Category Archives: Oil companies

Oil Company files Chapter 11

Flying J is a big player here in Kern County. They bought Shell’s old refinery here last year and had big plans to modernize the plant and increase the amount of oil it refines.

Guess those plans are in the crapper now with the news that they filed Chapter 11. From Bloomberg:

Flying J Inc., an oil refiner, transporter and travel-center owner, filed for bankruptcy, blaming a cash crisis brought on by declines in oil prices.

The Ogden, Utah-based company listed assets of more than $1 billion and debt of $500 million to $1 billion in court documents filed today in Wilmington, Delaware.

Flying J expects to recover from “the precipitous drop in the price of oil” by reorganizing under Chapter 11 of the U.S. bankruptcy code, Chief Executive Officer J. Phillip Adams said in court papers.

The company employs about 16,000 people and is among the 20 biggest closely held companies in the U.S., with sales of more than $16.2 billion in 2007, according to court records. Founded in 1968 with four gasoline stations, it now operates 200 travel centers, two refineries and a 700-mile (1,126-kilometer) pipeline that carries gasoline and diesel from Houston to El Paso, Texas, according to court filings.

Flying J’s cash crisis has grown as oil prices have tumbled, Adams said in court documents. Since September, the company’s access to cash has dropped by $155 million.

On Dec. 19, Bank of American NA seized a “substantial sum of cash” from one of Flying J’s units because the company had allegedly violated loan terms. The bank is the agent for lenders owed $395 million. The next day, another agent refused to allow a different Flying J unit from withdrawing cash from an account, the company said.

Affiliates Longhorn Partners Pipeline LP, Longhorn Pipeline Holdings and Longhorn Pipeline, Big West of California, Big West Oil, Big West Transportation, also sought protection.

Good ole Bank of America…god I hate those bastards…and they got a big wad of our tax monies recently ya know….

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Before Detroit is given a dime, Obama and Congress need to watch this documentary.

Yes, once again I am bringing up the EV-1, GM’s electric car that was manufactured to fail. Who Killed the Electric Car is a fine documentary that shows the viability of the electric car and how the auto makers, oil companies, battery manufacturers, California’s CARB (CA Air Resource Board), hydrogen supporters and the Bush Administration killed it without blinking a fucking eye.

GM wasn’t the only auto manufacturer to design and build EV’s (electric battery-run vehicles) in the late 1990’s. Toyota, Honda and Ford had them as well. All of them built EV’s to fail, and spent millions on them none the less.

The auto makers used older battery technology on purpose, so the cars would have a very limited distance on each charge. There existed technology that would provide a much greater traveling distance. The technology was improved on by Stan Ovshinsky in the late 90’s. Ovshinsky’s technology was bought up by GM, later sold to Exxon and consequently killed in order to protect the combustible automobile engine, battery manufacturers and the Oil companies.

The auto industry wanted them to fail because the heart and soul of the auto industry is the combustible engine..and the resulting parts needed to keep this dinosaur running. That is their bread and butter…not the vehicle itself, the replacement parts for the engine.

The engine that gets it’s life blood from fossel fuel…aka Oil.

The auto industry and their whore’s the Oil industry systematically killed the EV’s with lobbying efforts, law suits and favoritism towards the hydrogen vehicles. Hydrogen is incredibly expensive and will never be sustainable compared to electric cars, as a fuel for automobiles, scientific reports consistantly show. Auto makers know that, and yet still push it.

In their infancy, cars were built using combustible engines and electric engines. The Oil companies and the automakers have systematically killed all attempts throughout history to build fleets of electric vehicles.

The reason Obama and the congress critters need to watch Who killed the Electric Car is not to see how the two largest industries in our country brought down EV’s, it is to see how they play politics and sleep with strange bedfellows in other industries to protect their common interests…to the detriment of cleaner air and ending our addiction to fossel fuels.

The selfish bastards need to be called out for all of it. In a very public setting for all of America to see and hear.

Watching the documentary is a start, it will hopefully piss Obama and you, the public, off at the sheer audacity that was used to bury a promising technology that a large section of our country could all be driving now and charging in our own garages or easily built facilities nationwide.

You can watch the documentary online here. It has french subtitles and pixelates if you try to watch it full screen….but it is worth it m’dear reader. Get your dander up on a Sunday morning..cop an attitude towards the assholes in Detroit and the Oil Companies. Then write to Obama here at his site about the bullshittery done to us all in the name of allmighty profits….profits that are sinking like the sun for those bastards who deserve every bad thing that is happening to them.

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