Congress is set to take a recess from November 21 to December 8--a two-week escape from grim reality. Meanwhile, the stock market goes down another 200-400 points each day, more layoffs are announced, and businesses seem to be crumbling everywhere. While Americans may well wonder if their Thanksgiving turkey will be the last good, big meal they eat until June 2009, our elected representatives will flee to their home districts. U.S. workers, on the other hand, are not getting two weeks off, and indeed, most are scrambling to finish up all their year-end projects to meet 2008 budgets and deadlines for their employers. If I were president, I would order Congress to stay in session until it passes some kind of temporary relief, bridge loan--albeit with many strings attached--for the auto industry. Talk about fiddling while Rome burns! Here's an idea for financing the "bailout": why not use the nearly $18 billion that the MMS just returned to the U.S. Treasury from oil and gas royalties and lease bonuses in fiscal 2008? After all, if there is no robust U.S. auto industry in two years, how much oil will we need by then? --Leslie Haines, Editor-in-chief, Oil and Gas Investor
Recommended Reading
YPF, Petronas Target FID for Argentine LNG Facility in Late 2025
2024-08-16 - Argentina’s long-envisioned LNG export facility is closer to becoming a reality as state-owned YPF SA and Malaysia’s Petronas will look to reach a final investment decision in the second half 2025 on development in Sierra Grande on the country’s Atlantic Coast.
Halliburton Sees NAM Activity Rebound in ‘25 After M&A Dust Settles
2024-07-19 - Halliburton said a softer North American market was affected by E&Ps integrating assets from recent M&A as the company continues to see international markets boosting the company’s bottom line.
Offshore, Middle East Buoys SLB’s 2Q as US Land Revenue Falls
2024-07-19 - Driven by a strong offshore market and bolstered by strategic acquisitions and digital innovation, SLB saw a robust second quarter offset by lower drilling revenue in the U.S.
Solaris Stock Jumps 40% On $200MM Acquisition of Distributed Power Provider
2024-07-11 - With the acquisition of distributed power provider Mobile Energy Rentals, oilfield services player Solaris sees opportunity to grow in industries outside of the oil patch—data centers, in particular.
Liberty Energy Warns of ‘Softer’ E&P Activity to Finish 2024
2024-07-18 - Service company Liberty Energy Inc. upped its EBITDA 12% quarter over quarter but sees signs of slowing drilling activity and completions in the second half of the year.