Exxon's Russian Roulette
How can you turn $3.2 billion into $500 billion in a day? If you are Vladimir Putin, the prime minister of Russia, and Rex Tillerson, the chief executive of Exxon, you announce a deal that allows Exxon to explore for oil in Russia’s Arctic waters. According to Putin, who last week said, “It’s scary to utter such huge figures,” the deal could reach $500 billion. According to Exxon’s news release, all that’s been agreed so far is an investment of $3.2 billion. The only certainty is that the energy industry’s numbers game sometimes resembles the magical calculations the financial industry relied on before the 2008 crash.
September 9, 2011
Hope for Khodorkovsky?
At first glance, it is hard not to conclude that the future looks dire for Mikhail Khodorkovsky and Platon Lebedev, the former Yukos executives who have been in prison since 2003 and are widely seen as victims of the Kremlin’s power politics and greed over oil assets. Yet despite this apparent bad news, there may be growing reason to hope that Khodorkovsky and Lebedev will be released early. Above all, there has been a dramatic shift in how the Russian media is handling the case.
June 8, 2011
The Senate’s Energy Failure
Many reasons have been served up to explain the Democrats’ dismal withdrawal of the energy bill last week: the President was too reticent about fighting climate change; they failed to drum up sufficient public support; they let too many other things take precedence on the legislative agenda. But one reason towers above all others—the dysfunctionality of the Senate.
July 27, 2010