• 4 minutes End of Sanction Waivers
  • 8 minutes Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 14 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 14 mins Permafrost Melting Will Cost Us $70 Trillion
  • 4 mins California is the second biggest consumer of oil in the U.S. after Texas.
  • 8 mins Let's just get rid of the Jones Act once and for all
  • 19 hours At Kim-Putin Summit: Theater For Two
  • 19 hours NAFTA, a view from Mexico: 'Don't Shoot Yourself In The Foot'
  • 1 day UNCONFIRMED : US airstrikes target 32 oil tankers near Syria’s Deir al-Zor
  • 16 hours "Undeniable" Shale Slowdown?
  • 1 day Nothing Better than Li-Ion on the Horizon
  • 1 day New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 1 day Russia To Start Deliveries Of S-400 To Turkey In July
  • 1 day How many drilling sites are left in the Permian?
  • 19 hours Gas Flaring
  • 11 hours Liberal Heads Explode as U.S. Senate Confirms Oil Lobbyist David Bernhardt as Interior Secretary
Top Heavy Oil Markets Continue To Rally

Top Heavy Oil Markets Continue To Rally

Oil markets continued their way…

Why Russia Fails To Speed Up Production Cuts

Why Russia Fails To Speed Up Production Cuts

Russia pledged to speed up…

Puerto Rico Utility Board Resigns

Puerto Rico

Five of the seven members of the Puerto Rico utility board resigned yesterday amid a huge restructuring following the severe damage the country suffered from Hurricane Maria, Reuters reports, adding that the members who handed in their resignations also included the authority’s chief executive, who hadn’t even officially taken office yet.

The resignations come in response to the Puerto Rico governor’s hostile reaction to the CEO’s proposed compensation package. The utility board agreed to pay Rafael Diaz-Granados US$750,000 annually, which sparked the anger of Governor Ricardo Rosello, who told the board to either lower the sum or resign.

For context, the US$750,000 package compares with a base salary of US$450,000, which was what the previous utility board CEO, Walter Higgins, would have received (aside from bonuses) if he had stayed at the helm for a year. Instead, he resigned after just four months on the job.

Last September, Hurricane Maria wreaked havoc on the island, leaving 1.5 million households and businesses without power. Since then, the utility board, PREPA, has had four chief executives as it grapples not just with a ruined grid but with the fallout from the crisis of faith that resulted from the hurricane devastation that revealed the grid had been mismanaged for years.

Related: China Is Dominating Global EV Markets

The PREPA members who handed in their resignations cited as reason the fact they did not believe they could count on support for some “politically unpopular” measures that needed to be taken as part of the restructuring process.

“It will be difficult to carry that company without a strong board and strong CEO - to effectively run that company separate from government influence - that is the main factor in trying to transform PREPA,” the chairman of the authority told Reuters, adding that now the governor will be able to appoint members who will be “more in tone with his agenda.”

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News