Boothe's
Global Perspectives
ENLIGHTENED JOURNALISM WITH INDEPENDENCE AND OBJECTIVITY
  • Energy  

    Limetree Bay Refinery Closes after Raining Oil on St. Croix Island

    Two decades ago, we were in St. Croix, considering investing in a new project, on this beautiful island, with gorgeous ocean waters and pleasant breezes coming off of the ocean.  The downtown area is small enough to walk and shop and watch the local people.  The language is English, and the lifestyle seems easy. 

    Then our research took us to the largest commercial employer, the REFINERY.  Now called the Limetree Bay Refinery, it was a mess  20 years ago, seeming to generate a new "breakdown" or problem every week.  When we asked the locals about it, we were told that the refinery had experienced so many leaks, spills and break-downs that everyone on the island, including oil industry people, knew that it was an old, almost worn out facility.  To really get it up to speed, would cost more money than most investors wanted to think of.    Of course, we were interested in the impact upon the environment, the air, the water.  Plus we were interested in the stability of the economy there.  If we were going to invest millions on St. Croix, we wanted to be sure it was economically stable.  Perhaps it was fortunate that we saw that refinery before we invested millions there.  Our project of desalination of water, electrical production with wind turbines and solar power, combined with a campus of greenhouses for food production.  We were going to need a stable economy, a stable demand for power and food, and a stable demand for labor.   The lack of local capital or funding to upgrade this old refinery bothered me, because there was talk of oil and gas shortages. How could a refinery not be a winner?   But, the more people on the island that we talked to, the more we "got" that many in the know, figured it was so old, so worn out, so dominated with obsolete equipment, that it would cost far more to get it up to speed, than anyone on the island had access to.   Some workers in that refinery told us: "It is a disaster waiting to happen."   Sure enough, after several problems, the refinery closed, for the same reasons we imagined.     In the meantime, we determined that with nearly 1000 workers were unemployed and would migrate out of the island.    The worst had happened, and we "dodged a bullet", because it is hard to fight an economy without money, stability, and workforce.    Years later, Donald Trump, popped up, and was "lobbied" to open that old worn out plant up.  Trump  pushed through an opportunity for some "investors" to take the refinery over and make it a winner by using his power to let regulators allow investors to open the old refinery up again.  

       

    That unfortunate vision changed, when the refinery started "raining" oil and petroleum products on the island of St. Croix, from the sky.  It was the final blow. The refinery had been in trouble for years, but the Trump Administration supported that ill conceived effort to let it operate,  even though it was an environmental disaster waiting & decided to put the White House behind reopening the old worn out facility.  Workers complained of constant break downs, and people worried about dangerous accidents and spills.  But for us, just a drive around the property fence of the refinery was enough. It was old, rusted, parts obviously not functioning,  we saw reports of so many environmental violations that we were worried about the impacts upon the island.  Food, water, air, soils all had to be impacted with so much pollution!  Environmental experts had reported and fined and complained about the facility for years.  Educated people knew it was just a matter of time before some major disaster happened in St. Croix. …

     

  • Jun 7, 2020 | Energy  

    Storage for Oil and Gas Could be a Huge Opportunity for Profits

    When Saudi Arabia and Russia disagreed on production limits, the Saudi's did what they have done many times before. They determined to take radical action and increased production, flooding the world with new oil, and driving oil prices down so low, as to "cripple" Russia. In the process, the Saudi's hurt oil drillers and producers all over the world...

     

  • Mar 9, 2020 | Energy  

    Natural Gas Trends Down, Worldwide, while Carlsbad NM still growing!

    NATURAL GAS PRICES DROP TO $1.65 TO $1.74 RANGE, OIL AT ANNUAL LOW...WHY? CORONAVIRUS FEARS, REDUCED TRAVEL, MILD WEATHER FX EMPIRE reports natural gas prices down to new lows on a combination of weak demand due to reduced business, and industry. Plus fears of Coronavirus impact upon the economy, and reduced demand due to reduced commercial and residential demand, and mild weather...

     

  • Dec 17, 2019 | Energy  

    Fracking Trends: Boom in Decline? You heard it first from Boothe Global Perspectives

    Forbes, The Wall Street Journal and a host of other business publications are reporting declines or problems with fracking and drilling in shale for oil and gas. Many observe that oil rigs are going idle in West Texas and Southeast New Mexico these days. We first reported economic trends some time ago in ...

     

  • Nov 4, 2019 | Energy  

    New Trends in Oil and Gas COULD IMPACT PRICES AND PROPERTY VALUES

    We have noticed several trends, one in oil drilling and production, and the other on natural gas drilling and production that could have a significant impact upon prices. We at agree that "pictures and graphs" enrich communication. The images tell much of the story. PRICES DROP AND PRODUCTION DECLINES, SAY THE CHARTS...

     

  • Jun 10, 2019 | Energy  

    Different Perspective on Oil Market: is 2020 Trouble?

    We credit Javier Blas of Bloomberg for this article. We recommend that you follow Bloomberg for breaking developments. Bulls Beware: The 2020 Oil Market Is Quickly Turning Ugly June 9, 2019, 1:21 AM MDT Updated on June 9, 2019, 11:25 PM MDT IEA set to publish its first forecast for next year on Friday U.S...

     

  • Sep 27, 2018 | Energy  

    Oil, Gas and Water Deals Impact Property Values in New Mexico and Texas (Water and natural gas big business!)

    OIL, GAS AND WATER IMPACT PROPERTY VALUES in NEW MEXICO AND the PERMIAN BASIN (NEW MEXICO AND TEXAS) 9/27/2018 By: Ben Boothe and Associates, Appraisers, Environmental Reports and Feasibility Studies, Albuquerque N.M. and Ft.Worth, Texas. , ...

     

  • Sep 6, 2018 | Energy  

    Prediction Price of Oil will not exceed $80 says Mohammed bin Hamad Al Rumhy

    Oil prices are unlikely to break out of the mid-$70 level, Oman's oil and gas minister said September 3, and he said that he thought prices were currently "fair." The statement was made in Muscat, Oman. "I think for the rest of this year we should see stability between $70 and the high 70s (dollars a barrel), or low 70s to high 70s," Mohammed bin Hamad Al Rumhy, said...

     

  • Aug 24, 2018 | Energy  

    Increased Spending But Little Increase in Production in Permian

    Spending Boost Fails To Raise Production In The Permian Story Credit to Oil Price by Nick Cunningham By - Aug 21, 2018, 6:00 PM CDT By - Aug 21, 2018, 6:00 PM CDT The U.S. shale industry is gearing up to spend more this year, despite assurances to maintain capital discipline. In the second quarter, shale companies signaled their intention to lift capex...

     

  • Aug 3, 2018 | Energy  

    Oil and Gas Growing in Permian Basin

    THE BRITISH ARE COMING, THE BRITISH ARE COMING, TO TEXAS! Credit to PBOG Newsletter, in Texas for this news OF THIS $10...

     

  • Jun 11, 2018 | Energy  

    Permian Basin Oil and Gas Production and Drilling UP! Huge Impact on Texas and NM State Budgets

    The Permian Basin continues to generate huge "mining" cash flows from oil and gas, and the impact on Texas and New Mexico state budgets will be in the billions of dollars. Just a simple "fly over" the Permian Basin says it all. The land is peppered with oil and gas wells. Oil wells are being drilled everywhere, it seems, in the Permian Basin of West Texas and New Mexico...

     

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