Energy Pulse: Exxon Mobil Corporation (XOM), TransCanada Corporation (USA) (TRP), BP plc (ADR) (BP)
Pressure continues to mount on Exxon Mobil Corporation (NYSE:XOM) as legislators weigh in on allegations it mislead the public about the risks of climate change. Former Vice President Al Gore has called for investigations into the matter echoing views reiterated by Democratic presidential candidates Hilary Clinton and Bernie Sanders.
The one-time presidential candidate has likened Exxon Mobil Corporation (NYSE:XOM)’s actions to those of the tobacco industry in the 1980’s. The sentiments add to the criticism from InsideClimate News, which says the oil giant knew for almost four decades that its actions amounted to global warming.
Four members of the U.S. Congress have also weighed into the debate having asked the SEC to investigate the company over the matter.
There are also reports that the company gave various lobbying groups millions of dollars to deny global warming was real. Exxon Mobil in its defense has refuted the allegations reiterating they are based on inaccurate distortions.
The state of Alaska has approved legislation that if approved by the House will allow it to hold a greater share of the proposed liquefied natural gas project. The bill opens the way for the State to buyout TransCanada Corporation (USA) (NYSE:TRP)’s stakes in the project.
Governor Bill Walker has in the recent past recommended the buying out of TransCorp to guarantee the state enough voting rights to the mega project. A proposed agreement will allow the company to hold the state’s interest in the pipeline and gas treatment plant.
If the bill is approved, the state of Alaska will have to pay TransCanada Corporation (USA) (NYSE:TRP) all the costs it has put up. The state is also obligated to pay 7% interest regardless of the project succeeding or failing. The state intends to spend $157 million on the buyout.
Other companies with stakes in the gas project include BP plc (ADR) (NYSE:BP), ConocoPhillips (NYSE:COP) and Exxon Mobil Corporation (NYSE:XOM).
Researchers are raising the alarm that the effects of the 2010 BP plc (ADR) (NYSE:BP)’s massive offshore oil spill could be felt for many years to come. According to the researchers, Dolphins are having a difficult time to give birth, long after the oil spill.
A study published in the Proceedings of the Royal Academy Sciences in Britain raises more doubts about the population of the dolphins. The fact that Dolphins take a long time to reach reproductive maturity could significantly affect their population level in the area.
Having tracked 10-pregnant Dolphins for four years, the researchers say that only two were able to give birth to calves. Researchers say that most of the dolphins in the Barataria Bay an estuary of New Orleans continue to suffer from lung diseases attributed to the oil spill. High mortality rate and chronic diseases have all but hurt the animal’s ability to reproduce according to the scientists.
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