Analysts Question Oil's 'acts of God' ( Alaskan pipeline shutdown)

[IChing]

Aug 16, 3:55 AM EDT
analysts Question Oil's 'acts of God'

By STEVE QUINN
AP Business Writer

DALLAS (AP) -- Some analysts are questioning whether Exxon Mobil Corp. and ConocoPhillips Co. can legitimately blame events beyond their control for failing to supply customers following the partial shutdown of Prudhoe Bay oil field.

The contractual clause, force majeure, that excuses a company from fulfilling its obligations is usually excercised following a natural disaster or in war.

Neither was the case when the two oil companies invoked it last week after field operator BP PLC said it would shut down part of the nation's largest oil field because of pipeline corrosion that had gone undetected for years.

If BP was negligent - the British oil giant has accepted responsibility for the lack of upkeep that led to shutdown - does this really qualify as an unforeseen circumstance? As huge interest holders in the oil field, do Exxon Mobil and ConocoPhillips still have some oversight responsibility?>>>>>snip

http://hosted.ap.org/dynamic/stories/O/OIL_FIELD_ACT_OF_GOD?SITE=FLTAM&SECTION=US

[krkaufman]

1. Time for some regulation and windfall profits taxes

These companies are out of control.

[IChing]

2. Yes, I like that...regulation and windfall profits which would really

be an act of God these days. All these companies are in cahoots with each other
and they asking to get out their contractual obligations as "an act of God"

Unfrickin believable

[maseman]

4. Hey they planned for a hurricane

To make the price of oil go up in 3rd quarter. SO far we are on August 16th and no hurricanes yet. At this point we will be at least into September before a hurricane "screws" things up. They needed to do something to make the prices go up, or at least stay the same so their next quarterly conference call stays healthy.

[Gman]

6. Why do you hate America and support the terrorists??

:-) Just kidding!

But RW isn't and neither is Big Oil.

[KurtNYC]

3. It's like de ja Enron all over again eom

[rodeodance]

5. just when i think i heard it all, then alongs come this. geech!

[IChing]

7. kick to remind you it has taken this long.....

Your Gods, my gods,
their god
your beliefs
none of these make you free.

[truthisfreedom]

8. corporate terrorism.

plain and simple.