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July 29, 2015

$200 Billion Worth of Oil Projects Delayed; BP Posts $6 Billion Loss 
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In more news from the fossil fuel industry, oil giant BP has reported an
unusually high $5.8 billion loss in the second quarter of 2015. This
loss is due to low oil prices combined with settlements over the 2010
Deepwater Horizon oil spill in the Gulf of Mexico. The announcement of
BP's losses comes as the Financial Times reports that oil and gas
companies have delayed investing in new extraction projects worth a
total of $200 billion. In total, companies have delayed at least 46
projects that include expensive processes such as deepwater drilling,
because the projects would be unprofitable at the current level of oil
prices.

 

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