Links of Some Interest -- Not the Bakken

From NBC, CNBC and the WSJ, some interesting links:

NBC: Hurricane Sandy has already created more jobs than President Obama. -- Jay Leno

From CNBC, several stories:

Gasoline lines stretch for miles. I was not aware of this: most of the majors (XOM, COP, CVX) pulled out of New Jersey, New York years ago. Some commentators have suggested that the majors could respond to gasoline shortages a lot more quickly than second- and third-tier players. I notice a photograph at one of the links was of a Gulf gas station. Gulf? Where are the FEMA tankers when you need them? Reality bites. Not that "killing the Keystone" made this worse, but some folks think so (see comments); it's all about perception and "killing the Keystone" was one of ten defining moments of the last four years. Via Reuters, taxis are being pulled off the roads; no fuel available. **

Greece teetering. Here we go again.

A recent study suggests higher taxes do not result in the rich leaving California. Of course not. They can manage their taxable assets just fine. High taxes (and no jobs) drive out the middle class.

From the WSJ, several stories: 

Verizon struggles with flood -- WSJ. Can you hear me now? Wired New Yorkers get reconnected with pay phones. I didn't know pay phones still existed.

Panasonic beats a retreat as green energy bets flop -- WSJ. Can you hear me now? "Massive losses" due to investments in solar panels and rechargeable batteries. Of course, there is much more to it, but that was the headline. Comments probably won't be posted; don't bother.

Looming tax hike motivates owners to sell -- WSJ. Can you hear me now? "Bert Wolf...says he plans to sell his compressed-gas business before 2013. Many business owners are looking to close deals by year's end."

For Shell, wait 'til next year in Arctic -- WSJ. Great news for the Bakken. Can you hear me now?

After spending more than $4.5 billion in permits, personnel and equipment over the past six years to assure regulators and native Alaskans that its work would be safe and environmentally benign, Shell finally got a shot to try drilling wells here this fall. It didn't go as planned.*

Shell initially hoped to complete six wells by the end of October, before the onset of winter. But its drilling rigs packed it in for the year Wednesday, having only completed two "top holes"—the initial stages of exploration wells—after a series of setbacks with spill-response equipment. Shell said in September those problems would limit it to drilling top holes this year, which didn't go unnoticed by rivals.

Statoil ASA, the Norway-based oil company that is no stranger to cold waters, said it will delay plans to drill in the U.S. Arctic Ocean by at least a year due to the difficulties Shell has faced. An executive with French oil giant Total SA said the risks of an oil spill in environmentally sensitive Arctic waters are too high for companies to continue plumbing for crude there.

Unions slip in strongholds -- WSJ. Organizing drives fail in labor-friendly regions; high unemployment cited. 

Jerry Brown's tax cliff -- WSJ. "The second most important election next Tuesday. The California State Teachers' Retirement System has projected that it will need between $3.5 billion to $10 billion annually over the next 30 years to stay solvent. So any money allocated to schools will merely backfill the teachers' pension fund." Up to $10 billion annually over the next 30 years to stay solvent. At some point, California teachers will be teaching the merits of drilling for oil. Offshore and onshore.

Miscellaneous links:

I haven't seen any video of the American Red Cross either. 

"Where was the Red Cross? Isn’t that their function? They collect millions of dollars. Whenever there’s a drive in Staten Island, we give openly and honestly. Where are they? Where are they? I was at the South Shore yesterday, people were buried in their homes. There the dogs are trying to find bodies. The people there, the neighbors who had no electricity, were making soup. Making soup. It’s very emotional because the lack of a response. The lack of a response. They’re supposed to be here….They should be on the front lines fighting, and helping the people.” -- Staten Island Borough president. [According to Snopes.com, the current Red Cross president, Gail McGovern, received $1,032,022 in total compensation, according to "last" year information provided. The year was not given.]

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*One nice things about the Bakken: it has helped me get a feel for "big numbers."

One of the linked articles said that Shell had spent $4.5 billion over six years to satisfy regulators; sounds like a lot of money. Put that into perspective: oil companies are pouring $2 billion per month into western North Dakota just drilling. $2 billion each month. Probably more. But that's a nice round number ($10 million/well x 200 wells).  I still don't have a feeling for $16 trillion in debt. The federal debt. But Americans are content/satisfied. It looks like Obama will squeak through with a win, contrary to Dick's prognostications.

** Gulf gas stations, from Wiki:

Gulf, in its present incarnation, is a "New Economy" business. It employs very few people directly and its assets are mainly in the form of intellectual property: brands, product specifications and scientific expertise. The rights to the brand in the United States are owned by Gulf Oil Limited Partnership (GOLC), which is a wholly owned subsidiary of Cumberland Farms and operates over 2,100 service stations and several petroleum terminals; it is headquartered in Framingham, Massachusetts.