Working. For people who do do study kinetics and thermodynamics and have done nothing to see that Nassau OTB is open 365 days of the year so that bettors can bet and workers can work if they wish before it too follows NYC OTB in becoming a BP subsidiary.
BP Caught Off Guard
- Commentary
-
By Selina Williams
- Reuters
People familiar with the matter said BP was taken by surprise at the Environmental Protection Agency’s public reprimand. Although the move doesn’t affect BP’s existing operations and oil leases in the Gulf of Mexico, it is of huge importance to the company.
Unless it can change the EPA’s mind—which BP says it is working to do—the company is barred from participating in auctions for new offshore drilling leases in the Gulf of Mexico–one of its core oil-production areas.
“The genuine shock yesterday shows that things aren’t going particularly smoothly in the U.S.,” said RBC Capital Markets analyst Peter Hutton.
The EPA’s move indicates that BP still has a long way to go to repair its battered relationship with U.S. authorities, despite agreeing a record $4.5 billion settlement of criminal charges and penalties stemming from the 2010 Deepwater Horizon explosion, which caused 11 deaths and resulted in the worst offshore oil spill in the U.S.
The U.S. administration is still taking a tough stance toward the company, Mr. Hutton said.
The surprise also shows how BP has misread the situation in the U.S.
On Nov. 15, following the settlement of criminal charges, senior BP executives told analysts that it had already been in discussions with the EPA and hadn’t been advised of the intention to suspend it from government contracts.
“These agencies don’t come under the control of the [U.S.] Justice Department, so we have to go through process of filing first and then engage with them, which we have been doing ahead of this filing…Right now there’s no indication that there will be an issue,” BP’s Chief Financial Officer Brian Gilvary said on a conference call.
The timing of the EPA’s move, and the extra pressure it puts on BP, is not helpful for the company as it prepares for a civil trial due to start in February over violations of the Clean Water Act during the spill–with possible fines that could top $21 billion.
BP Caught Off Guard
- Reuters
People familiar with the matter said BP was taken by surprise at the Environmental Protection Agency’s public reprimand. Although the move doesn’t affect BP’s existing operations and oil leases in the Gulf of Mexico, it is of huge importance to the company.
Unless it can change the EPA’s mind—which BP says it is working to do—the company is barred from participating in auctions for new offshore drilling leases in the Gulf of Mexico–one of its core oil-production areas.
“The genuine shock yesterday shows that things aren’t going particularly smoothly in the U.S.,” said RBC Capital Markets analyst Peter Hutton.
The EPA’s move indicates that BP still has a long way to go to repair its battered relationship with U.S. authorities, despite agreeing a record $4.5 billion settlement of criminal charges and penalties stemming from the 2010 Deepwater Horizon explosion, which caused 11 deaths and resulted in the worst offshore oil spill in the U.S.
The U.S. administration is still taking a tough stance toward the company, Mr. Hutton said.
The surprise also shows how BP has misread the situation in the U.S.
On Nov. 15, following the settlement of criminal charges, senior BP executives told analysts that it had already been in discussions with the EPA and hadn’t been advised of the intention to suspend it from government contracts.
“These agencies don’t come under the control of the [U.S.] Justice Department, so we have to go through process of filing first and then engage with them, which we have been doing ahead of this filing…Right now there’s no indication that there will be an issue,” BP’s Chief Financial Officer Brian Gilvary said on a conference call.
The timing of the EPA’s move, and the extra pressure it puts on BP, is not helpful for the company as it prepares for a civil trial due to start in February over violations of the Clean Water Act during the spill–with possible fines that could top $21 billion.
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LI Confidential
> Stop scratching on holidays
Stop scratching on holidays
Published: June 1, 2012
Off Track Betting in New York State has been racing into a crisis called shrinking revenue. Some people have spitballed a solution: Don’t close on holidays.
New York State Racing Law bars racing on Christmas, Easter and Palm Sunday, and the state has ruled OTBs can’t handle action on those days, even though they could easily broadcast races from out of state.
“You should be able to bet whenever you want,” said Jackson Leeds, a Nassau OTB employee who makes an occasional bet. He added some irrefutable logic: “How is the business going to make money if you’re not open to take people’s bets?”
Elias Tsekerides, president of the Federation of Hellenic Societies of Greater New York, said OTB is open on Greek Orthodox Easter and Palm Sunday.
“I don’t want discrimination,” Tsekerides said. “They close for the Catholics, but open for the Greek Orthodox? It’s either open for all or not open.”
OTB officials have said they lose millions by closing on Palm Sunday alone, with tracks such as Gulfstream, Santa Anita, Turf Paradise and Hawthorne running.
One option: OTBs could just stay open and face the consequences. New York City OTB did just that back in 2003. The handle was about $1.5 million – and OTB was fined $5,000.
Easy money.
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