"Solutions are not the answer."
–Richard M. Nixon
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Here is an interesting read….
The Price of Oil Is About to Blow a Hole in Corporate Accounting
Bloomberg) — There’s one place in the world where oil is still $95 a barrel.
On paper.
The U.S. Securities and Exchange Commission requires drillers to calculate the value of their oil reserves every year using average prices from the first trading days in each of the previous 12 months. Because oil didn’t start its freefall to about $45 till after the OPEC meeting in late November, companies in their latest regulatory filings used $95 a barrel to figure out how much oil they could profitably produce and what it’s worth. Of the 12 days that went into the fourth-quarter average, crude was above $90 a barrel on 10 of them.
So Continental Resources Inc., led by billionaire Harold Hamm, reported last month that the present value of its oil and gas operations increased 13 percent last year to $22.8 billion. For Devon Energy Corp., a pioneer of hydraulic fracturing, it jumped 31 percent to $27.9 billion.
This year tells a different story. The average price on the first trading days of January, February and March was $51.28 a barrel. That means a lot of pain — and writedowns — are in store when drillers’ first-quarter numbers are announced in April and May.
“It has postponed the reckoning,” said Julie Hilt Hannink, head of energy research at New York-based CFRA, an accounting adviser.
http://www.bloomberg.com/news/articles/2015-03-04/oil-at-95-a-barrel-discovered-in-sec-rules-on-reserves?cmpid=yhoo
Stupid is like Stupid does:
And he's supported by the DSCC, not known for it's ability to pick winners and losers. (Mostly known for its ability to pick losers.)
Triangulation, baby!
No matter how hard, and how thoroughly, Dems get their asses kicked, they always see a way to move further right and continue their mistaken suckup to the 1% who dare call themselves Democrats.
Yeah, they have great cocktail parties, but they really do only have one vote each……for now.
Am I the only one finding it oddly reassuring to see Alabama return to it's rightful place as the most fucked-up and intolerant state in the Union???
(Sucks to be Kansas — Losers!!!!)
s/b institutionally intolerant …
(Still sucks to be Kansas, however!)
Not to out do the majority on the Alabama Supreme Court, Dr. Ben Carson explained the basis for his belief that sexual orientation is something someone chooses by analogizing to prison rapes.
FOC ?!?
(Friend of Chapenschtupen)
If Bill Clinton and George Dubya opened a restuarant together, they could call it "Bubba Gump."
What's that? Really? Aw, too bad.
SCOTUS is hearing the latest attempt to gut ACA today. Steven Brill has an excellent backgrounder article explaining why even Republicans involved with actually crafting the legislation don't understand why this frivolous lawsuit got this far:
http://blogs.reuters.com/great-debate/2015/03/02/the-supreme-court-hears-an-obamacare-fairytale/
Unfortunately, the GOP has succeeded in appointing many radical, activist judges since the Reagan days, who will ignore precedent, the law, and common sense whenever it suits their partisan interests.
The fact that it got this far, and that we have legitimate concerns that SCOTUS would accept the premise of the lawsuit as valid, is just further proof of how far the GOTP is willing to corrupt our institutions that have served us well for over 200 years. I really do think the GOTP is over-represented by members of an "End of Days" Death cult..
Cautiously optimistic after today's oral arguments. Roberts kept quiet and Kennedy sounded like he was considering using the Court's ruling against ACA Medicaid subsidies against the plaintiffs in order to uphold the law.
Assuming Roberts is a rational actor, yes, I would share your cautious optimism. Based on their questions and comments, Scalia and Alito however, are ready to pull the trigger, with Thomas in agreement.
Another great discussion about the implications and risks:
Wow, our GOP Congress has been a hive of activity this week. Inside of a little more than 24 hours, they had Bibi speak and bash Obama, they funded DHS, Boner apparently put down a nascent coup attempt, and they tried to override the Keystone. Now it's probably time to take a few weeks off for rest, relaxation and fundraising.