David Gordon, former Director of Policy Planning, says President Obama will probably okay the Keystone pipeline.
“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.
History tells us that we do not need to “wait and see.” The longer there is silence, the harder it will be to reverse the order, which is scheduled to become effective December 1, 2011.
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.