Carpe Diem: Will Apple Have To Pay Windfall Profits Taxes?

Link here.

AAPL and XOM are my two favorite companies.

Rigzone: Where Are Oil Prices Headed?

Link here.

Pay particular attention to the last six months of this year (2011).

According to May 10 statistics from the US Energy Information Administration, total world oil consumption will grow by 1.4 million bpd (barrels per day) in 2011. Although this is about 0.1 million bpd below last month's EIA Monthly Energy Outlook, the agency predicts demand growth of 1.6 million bpd in 2012, slightly higher than forecast in April.

Meanwhile, supply from non-OPEC countries should increase by an average of 0.6 million bpd annually through 2012, EIA said. The preponderance of supply will come from Brazil, Canada, China and countries of the former Soviet Union, EIA forecasts.

Wow, Wow, Wow -- After $165 Million -- BP and COP Call It Quits

Link here.

The Alaska Gas Pipeline announced that its open season efforts have not resulted in the customer commitments necessary to continue work on its Alaska North Slope gas pipeline project, which has an overall estimated capital cost of $35 billion (2009 dollars).

Denali will withdraw its Federal Energy Regulatory Commission pre-file application and, over the next few months, close out its operations.

Denali - The Alaska Gas Pipeline is owned by subsidiaries of BP and ConocoPhillips.

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Anon 1 provided his take on this story and additional background:

No surprise.

The real natural gas line is the AGIA TransCanada line, with Exxon on board.

COP/BP spent some money while claiming that they would build their own line. They wanted leverage in negotiations.

They virtually shut down many months ago.

The legislature went home without caving to them.

The real news will be what happens to the AGIA line - the real natural gas line project.

Background (I have not checked out all of these sites):

http://www.reuters.com/article/2011/05/17/us-alaska-pipeline-idUSTRE74G7Q020110517

http://www.thealaskapipelineproject.com/

http://www.thealaskapipelineproject.com/project_description

http://www.palintv.com/2010/07/31/palins-pipeline-progresses/

http://www.palintv.com/2008/01/21/governor-palin-apologizes-and-talks-about-agia-january-21-2008/

http://www.palintv.com/2007/07/03/presser-discussing-agia-request-for-applications-and-bill-signing-july-3-2007/

http://www.palintv.com/2007/11/30/presser-companies-that-have-submitted-applications-under-agia-announced-nov-30-2007/

http://www.palintv.com/2008/01/04/agia-completeness-review-galvin-palin-irwin-ruther/

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The obvious question is whether any natural gas pipeline from Alaska is viable right now.

Denbury, Losses, and Hedging -- Motley Fool

Link here.

DNR has joined the long list of oil companies that have reported losses this quarter on account of derivatives contracts. Based on this, it is clearly evident that companies never expected crude oil prices to shoot past $120 per barrel. And they will pay the price for that. Yet, Foolish investors should absolutely realize that there are more to these stocks than what the bottom lines are suggesting.

I think this is quite remarkable. "It is clearly evident that companies never expected crude oil prices to shoot past $120 per barrel."

Who would have thought that oil companies would show a loss because of $120 oil?

This article from 2008 is a nice primer on oil and hedging.  A "tip of the hat" to Don for finding this article.

Senator Reid Won't Let Nancy Pelosi Out-Waiver Him -- Nevada Gets ObamaCare Waiver

Link here.

Only one out of five new ObamaCare waivers are in Nancy Pelosi's district.

Senator Reid's entire state gets a waiver.  Or a partial waiver.