“It is an outrage.” The source of Defense Secretary Leon Panetta’s anger? The fact that the United States has yet to approve a treaty known as the U.N. Convention on the Law of the Sea, which often goes by the acronym LOST.
Democrats should be rooting for America’s oil and natural gas producers to succeed—the nine million people employed by the industry and millions of shareholders certainly are. Not cheering yet? You should be. In all likelihood, you are Big Oil.
A stabilized Europe, coupled with a U.S. economy that is likely to dodge a recession, means oil prices are starting to perk back up. Crude oil, of the West Texas Intermediate (WTI) kind, shot up from $77 a barrel to $93 in October and, before long, expect to see gasoline prices quickly move back to the $4 mark.
The company is locked in a showdown with its lenders, and they hold the cards. To keep them at bay, the company needs to raise cash, primarily through the sales of assets and legacy businesses.
Will its debt-laden balance sheet hold up in the weight of further capital-spending requirements? As it stands now, Clearwire's cash flow and spending trends will be without any more funds by next June.
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