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BP Will Delay Thunder Horse Platform – Will Retrieve Failed Components For Repair – Stock and Oil Prices Up

BP Will Delay Thunder Horse Platform – Will Retrieve Failed Components For Repair – Stock and Oil Prices Up

Drilling Platform
BP Photo

BP Plc (formerly British Petroleum) announced that the Thunder Horse production platform in the Gulf of Mexico will need to be fixed, delaying the start of production until at least the middle of 2008. The company will retrieve the seabed components of the platform and then rebuild / replace the failed components.

BP discovered the problem while conducting pre-commissioning tests by pumping water through the system to establish system integrity. They say that the equipment passed all the industry standard tests and regulatory requirements, but failed under their own prolonged and rigorous tests.

Inflation Has Slowed – Interest Rates Unlikely To Increase At September 20th Federal Reserve Meeting

Inflation Has Slowed – Interest Rates Unlikely To Increase At September 20th Federal Reserve Meeting

Secretary of Labor
Elaine L. Chao

Although the Federal Reserve Chairman, Ben Bernanke, has said that there is a danger of inflationary pressures recently, there is some good news for the economy concerning inflation, which is also good news for stock market investors. The Core Consumer Price Index (CPI or inflation rate) stripped of food and energy rose just 0.2% last month, which is down from 0.4% in July.

The CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. The Index is calculated using the prices of 80,000 items including cigarettes, gasoline, auto insurance, breakfast cereal, college tuition, postage, appliances and government user fees. The CPI excludes taxes, stocks, life insurance and real estate.

Ford Says They Will Cut 14,000 Salaried Positions In Statement – Will Bring New Vehicles to Market Faster

Ford Says They Will Cut 14,000 Salaried Positions In Statement – Will Bring New Vehicles to Market Faster

Ford Freestyle
Stock Photo

Ford stocks dropped more than 11 percent, even though the automaker announced it will cut more than 10,000 white collar jobs and will offer buyout and early retirement packages to all of its 75,000 hourly workers. The company also announced it will suspend common and Class B Stock dividends beginning in the fourth quarter of 2006.

All of the U.S. automakers are making tough decisions. Chrysler has announced it will cut U.S. production through 2006. General Motors plans a consumers shift from gas guzzling SUVs to smaller, more economical cars.

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