Thursday, May 09, 2013

Just Remember, Those Oil Companies Are Evil

Chevron Wins Suit Against U.S. Over California Oil Field

Chevron Corp. (CVX) is entitled to unspecified damages against the federal government in a contract dispute over oil deposits in California worth $37 billion, the U.S. Court of Claims ruled.
The Department of Energy “repeatedly and materially violated” two agreements governing determination of equity interests in oil and gas deposits located in the Elk Hills Reserve of California, Judge Susan Braden in Washington wrote in a 90-page ruling.
Chevron “is entitled to be compensated for damages, in an amount to be determined, including sanctions for DOE and the government’s ‘bad faith’ conduct and abusive discovery tactics,” Braden wrote in the ruling made public yesterday.
 First, take note of the elemental premise here - the US government is in the oil business, big time.  Second, they are a very bad partner, major bullies.

Full article here.


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