Reed Exxon Valdez Hazelwood South Carolina New York Long Island executive Italy Prince William Sound
"exxon" Discussed on American Scandal

American Scandal

06:41 min | 4 months ago

"exxon" Discussed on American Scandal

"On Tuesday evening March. Twenty Eighth Rick. Steiner sits alone in an empty courtroom in the state office building inbound. Bounties the mosquito fleet is still out on the sound collecting buckets of Oil. But he agreed to stay behind to act as liaison between the fishermen and Exxon and since the state couldn't find a proper office for Rick and Valdez. This courtroom is his new headquarters at six. Pm A call comes in over the CB radio with news from the fleet. The first hatchery is protected. Sealed off from the spill by offensive boom through the fuzz static. He hears cheers and shouts. But Rick doesn't feel elated. Exxon might have appeared receptive to the fishermen last night but today has been a different story. Rick is in charge of obtaining additional equipment for the mosquito fleet. Only one hatchery is safe. And there are two more to go after that. Hundreds of streams spawning areas need to be fenced off. And they're going to need a lot more than buckets and a few yards of Exxon's flimsy pond boom to do it. They need ocean boom more skimmers. More people out on the water. They also need more cold weather gear and food now place to wash the oil off their votes themselves but so far he's had little lock insecure. In any of it all day rix calls Exxon have been redirected shuttled back and forth through. Its sprawling bureaucracy. One person tells him a section of boom was on. Its way then. Another person says it's still days out. Someone else assures him protective gear is on route. Another says that the request was never received. Meanwhile the fishermen are still at with nothing but the buckets and closed they brought from home is starting to dawn on Rick that Frank. Irs's million dollar business card wasn't a gift. He was bait and the fishermen took it hook line and sinker down in the jury. Box looks around the empty courtroom and thanks God. Someday I hope to see these oil guys sitting behind that defense table over there and the day is coming but it still years away. As the last of the mosquito fleet is pulling into Cordova Harbor. Ricky ought and Jack Lamb pushing their way into the High School Gymnasium for a town meeting. Both fishermen stayed behind to make this event and when they arrive. The GYM is already packed. With over two thousand people fishermen and their families many of them are warning ragged bundled in Parkas. Some just back in from fighting the spill all day. They're exhausted they're furious and they're ready to air their grievances to Exxon. They've been told the company sending someone to talk to them with. The fishermen still aren't sure who it is. It won't be Frank Rossy after four days of battles with journalists and fishermen alike. Exxon has realized. Frank isn't the leader. They need facing the public right now. Frank is an engineer. He's a detail guy and he's exhausted by the daily grind of press conference after press conference. Exxon need someone who's up to the fight. Each night television viewers are watching the spill spread in the cleanup falter. Now people are throwing rocks through Exxon filling station windows. They're calling in death. Threats to Exxon corporate offices stock is down and their profits are starting to take a hit. Some consumers are even beginning to boycott their gas. Exxon needs a new general to marshal their forces to turn this. Pr War around. And they pick the helmet haired Kentucky in Don Cornet Exxon's head of Alaska Operations Don Smooth. He's confident and he's fearless. While frank might have been exhausted by daily sparring sessions with the press on. Find some invigorating. Now he's ready to take the fight to Cordova and the fishermen who haven't been doing Exxon any favors the press that morning. The Alaska Emergency Center records a call between dawn and fellow executive. Don says you know how I feel. Do you remember patent got out over that battlefield and said God help me? When they were going to invade Europe. He said God wouldn't let this happen to not let me be in on it. That's how I feel now. Cornet staring down a battalion of raging fisherman on their home turf. He's ready to reel them in. He stands in front of the crowd smiling and a short sleeve shirt skin gently tanned as if he's warmed by the hot Houston son everywhere. He goes his goal. Watch glints under the gymnasium lights. You had some good luck and you don't realize Exxon and we do business straight. We will consider whatever it takes to keep you whole. What have you lost at this point that I can compensate you for? But if you're midst don't fill up that we can take care of if you can show your motel. Goes out of business that we didn't can take a fisherman stands and asked if it's GonNa take twenty years to get these claims settle don answers with a smile into you. We have never had claimed. Go twenty years. They answer questions note and he's right it won't it's going to take nineteen years three months and one day but the fishermen don't know that yet right now all they know is they could really use some money. The town of Cordova staring down the prospect of nearly one hundred percent unemployment revenues down to zero overnight mass bankruptcies and here's a guy with access to billions of dollars saying he's going to make them whole the fishermen may be furious at Exxon but they're listening the next day. A newsflash takes the media spotlight office bill and put it on. Joseph Hazelwood the captain of the Exxon Valdez. The Anchorage Daily News reports. Captain Hazelwood has a record of three. Alcohol rests his driver's license is suspended according to his home. State of New York. Hazelwood shouldn't be trusted behind the wheel of a Corolla. Let alone thousand foot. Supertanker Governor Steve Cooper tells the paper that the state of Alaska is beginning a criminal investigation immediately. Reporters have been digging into the captain's history and they've hit pay dirt now. The facts burst out into the open for everyone. To See. The press is going all Hazelwood all the time. That is good news for Exxon. The country is still mad at the company. Sure when it's hard to be mad at a corporation it's too abstract to defuse. It's much better to have an actual person to pin this whole thing on and now the press finally found their guy except that they can't actually find Joseph Hazelwood. He's disappeared.

Exxon Don Cornet Exxon Frank Rossy Rick Exxon Valdez Captain Hazelwood Alaska Steiner Cordova Harbor Anchorage Daily News Cordova Steve Cooper Europe Parkas Don Valdez Houston Irs High School Gymnasium
"exxon" Discussed on Climate 2020

Climate 2020

04:58 min | 1 year ago

"exxon" Discussed on Climate 2020

"I said to him I said Look John You what you just got a call from the White House I'm Donald Trump and what I say to you John Is it okay for me to see a climate change is a hoax perpetrated by the way he tried to not answer that question more carbon dioxide the temperature gets warmer and it seems to open question not essential question John Open questions to settle the question out all of this with the global warming and that the politicians have gotten away with not doing anything work is about climate change a great environmental crisis our house is on fire they get away with it any longer Ah Hi welcome to climb at twenty twenty podcast about climate change and the twenty twenty election I'm David Gilbert founder and chairman of the commit media company the Years Project and I'm Jeff Nesbitt I founded climate nexus climate communications group. You know I'm really excited this week because Jeff you it'd be speaking with Washington Governor Jay Inslee and I'll be talking to one of Donald Trump's you heard right when Donald Trump's lead pollsters still amazed that that that you pulled that off that he any sat here and he talked client with you I mean I that's amazing and then joined joined hands in Saint combat again there but first let's let's bring our audience up to date on what's been happening this week with climate in politics so Exxon Mobil is going to trial they're up against this the the attorney general in the state of New York and the attorney general what what what she's alleged in her complaint is that Exxon kept two sets of books one does the real cost of climate change and another one that downplayed that cost is is the hope here that that somehow this trial is going to make these fossil fuel companies address is the real cost of climate change while I think this is one of the reasons why everybody is paying such close attention to this trial go back in time and you look at the tobacco award in the litigation strategies against the tobacco industry and by the way can I just say many of the same attorneys representing the oil and gas industry used to represent I represent the tobacco industry so they know this coincidence so they know this issue quite well and so there are a couple of things going on your one is the goverry process though the the state attorney general as well as other agee's like more helium in Massachusetts are looking at unearthing document it's that can explain you know a quarter century of how these these the industry has dealt with with this issue we actually spoke to a reporter covering the ex- on trial for the drilled podcast which is an investigative podcast about fossil fuel companies in climate change hosted by Amy Western south and we're planning on getting aiming on climate twenty twenty very soon to talk to us about the twenty twenty election and we ask drilled reporter Emily Gertz to update us on the trial thanks David thanks jeff and I'd like to pick up on what you said there about two books New York has a very strong law for prosecuting security fraud and that's what it's accused Exxon of in this trial New York says that Exxon used one figure a high dollar amount in public for assessing the future costs of climate regulations on its business internally though it you used a lower number and that had the effect of making the company look more valuable to investors than it really was when this became clear in public the stock price took a huge tumble and investors lost collectively hundreds of millions of dollars the state wants the the judge to find Exxon guilty of fraud enter compensate its investors for the money they lost an Exxon needless to say denies we're going to keep you updated on this excellent trial meantime one right in the news the the weather channel is going to be holding a the climate discussion with candidates but two candidates so far a will not be appearing at one of them is Donald Trump surprisingly and the other is is Joe Biden that surprised me talks a little bit about this in our interview with him for this week's podcast the environment and climate issue is the weakest vote for president trump in his reelection so the Democratic nominee whoever that is is almost certainly going.

Donald Trump John Jeff Nesbitt White House Governor Jay Inslee founder and chairman David Gilbert Washington twenty twenty
"exxon" Discussed on American Scandal

American Scandal

08:20 min | 1 year ago

"exxon" Discussed on American Scandal

"Folks. American scandal is sponsored by Madison Reed feeling a little incognito. Like, you're not portraying yourself as you really are. Maybe you're looking for a change something to make you feel a bit more like yourself, maybe save some money at the same time. Something to reinvent. How you color your hair gorgeous salon-quality colored delivered to your door for less than twenty five dollars from Madison read, these are modern times, you're not stuck with just the old two choices outdated at home hair-color or the time and expense of salon. Neither of those options you need to settle for Madison Reed clients love their new color, gorgeous, shiny multidimensional, healthy looking hair this gray covering game changing color, you can do at home and look as if you just came from the salon. What makes Madison Reed color unique is that it's crafted my master colorist who blend nuances of light dark, cool and warm to create forty five gorgeous, multi. Tonal shades. Find your perfect shade at Madison dash re dot com. American scandal. Listeners can get ten percent off plus free shipping on their first color kit with code AS. That's Madison dash re dot com. Promo code a s. That was my conversation with university of Alaska marine conservation. Professor Rick Steiner, he helped coordinate the response efforts to the Exxon Valdez spill in nineteen nine. My next guest. Is Antonio you hus-, she's an oil analyst journalist, author her most recent book is black tied the devastating impact of the Gulf oil. Spill Antonio spoke to me from studio cake, Yui D, And San Francisco Antonio, you Haass, welcome to our show. Thank you so much for having me. It was thirty years ago this year that the Exxon Valdez spilled eleven million gallons of oil into the Prince William Sound, the most recent in public memory spill of that magnitude was Deepwater Horizon. They are similar obviously in some ways that petroleum hit water. But they are different was a tanker spill and was an oil rig explosion. But I was wondering as you've covered both do you think of them as related? Yeah. Deeply related in in many ways. I think what is similar about these oil spills. I actually wrote a sentence in my book tyranny of oil about the Exxon Valdez disaster. And I said that one of the reasons was Exxon's failure to adequately prepare for a spill that was not only likely but probable, I could've written the identical sentence about BP in two thousand ten what makes these disasters show similar is that they were not only predictable. They were predicted the companies were warned for years preceding them that the risks that were involved the dangers what could lead to the disasters. And then what was necessary to adequately address the failures in the cleanup and the spills after they happened. And in both cases, neither company I'm heeded those warnings nor did any of. Their fellow companies and predicted disaster happened, and that is a tragic outcome, particularly because so many lessons were learned in the wake of Valdez that should have warned regulators that they needed to keep a much tighter tighter wrap on oil companies operating in our waters, be tankers or drilling for oil and exploration or production than was the case. And that is one of the reasons why the BP disaster happened in in both cases, the companies were cutting corners, cutting costs, basically playing a very very risky game with our environment with the safety of workers, and the safety of people who live around those areas and fish from those waters and all those. People and those environments lost out because of a risky game that the company's played I'm trying to put on my Exxon or BP hat for a moment. It is obviously a risky game. These spills are not only economic and environmental disasters, but their PR nightmares. Of course. And they're going to get revisited every five ten twenty five thirty years. What is it that makes a company as large and capable as these penny wise and pound foolish. Why cut corners? Yeah. I mean that was almost literally the judgment of Barbie. A who ruled in the case against BP where he found the company grossly negligent and said that they were putting profits at saving time and saving money over people and the environment. And that is exactly the same words. Also could have been could have been said in the case against Exxon. The reason why they do it is because the cost don't outweigh the benefits. So. So they in the case of Exon Exon was incredibly successful at shielding itself from economic harm as a result of the Valdez disaster there their total costs from their federal government settlement as well as their cleanup costs was just three point four billion dollars and a class action lawsuit. That was brought against the company by the people of Alaska fisherfolk who were impacted and originally they were awarded a five billion dollars in punitive damages which was the equivalent of one year's profit for Exxon at that at that time. Exxon argued the case for nineteen years, and they brought that court judgment against him down to five hundred million from five billion and twenty years later. So they ended up paying very little for what were the costs that continue to stay. So fishing is still impacted in Valdez to this day Auriol still seeps up on beaches to this day, and many people are still sick or have died from the impacts of pollution. So for them. There wasn't a significant cost. But there was a number of lessons that were learned as a result of the Valdez disaster that affected policies. So this was a very public disaster. As you say there were, you know, these incredibly stirring, photographs, and it may have been the first really well photographed oil spill in in world history. And I think that was very moving for the public, and it did lead to significant policy change, the most important policy changed than impacted the BP Deepwater Horizon disaster was passage in nineteen. Ninety under the first President Bush of the Oil Pollution Act, and that was an attempt to to learn a lot of the lessons of the failures that happen with the Valdez, and that put the federal government in a in a much more oversight role in driving role than it had been in after the oil spill with Valdez where everything was really just left up to Exxon, and there was very little oversight by the federal government. The Oil Pollution Act really changed the law to make it. So that BP was forced to almost essentially put everything back the way it was before the disaster. Or if it couldn't pay for what was lost. They had to pay a significant fines under the clean water act. They had to alert the public. They had to pay communities that were impacted at the time for losses. They were suffering at the time. And there was just a whole host of requirements placed on them that were not there at the time avow dis and that were there because. Of legislation

Exxon Exxon Valdez BP Valdez Madison Reed Madison university of Alaska Antonio Deepwater Horizon Alaska Rick Steiner
"exxon" Discussed on American Scandal

American Scandal

07:57 min | 1 year ago

"exxon" Discussed on American Scandal

"Something. American scandal is sponsored by Robin Hood, Rahman hood is an investing app. Let you buy and sell stocks ATF's options and cryptos all commission free. While other brokerages charge up to ten dollars for every trade. Robinhood doesn't charge any commission fees. So you can trade stocks and keep all your profits. Plus there is no account minimum deposit needed to get started. So you can start investing at any level. The simple intuitive design of robinhood makes investing easy for newcomers and experts alike view, easy to understand charts and market data and place a trade in just four on your smartphone. You can also view stock collections such as one hundred most popular with Robin Hood, you can learn how to invest in the market as you Bill your portfolio. Discover new stocks track your favorite companies and get custom notification for price movement. So you never miss the right moment to invest robinhood giving listeners American scandal a free stock like apple Ford or sprint help you. Build your portfolio. Sign up at scandal dot robinhood dot com. On Tuesday evening, March twenty eighth. Rick Steiner, sits alone in an empty courtroom in the state office building in bounties. The mosquito fleet is still out on the sound collecting buckets of oil, but he agreed to stay behind to act as liaison between the fishermen and Exxon and since the state couldn't find a proper office for Rick and Valdez this courtroom is new headquarters at six PM. Call comes in over the radio with news from the fleet. The first hatchery is protected sealed off from the spill by fence of boom through the fuzz and static. Here's cheers. And shouts. But Rick doesn't feel elated. Exxon might have appeared receptive to the fishermen last night. But today has been a different story. Rick isn't charge of obtaining additional equipment for the mosquito fleet. Only one hatchery is safe, and there are two more to go after that hundreds of streams and spawning areas. Need to be fenced off. They're going to need a lot more than buckets a few yards of Exxon. Flimsy pawn boom to do it. They need ocean, boom. More skimmers more people out on the water. The also need more cold weather gear and food place to wash the oil off their votes themselves. But so far he's had little lock in securing any of it all day Rix calls. Exxon have been redirected shuttled back and forth through its sprawling bureaucracy. One person tells him a section of boom was on its way. Then another person says it's still days out someone else assures him protective gears on route nother says that the request was never received. Meanwhile, the fishermen are still out there with nothing, but the buckets and closed they brought from home is starting to dawn on Rick that Frank Rossi's million dollar business card wasn't a gift. It was bait and the fishermen took it hook line, and sinker. He sits down in the jury box looks around the empty courtroom. And thanks God. Someday. I hope to see these oil guys sitting behind that defense table over there. And that day is coming, but it's still years away. As the last of the mosquito fleet. Just pulling into Cordova harbor Ricky often Jack lamb pushing their way into the high school gymnasium for a town meeting. Both fishermen stayed behind to make this event. And when they arrive Jim is already packed with over two thousand people fishermen and their families. Many of them are warning ragged bundled in parkas some just back in from finding the spill all day they're exhausted. They're furious. And they're ready to air their grievances to Exxon. They've been told the company sending someone to talk to them with the fishermen still aren't sure who it is. It won't be Frank. I Rossi after four days of battles with journalists and fishermen alike. Exxon has realized Frank isn't the leader. They need facing the public right now. Frank is an engineer. He's a detail guy and he's exhausted by the daily grind of press conference after press conference Exxon need someone who's up to the fight each night television viewers are watching. Spill spread and the cleanup falter now. People are throwing rocks through Exxon, filling station windows, they're calling in death threats to Exxon corporate offices stock is down and their profits. Are starting to take a hit? Some consumers are even beginning to boycott their gas. Exxon needs a new general to marshal their forces to turn this PR war around and they pick the helmet haired Kentucky in Don cornet Exxon's head of Alaska operations, Don smooth. He's confident and he's fearless. And while Frank might have been exhausted by his daily sparring sessions with the press on finds them invigorating. Now, he's ready to take the fight to Cordova and the fishermen who haven't been doing Exxon any favors in the press that morning, the alleyoop emergencies records call between dawn and a fellow executive. Don says, you know, how I feel do you? Remember when Patton got out over that battlefield and said God help me when they were going to invade Europe. He said God wouldn't. Let this happen. Not let me be in on it. That's how I feel now cornet staring down a battalion of raging fisherman on their home turf. And he's ready to real men. He stands in front of the crowd smiling. Short sleeve golf shirt skin, gently tanned as if he's warmed by the hot, Houston, son everywhere. He goes his gold watch glints under the gymnasium lights. You and you don't realize you have Exxon. And we do business straight. We will consider whatever it takes to keep you whole. What have you lost at this point that I can compensate you for they have here? Nets don't feel it. That we can take care of if you can show your motel out of business that we didn't take care a fisherman stands and asked if it's going to take twenty years to get these claims settle Don answers with a smile to you. We have never had claimed go twenty years, they answered questions note. And he's right. It won't it's going to take nineteen years three months and one day. But the fishermen don't know that yet right now all they know is they could really use some money. The town of Cordova staring down the prospect of nearly one hundred percent unemployment revenues down to zero overnight mass bankruptcies, and here's a guy with access to billions of dollars saying he's going to make them whole the fishermen may be furious at Exxon, but they're listening. The next day. A newsflash takes the media spotlight office Bill and put it on Joseph Hazelwood, the captain of the Exxon Valdez. The Anchorage daily news reports that captain Hazelwood has a record of three alcohol rests. His driver's license is suspended, according to his home state of New York Hazelwood shouldn't be trusted behind the wheel of Corolla. Let alone a thousand foot supertanker governor Steve Cooper tells the paper that the state of Alaska is beginning criminal investigation immediately. Reporters have been digging into the captain's history and they've hit paydirt. Now, the facts burst out into the open for everyone to see the press is going all Hazelwood all the time. And that is good news for Exxon. The country is still mad at the company shore. When it's hard to be mad at a corporation. It's to abstract to defuse it's much better to have an actual person to pin this whole thing on and now the. Passes finally found their guy except that they can't actually find Joseph Hazelwood. He's disappeared. Not a trace.

Exxon Rick Steiner Frank Rossi Don cornet Exxon Exxon Valdez robinhood captain Hazelwood Robin Hood Robinhood Cordova Alaska ATF Bill New York Hazelwood Steve Cooper Rahman Houston Don I Rossi Europe