WT traded 13million gallons of crude oil

by Gerard 11 Replies latest watchtower scandals

  • Gerard
    Gerard

    http://www.oha.doe.gov/cases/refunds/2002/September/rk27201885.htm

    U. S. Department of Energy

    Office of Hearings and Appeals (OHA)

    Case No. RK272-01885

    September 5, 2002

    DECISION AND ORDER

    OF THE DEPARTMENT OF ENERGY

    Supplemental Order

    Names of Cases: Watchtower Bible & Tract Society

    Dates of Cases: July 14, 1995

    Case Numbers: RK272-01885

    Pursuant to the long-standing policy of the Department of Energy (DOE), thousands of purchasers of petroleum products have applied for, and been granted, refunds from crude oil overcharge funds under the jurisdiction of the DOEs Office of Hearings and Appeals (OHA). See Statement of Modified Restitutionary Policy To Be Implemented In Crude Oil Cases, 51 Fed. Reg. 27899 (August 4, 1986). The standards for considering Applications for Refund from these crude oil funds are set forth at 10 C.F.R. Part 205, Subpart V.

    The OHA has approved more than 87,000 requests for refund from the pool of crude oil overcharge funds. In Subpart V crude oil refund cases, a claimant is generally eligible for a refund equal to the number of gallons of eligible refined petroleum products it purchased during the period from August 19, 1973 through January 27, 1981, multiplied by a per gallon amount. That per gallon refund amount is derived by dividing the total refund monies available by the total U.S. consumption of petroleum products during the crude oil price control period. Refunds had been calculated by multiplying the number of gallons of eligible refined petroleum products purchased by the applicant by $0.0008 (the volumetric factor). That volumetric factor had been in use since April 1989, when it replaced an earlier volumetric factor of $0.0002 per gallon. Any applicant who received a refund at the lower volumetric factor also received a supplemental refund based on an additional $0.0006 per gallon. See Crude Oil Supplemental Refund Distribution, 18 DOE 85,878 (1989).

    Additional crude oil overcharge funds have become available for disbursement and we can now issue additional refund checks to applicants. Sufficient funds are available to pay applicants at a new, aggregate rate of $0.0016 per gallon.(1) Thus, the amount of the supplemental refund will be equal to the refund already received. Refunds are rounded to the nearest dollar.

    In order to receive a supplemental refund check, applicants are being required to verify (directly or through their representatives) that their name and address in our records are correct, to correct any information that is not accurate, and to indicate whether there has been any change in circumstances affecting the payment of the refund. We intend to issue a series of Decision and Orders approving supplemental refunds as we receive completed verification forms from all applicants or certifications from their representatives.

    This Decision and Order contains the name and address of a claimant receiving one of these supplemental refund checks. In this case, we were informed that there had been a change of circumstances since the previous refund was disbursed. Accordingly, we set up a new case file (designated RK272-)(2) and investigated whether the party that submitted the verification form (or on whose behalf the form was submitted) was the proper party to receive the supplemental refund. On the basis of that investigation, we have determined that the party listed below is the proper recipient of the supplemental refund. The dollar amount of the supplemental refund being approved in this Order for the claimant is $7,787.

    It Is Therefore Ordered That:

    (1) The Director of Special Accounts and Payroll, Office of Departmental Accounting and Financial Systems Development, Office of the Controller of the Department of Energy shall take appropriate action to disburse a supplemental refund of $7,787 to the claimant at the following address:

    Watchtower Bible & Tract Society

    c/o James Kimball

    25 Columbia Heights

    Brooklyn, NY 11201-2483

    (2) The funds shall be disbursed from the escrow fund denominated Crude Tracking-Claimants IV, Account No. 999DOE010Z, maintained at the Department of Treasury.

    (3) To facilitate the payment of any future refunds, an applicant shall notify the Office of Hearings and Appeals in the event that there is a change of address, or if an address correction is necessary. Such notification shall be sent to:

    Office of Hearings and Appeals

    HG-1/LEnfant Plaza Building

    U.S. Department of Energy

    1000 Independence Ave., S.W.

    Washington, DC 20585-1615

    (4) Any conditions imposed that applied to an applicants receipt of the initial crude oil refund shall also apply to that applicants receipt of this supplemental refund.

    (5) This is a final Order of the Department of Energy.

    George B. Breznay

    Director

    Office of Hearings and Appeals


    Now think of it for a second: for a refund of $7,787 at a rate of $0.0006 per gallon, the WT must have traded 12,978,333 gallons (thats almost thirteen million gallons of crude oil!) The dates of case originaly filed is July 14, 1995, closed on September 5, 2002 but it is unclear to me the time range in which the WT purchased this large volume of crude oil - and its use.

    Full details

    can be downloaded from OHA Crude Oil Refunds Information--Database Crude Oil Refund Data Base. "This file contains approximately 110,000 records with selected data from all applications received by OHA in the DOE crude oil refund proceeding. The file is in Zip compressed format and is approximately 5.1Mb in size. Customers with 28,800 baud modems will require approximately 1 hour to transfer the file to your computer. After you have decompressed it with a decompression utility, the file will require an additional 24Mb of disk space.":

    http://www.oha.doe.gov/data.htm

    Edited by - Gerard on 10 February 2003 1:29:9

  • Nathan Natas
    Nathan Natas

    The WTS trades oil futures?

    Fascinatiing!

    Each contract controls 1,000 barrels of oil (42,000 gallons), so that represents not quite 310 contracts.

    I wonder how involved the WTS is in commodity trading (sugar? cocoa? silver? gold? gas? hot air?) and if they are able to do it profitably.

    Edited by - Nathan Natas on 9 February 2003 20:26:58

  • abbagail
    abbagail

    Good job Gerard! Ditto Nathan, fascinating! And LOL @ the "hot air" futures comment.

  • Stephanus
    Stephanus

    Having a large infrastructure to support, as the WT does, I'd guess they indulge in futures trading to keep prices stable. They probably trade the stuff that turns out to be surplus to their needs. I can't see them being big speculators, but covering their arse: they are masters at that!

  • justhuman
    justhuman

    The next thing that we are goin gto hear is that the WT is manufacturing condomes

  • benext
    benext

    I see where there was a refund for crude oil overcharges in the amount of $7,787 for oil purchased August 19, 1973 - January 27, 1981. Thousands (87,000) have applied and received such refunds. These are not commodity trades.

  • sf
  • Gerard
    Gerard

    http://www.ntsb.gov/ntsb/brief2.asp?ev_id=20001207X03587&ntsbno=ANC95LA077&akey=1

    ANC95LA077

    "On June 12, 1995, at 1530 Alaska daylight time, a wheel equipped Cessna 402B airplane, N710WS, registered to and operated by the Watchtower Bible Organization and Tract Society, collapsed its nose gear while taxiing back after landing. The business flight, operating under 14 CFR Part 91, departed Good News, Alaska, and the destination was Tuntutuliak, Alaska. No flight plan was filed and visual meteorological conditions prevailed. The airline transport certificated pilot and the three passengers were not injured and the airplane was substantially damaged.

    According to the Director of the Watchtower Bible Organization, who was also a passenger on the airplane, they were taxiing back to the ramp after landing. The runway had just been graded and a small depression in the runway's surface was filled with soft material. The airplane's nose gear rolled into the depression and the nose gear collapsed.

    The Director of the Watchtower Bible Organization stated that the soft area on the runway had been marked with yellow cones. He stated that the runway maintenance person told them the cones were removed so the runway surface could be graded. The cones had not been replaced.

    There were no NOTAMS (Notice to Airmen) issued. The Alaska Supplement, however, states that runway conditions are not monitored and that a visual inspection is recommended. The supplement states that there are dips and ruts to 4 inches deep."

    Cruise Speed: 210 kts Fuel Capacity: 102.00 gal Range: 1180 nautical miles.

    Cessna 402B , The letter "B" stands for Business comfort & Luxury.

    Tuntutuliak, Alaska is located 440 miles west of Anchorage with one well known activity: Salmon fishing.

    Lurkers, think of them having fun with their luxurious airplanes next time you go out on the field or send them your money!

    Gerard

    Edited by - Gerard on 10 February 2003 15:25:42

  • RevMalk
    RevMalk

    Do the rank and file volunteers in Brooklyn get to take this baby out for a spin? Maybe they have to save up their 50.00/month income to rent it from them.

  • sf

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