The pace of the economic recovery is the slowest in the past 50 years, and if the government raises taxes, the economy "could fall off a ledge." Those were the statements of three economists who briefed reporters on the economic recovery today at API. They included (left to right) Dave Crowe of the National Association of Home Builders (NAHB), John Felmy of API and David Huether of the National Association of Manufacturers (NAM). Each represents an essential economic sector.

NAHB's Dave Crowe said, "Part of the reason the economy isn't growing is because housing isn't growing." Despite lower housing prices and mortgage interest rates, consumers aren't buying new homes due to low consumer confidence. Crowe added that the supply of new homes is at a 42-year low, with only 400,000 new units a... more »

High seas have forced BP to postpone efforts to remove the containment cap on the Macondo well. The company says engineers are standing by, waiting to remove the cap and the battered blowout preventer (BOP) before replacing the BOP with one from the Deepwater Driller II. No oil is expected to be spilled during the operation.

In related news today:

• Bloomberg reports that BP engineers misread pressure data on the Macondo well before the explosion and fire. Their positive interpretation of the data led to the decision to replace the heavy drilling fluids with lighter seawater, which could not prevent natural gas from rising from the well leading to the explosion and fire.
• Platts reports that two more sessions of hearings are likely to be held before the national commission investigating the... more »