BP Selling Assets To Help Pay For Oil Spill Damages & Clean Up

Posted on July 21st, 2010 by

DOE spends $30 million on residential energy efficiency research, BP sells $7 Billion in assets to the Apache Corporation, & an update on the Ethanol debate.


In an effort to speed up the research being done on residential energy efficiency strategies, the Department of Energy yesterday awarded a total of $30 million dollars in grant money to 15 research and deployment partnerships . The different groups will focus on overcoming the barriers of making high-efficiency homes within reach for all Americans. The 15 research groups will each receive between $500,000 and $2.5 million depending on their performance. Those receiving the awards include the Building America Retrofit Alliance, the Building Science Corporation and the National Association of Home Builders Research Center Industry Partnership for High Performing Homes.

To help them pay for the rising cost of the oil spill, BP has announced that they will be selling all of their oil and gas operations, acreage and infrastructure in the Permian Basin of West Texas and New Mexico and Egypt’s Western Desert to the Apache Corporation. Apache, who is paying $7 Billion for purchase will also be acquiring BP’s upstream natural gas business in western Alberta and British Columbia. This purchase will add 2.4 million net areas to Apache’s developing portfolio.

As the US debates the role of ethanol based fuels. a new study by Bruce Babcock, director of the Center for Agricultural and Rural Development shows that that allowing the blender credit and tariff for ethanol fuels to expire will not be as bad as people think. Babock’s projected calculations show that U.S. ethanol production would increase to some 14.5 billion gallons by 2014 without the tax credit and import tariff; Babock also argues that the US could protect itself from constant price volatility if it opened the U.S. market. You can learn more about Babcock’s findings at card.iastate.edu.

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2 People have left comments on this post

» Angella Furbeck said: { Jul 21, 2010 - 09:07:41 }

I contemplate when they will come to their senses and halt using the oil. Alternative know-how is already there to replace it!

» Annetta Gohlke said: { Jul 26, 2010 - 05:07:41 }

I appreciate you sharing this article post. Really Cool.

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