Obama prepared to tap oil reserves
March 11th, 2011
02:20 PM ET
4 years ago

Obama prepared to tap oil reserves

New York (CNNMoney) - President Obama said Friday that he is prepared to tap the nation's strategic oil reserves to deal with any supply disruptions as part of his effort to keep gas prices under control.

Obama attributed the recent run-up in oil and gas prices to increased global demand, combined with uncertainty in the oil market due to political turmoil in North Africa and the Middle East.

FULL STORY

Filed under: President Obama
September 17th, 2010
07:03 PM ET
4 years ago

Elizabeth Warren ready to start Monday

Elizabeth Warren sat down for an extensive interview with CNN's John King on Friday.
Elizabeth Warren sat down for an extensive interview with CNN's John King on Friday.

Editor's Note: Watch John King, USA weeknights at 7 p.m. EST

New York (CNNMoney.com) – Elizabeth Warren told CNN Chief National Correspondent John King on Friday that she is eager to begin setting up the nation's first consumer financial protection bureau, but she stopped short of confirming that she will eventually be put in charge of the agency that was her brainchild.

President Obama appointed Warren earlier that day to be a special adviser in charge of building the Consumer Financial Protection Bureau that was a key part of the Wall Street reform bill the president signed into law in July.

In an interview with King on CNN, Warren said she wants to start work as soon as possible.

"I want to worry about Monday," she said. "I want to worry about this week and the week after, about getting this thing started."

But Warren could not say where she would be after the agency is up and running in July 2011.

In an interview with King on CNN, Warren said she wants to start work as soon as possible.

Full Story


Filed under: CNNMoney.com • issues
August 23rd, 2010
02:10 PM ET
4 years ago

State tax hikes could go too far

New York (CNNMoney.com) - Some U.S. states facing steep budget gaps have resorted to tax policies that could be harmful over the long term, a non-profit research group said Monday.

In a review of 2010 changes in state tax policy, the Tax Foundation said certain states have targeted tax increases on high-income earners, smokers and out-of-state business transactions. These taxes may be politically convenient, but the foundation said that relying too heavily on such sources can lead to problems over the long run.

"Relatively high taxes on high-income individuals, smokers and out-of-state business transactions can make a state less attractive and create more volatility in an already uncertain economic climate," said Joseph Henchman, director of state projects at the Tax Foundation.

Full story


Filed under: issues • Taxes
July 15th, 2010
11:26 AM ET
4 years ago

BP still a top supplier to U.S. military

New York (CNNMoney.com) - BP is still among the biggest suppliers of fuel to the U.S. military, and the Defense Department has no plans to stop awarding the company lucrative contracts.

As of last week, BP has been awarded 17 contracts valued at just under $1 billion, the Defense Logistics Agency (DLA) said. That makes BP the third-largest supplier of fuel to the armed services so far this fiscal year.

In fiscal 2009, the DLA granted BP a total of 26 contracts valued at $2.2 billion, or nearly 12% of overall fuel purchases, making it the military's largest fuel supplier that year.

Full story


Filed under: BP • Department of Defense
June 22nd, 2010
12:42 PM ET
5 years ago

Geithner defends TARP

Treasury Secretary Tim Geithner defended the government's bailout of the financial system on Tuesday.
Treasury Secretary Tim Geithner defended the government's bailout of the financial system on Tuesday.

New York (CNNMoney.com) - Treasury Secretary Tim Geithner defended the government's bailout of the financial system on Tuesday, saying it has been a "critical" part of the economic recovery and will ultimately cost less than expected.

Geithner is testifying before the Congressional Oversight Panel, the main watchdog for the Troubled Asset Relief Program, or TARP. The government enacted TARP in 2008 at the height of the financial crisis. The program is due to expire in October.

While the economy remains challenged, Geithner said TARP and other "extraordinary actions" taken to combat the financial meltdown "have helped stabilize the financial system and restore economic growth."

Geithner acknowledged that some of the government's efforts were "unpopular." The program, initially funded at $700 billion, was used to pour billions of tax dollars in to troubled Wall Street banks, insurance giant American International Group and the auto industry.

But he argued that such steps were "essential" to contain the crisis and that they have improved conditions for homeowners, consumers, businesses, and state and local governments.

Full story


Filed under: CNNMoney.com • TARP • Tim Geithner
June 16th, 2010
12:20 PM ET
5 years ago

BP to escrow $20 billion for Gulf claims

ALT TEXT

 BP executives meet with President Obama and high level cabinet members in the Roosevelt Room of the White House. (PHOTO CREDIT: Pete Souza/White House)


New York (CNNMoney.com) - BP has agreed to put roughly $20 billion into an escrow account to cover costs related to the oil spill in the Gulf of Mexico, a senior White House official told CNN Wednesday.

The official said the agreement was worked out ahead of a highly-anticipated meeting between BP executives and President Obama in Washington.

The amount to be placed in the fund is "in the ballpark of $20 billion," according to the official.

Obama is expected to make a statement later Wednesday.

Full story


Filed under: BP • Energy
June 8th, 2010
12:13 PM ET
5 years ago

Gulf spill widows: Don't stop drilling

(CNNMoney.com) - The widows of two men killed on the Deepwater Horizon drill rig urged lawmakers Monday to allow drilling in the Gulf of Mexico to continue, saying the oil industry is a major source of income for families in the region.

"Drilling in the gulf must continue," said Courtney Kemp, of Jonesville, La., whose husband was killed along with 10 other workers when the drill rig exploded and sank in April. The rig, operated by Transocean, was contracted to develop a well leased by BP.

"If drilling ceases, not only would off-shore employees lose their jobs," said Kemp, "but the trickle-down effect would be devastating not only to the coastal states, but eventually to the entire country."

The comments came during a hearing of the House subcommittee on Oversight and Investigations in Chalmette, La., to explore the local impact of the oil spill in the Gulf. It was the latest in a series of Congressional hearings aimed at exploring the causes and consequences of the worst oil spill in U.S. history.

Full Story


Filed under: Congress • Energy
May 18th, 2010
01:37 PM ET
5 years ago

Top U.S. official pledges to reform ties to Big Oil

Ken Salazar outlined the steps he has taken to overhaul the Minerals Management Service.
Ken Salazar outlined the steps he has taken to overhaul the Minerals Management Service.

NEW YORK (CNNMoney.com) - A top U.S. official pledged Tuesday to reform how the government does business with the oil industry, and to hold BP accountable for the massive oil spill in the Gulf of Mexico.

Speaking before the Senate Committee on Energy and Natural Resources, Secretary of the Interior Ken Salazar outlined the steps he has taken to overhaul the Minerals Management Service, which has been criticized for having a "cozy" relationship with the oil and gas companies it's tasked with overseeing.

The MMS has been in the spotlight since the Deepwater Horizon, an oil rig operated by BP, exploded and sank in the Gulf of Mexico last month, killing 11 people. The disaster resulted in a huge oil spill that has yet to be contained.

Full story


Filed under: Energy • Ken Salazar • Obama administration
May 17th, 2010
04:38 PM ET
5 years ago

Senate panel grills U.S. officials on Gulf spill

New York (CNNMoney.com) - Lawmakers on Monday questioned two federal officials about the government's response to the oil spill in the Gulf of Mexico.

Janet Napolitano, secretary of the Department of Homeland Security, and Rear Admiral Peter Neffenger of the Coast Guard, are testifying before the Senate Committee on Homeland Security and Government Affairs about how the government is handling the disaster.

The explosion of one of BP's deepwater drill rigs, located 40 miles off the coast of Louisiana, has resulted in one of the worst oil spills in U.S. history.

Full story on CNNMoney.com


Filed under: Energy • Janet Napolitano • Senate
May 6th, 2010
11:40 AM ET
5 years ago

Bernanke: Fed's not waiting for Congress on reform

Federal Reserve Chairman Ben Bernanke said Thursday the central bank is working to increase oversight of financial institutions.
Federal Reserve Chairman Ben Bernanke said Thursday the central bank is working to increase oversight of financial institutions.

New York (CNNMoney.com) - Federal Reserve Chairman Ben Bernanke said Thursday the central bank is working to increase oversight of financial institutions, even as Congress debates a package of Wall Street reforms.

In a speech at the Federal Reserve Bank of Chicago, Bernanke said he "supports" ongoing efforts in Congress to reform financial regulation. But he added that the Fed is already taking steps to tighten up oversight of the banking system.

"While these legislative steps are necessary, we are not waiting to implement improvements that can be accomplished within our existing authority," he said.

"Now we are working with banks to ensure they improve their risk-measurement and risk management as well as strengthen their liquidity and capital levels while also providing the credit that households and businesses need," the Fed chairman added.

Bernanke said any reform package should give regulators the power to break up financial institutions that could threaten the economy if they fail.

Full story on CNNMoney.com


Filed under: Ben Bernanke • Federal Reserve • Financial Reform • Wall Street
« older posts