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Wed, 2012-11-21 05:00Steve Horn
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Second US Tar Sands Mine, Owned by Former ExxonMobil and Chevron Exec., Approved in Utah

MCW Enterprises Ltd., a Canada-based corporation, announced on Nov. 19 that it has received all necessary permits to streamline tar sands extraction at its Asphalt Ridge plant located in Vernal, Utah starting in December.

The announcement comes just weeks after U.S. Oil Sands Company received the first ever green light to extract tar sands south in the United States.

Recently changing its name from MCW Energy, MCW Enterprises Ltd. owns MCW Oil Sands Recovery LLC as a wholly owned subsidiary. The company's CEO, R. Gerald Bailey - often also referred to as Raymond Bailey or Jerry Bailey - is the former President of Exxon Arabian Gulf and also served as an Executive for Texaco (since purchased by Chevron) for 15 years.

MCW's website explains that its stake in the Asphalt Ridge is a “proven/probable resource of over 50+ million barrels of oil” and that it “is seeking other oil sands leases in Utah, which contains over 32 billion barrels of oil within 8 major deposits.” 

Bailey told Flahrety Financial News that he sees this first project as a crucible, or testing grounds, with the potential for more extraction to come down the road. 

“This is really going to be a technology play,” he stated. “I don't plan to build another Exxon out there in the desert.”

Sun, 2012-07-29 13:13Farron Cousins
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How Do You Spend $375 Million A Day? Ask The Oil Industry

The average U.S. household has seen both their net worth and their average income steadily decline over the last seven years. Unemployment in the United States still remains at uncomfortably high levels, and the poverty rate is about to reach highs that haven’t been seen since the 1960’s. But as average citizens are struggling to provide food for their families and gainful employment, there are a special few in the U.S.A. who have more cash than they know what to do with. Those special few would be the oil industry.

While most of us in the U.S. were cringing every time that ticker on the gas pump climbed higher and higher, executives at the top five oil companies were squealing with delight as their profits climbed even faster and higher than the prices at the pump.

This week, oil companies are sheepishly coming forward with their 2nd quarter earnings statements, likely praying that Americans forget about the fact that gas prices were recently at near-historic highs in areas of the country. From Climate Progress:
  

The top two corporations on the Fortune 500 Global ranking, Royal Dutch Shell and ExxonMobil, announced their 2012 second-quarter earnings today, bringing the total profits for three Big Oil companies to $44 billion for 2012 or $250,000 every day this year. Exxon profited by $16 billion this quarter, bringing its earnings for 2012 to $25 billion.

The New York Times wrote that Exxon and Shell’s earnings “disappoint,” because energy prices unexpectedly dropped for consumers this summer. Put their profits in the appropriate context, however, and Exxon and Shell still made a combined $160,000 per minute last quarter, even though the top five oil companies benefit from $2.4 billion federal tax breaks every year.
 
Fri, 2011-07-22 05:15Ben Jervey
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Koch Brothers And ExxonMobil Join Forces To Fight RGGI With Copy-Paste State Legislation

As we’ve reported over and over again, the popular and successful Regional Greenhouse Gas Initiative (RGGI) and other regional climate agreements are under attack from polluters. Today, a bombshell report by Bloomberg News makes it undeniably clear who is leading the attack, and paints an ugly picture of collusion, influence, and state legislators deep in the pocket of the fossil fuel industry. 

The report shines a light on the American Legislative Exchange Council (ALEC), which serves as a drafting board for industry-friendly state legislation and then subsequently as a sort of mixer for corporations and state politicians who are willing to accept financial favors to bring these copy-and-paste laws back to their home states.

Bloomberg reporter Alison Fitzpatrick 
writes:
The opportunity for corporations to become co-authors of state laws legally through ALEC covers a wide range of issues from energy to taxes to agriculture. The price for participation is an ALEC membership fee of as much as $25,000 – and the few extra thousands to join one of the group’s legislative-writing task forces. Once the “model legislation” is complete, it’s up to ALEC’s legislator members to shepherd it into law.
Fitzpatrick calls out Exxon Mobil and Koch Industries as two companies whose handwriting (forget fingerprints) are all over the template legislation that forces states out of their regional climate agreements.
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