BP Causing Economic & Environmental Disaster

[Ninong]

Deepwater Horizon Blowout Will Be Catastrophic

BP really screwed up big this time! This 18,000-ft-deep oil well is pumping somewhere between 5,000 to 10,000 barrels of crude oil per day into the Gulf of Mexico. Some experts say that the official estimate of 5,000 barrels a day is low and that the true rate is double that. At first BP said there was no leak and then two days later they said it was leaking 1,000 barrels per day. NOAA decided to do their own tests and discovered that the leak was at least 5,000 barrels a day all along. BP said there was one leak, then it was two leaks and now it's three leaks.

There is no remote-controlled cutoff switch on this well. Norway and Brazil both require remote-controlled cutoff switches but the U.S. does not, thanks to massive lobbying of Congress led by BP and other oil companies. And it doesn't matter which political party we're talking about here because both of Louisiana's U.S. senators are shills for the oil companies. You will never find a politician from Texas, Louisiana or Oklahoma voting against the oil companies regardless of political party.

BP is still reeling from the 15 workers they killed in that Texas City refinery fire and the bad press they received from all those leaking pipelines in Alaska. Now this!

This is one of the most irresponsible oil companies out there. That's why they spend millions of dollars on phony green TV ads. They don't even use their name, British Petroleum, in their advertising. Their slogan is BP: Beyond Petroleum.

Louisiana's fragile wetlands, home to an enormous amount of wildlife, are about to be hit, probably tomorrow night or Saturday morning tonight. And it's not stopping anytime soon. Their most optimistic estimates call for bringing the leaks (there are three of them) under control within four weeks. If that doesn't work, Plan B would take another three months.

Exxon Valdez dumped 258,000 barrels of crude oil off the coast of Alaska 21 years ago. BP has dumped 45,000 to 90,000 barrels of crude oil already and the upside is virtually unlimited because this is not just an oil tanker we're talking about here. This spill could exceed Exxon Valdez before it's brought under control.

Forty percent of the seafood sold in the US comes from the area that is about to be impacted. It's the only known breeding area for the endangered western Atlantic bluefin tuna. Hundreds (thousands?) of different species of birds and marine life call this area home. Hopefully most of the dolphins and whales will be able to swim around the spill. Before it's over, this oil will probably wash up on the beaches of the Mississippi, Alabama and Florida panhandle Gulf coast in addition to most of Louisiana's coast, which alone measures 15,000 miles, according to official figures. I guess they count all the nooks and crannies. Most of the area in Louisiana that is about to be impacted is a wildlife refuge that can only be reached by boat.

I hate to predict bad news, but this could be very bad news. The truth is that nobody knows for sure just how bad it will be. I suspect that it will be worse than Exxon Valdez before it's finished.

BP has already lost $20 billion in market cap. The market is clearly predicting a disaster of epic proportions.

[Ninong]

BP Oil Spill Incident Response

[Ninong]

BP gives Congress gloomy outlook on gulf oil spill

In the worst case, the disaster could grow at 12 times the rate of current estimates, BP officials say at a Capitol Hill briefing.

BP officials Tuesday told congressional representatives that the Gulf of Mexico oil spill could grow at a rate more than 10 times current estimates in a worst-case scenario — greatly enlarging the potential scope of the disaster.

Most of the handful of congressional Democrats and Republicans who met with representatives from BP, Transocean Ltd. and Halliburton in a closed-door briefing on Capitol Hill walked away unimpressed.

A source who attended the meeting said that the companies' representatives had a "deer in headlights" look and that the tenor of the conversation was that the firms "are attempting to solve a problem which they have never had to solve before at this depth…at this scope of disaster. They essentially said as much."

Officials have estimated that the leak is gushing oil at a rate of 5,000 barrels a day. But if things go badly, representatives for the companies worried that that figure could turn into 60,000 barrels a day, or 2.5 million gallons. Just four days at that rate would exceed the amount of oil spilled by the Exxon Valdez off Alaska, the worst spill in U.S. history.

[...]

Meanwhile, Pensacola attorney Mike Papantonio said his legal team had heard a number of allegations about circumstances surrounding the deadly April 20 oil rig explosion 50 miles off the coast, which left 11 people missing and presumed dead.

Papantonio filed a class-action negligence lawsuit Friday that named as defendants Transocean, BP and Halliburton, the company that worked to seal the well with cement, as well as one other company.

Papantonio said employees of the defendants have alleged that the rig was drilling deeper than the approximately 20,000 feet allowed by its federal permit and that BP failed to install a "deep-hole safety valve" that could have cut off the flow of oil after an accident.

Workers have said the concrete seal was not properly formed and allowed pressurized natural gas to shoot up into the rig, where it ignited into an inferno.

P.S. -- That's the rumor that has been circulating around here for the past week -- that they were drilling deeper than they were supposed to be drilling and that Halliburton's cement work failed, resulting in a blowout.

[Ninong]

He did it. No, he did it. No, they did it.

In testimony before the Senate Committee on Energy and Natural Resources, oil execs blame each other for the Deepwater Horizon blowout.

[Ninong]

Check out this CBS 60 Minutes interview with one of the survivors!!!

This could end up being extremely expensive for BP if that information is correct and it sure sounds like it could be. That probably amounts to "gross negligence," which is all you need to lift all the caps on damages under existing federal law.

[TheMarineGuy]

yea its bs they didnt have any clean up teams until they called of the search for missing people....this is just my opinion....i think 11 missing people are and should be they least of their conserns,consedering thousends of species of birds,marine-life and all different kinds of animals and reptiles that call these marsh and swap lands their home and spawning ground...now 11 people compaired too disrupting a very important & synsitive ecosystem that many of the costal areas depend on for food and money not too mention the well being of the marine-life and animals....i belive somewhere close too 500-1000 people are killed everyday....now while you read this 5-10 people may have died but around 2500 sharks alone were killed,if i were too factor in the thousands of other species that suffered a similar fate the number would be un-compairible....if we dont stop doing things too nature,nature will return the favor in a very destructible way.....

[Ninong]

The Republican governors of Louisiana, Alabama and Florida were all down here yesterday to meet with President Obama. Notably absent was Gov. Haley Barbour (R-MS). He wasn't here the previous Friday either.

Barbour wants people to believe that crude oil when mixed with seawater forms a delicious chocolate mousse that is not toxic and actually good for your complexion, so y'all come on down. Mississippi's beaches are open. And uncrowded.

I wonder if Trent Lott is enjoying mint juleps on his front porch while watching the rust-colored foam on the surf and smelling the sweet aroma of crude oil? I mean chocolate mousse.

[Ninong]

From New Orleans.com: BP's Spill Plan: What they knew and when they knew it

Interesting excerpts:

"No statements shall be made concerning any of the following: promises that property, ecology, or anything else will be restored to normal." Even in BP CEO Tony "Baloney" Hayward's new television commercial his assurance is an ambiguous, "We will make this right," which does not specifically address preserving or restoring America's Wetlands.

Speaking of dispersants, according to the Oil Spill Response Plan: "Ecotoxilogical effects: No toxicity studies have been conducted on this product."

The dispersant BP is using in the Gulf of Mexico is Corexit. It is highly toxic and carcinogenic. Its use is banned in the U.K. BP has a commercial interest in the manufacturer.

P.S. -- My prediction: The BP board will dump Tony "Baloney" Hayward before the end of the year. He has been a public relations nightmare. And to think that they dumped Lord Browne just because he was paying for some of his boyfriend's living expenses.

Famous statements made by Tony "Baloney" Hayward:

"The Gulf of Mexico is a very big ocean. The amount of volume of oil and dispersant we are putting into it is tiny in relation to the total water volume."

"I think the environmental impact of this disaster is likely to have been very, very modest."

Speaking to fellow BP executives shortly after the disaster, he said, "What the hell did we do to deserve this?"

"There's no one who wants this over more than I do. I'd like my life back." That little insensitve remark was in response to local residents who were complaining about their lives being destroyed.

And just yesterday Tony said, "I'm a Brit. Sticks and stones may break my bones but words can never hurt me." That little childish remark was in response to criticism of his handling of BP's disaster. That's not the first time he has reminded us that he's British, as if he considers that a badge of superiority. I wonder if this idiot realizes that Louisiana is a former French colony?

This jackass has shown open contempt for the locals whose lives he has destroyed. Tony "Baloney" has to go. He is a disgrace to the human race!

[TheMarineGuy]

The government should just seize all bp's funds....An the fact that bp will have too pay $1,000 too $4,500 for every barrel that leaks (scientist have proven 500,000 to 1,000,000 gallons are leaked into the gulf everyday from this rig,unlike bps reports of 42,000 on the low end too 210,000 on the high end and just for refrence a barrel = 40 gallons )It's More than likely bp will not be one of the top fianical companys after this is all said an done,and i dunno about you guys but im not gonna support a bail-out of a company who went bank-rupt destroying our oceans and lively-hood....Its my opinion that BP CEO Tony "Baloney" Hayward's should fall of the face of this earth after this is done....Him and his family will be ridiculed for years too come since it has been proven if bp would of just done routine matinace like they should have been then this would of never happend....An the statement from Mr.Baloney that "He wishs this would be over so he can go back too his life"....all i can say is goto mars cuz his life is never gonna be they same after all the lying,covering up facts and taking his public realitions more serious than the spill....So i hope our oceans and marine-life will be able too recover after this epic disisater from yet another man-made cause....

[TheMarineGuy]

i didnt hear about that last comment he made till i just read it on your post ninong,"I'm a Brit. Sticks and stones may break my bones but words can never hurt me." That gonna suck for him because he's in "The land of the free and the home of the BRAVE"...Here its not all that free and it would not give me more pleasure in the world too stick him with a good ol brave american left hook into the oil riddin gulf waters and let him feel the "burn" of all the chimicals he's throw into our ocean and i would be laughing my ass off too the jail house lol...thats just my own opinion anyways.....

[Ninong]

...and just for refrence a barrel = 40 gallons

A barrel of oil is 42 gallons.

[TheMarineGuy]

A barrel of oil is 42 gallons.

my fault...a little mad after reading through all this

[Ninong]

Initially BP said that there was no oil leak. All of the oil on the surface, according to BP, resulted from the blowout. Then a few days later they said it was leaking only 1,000 barrels of oil a day. They refused to budge off of that low-ball estimate. It was only after NOAA insisted that the leak was at least 5,000 barrels a day that BP finally agreed to this higher estimate. In fact, they disagreed with NOAA's estimate for several days before finally conceding that it might be as much as 5,000 barrels a day.

The U.S. Geological Survey last week came out with the estimate of 504,000 gallons (12,000 barrels) to more than 1,000,000 gallons (>23,800 barrels) a day. That estimate was based on studies by two different teams of scientists.

Right now NOAA is measuring the extent of the underwater plumes of coagulated oil droplets, which BP CEO Tony "Baloney" Hayward has ridiculed as impossible.

[TheMarineGuy]

yea that was from the report i read yesterday...but i dunno if this has been comfirmed or not but the press is saying since bp put the cap on it its spewing more oil than before since the cap is addind pressure too the well....have you heard that yet?

[Ninong]

yea that was from the report i read yesterday...but i dunno if this has been comfirmed or not but the press is saying since bp put the cap on it its spewing more oil than before since the cap is addind pressure too the well....have you heard that yet?

Yes, the total oil coming out of the well is more than before now that they have sheared off the riser but they are collecting a lot of that oil. They estimate that they collected 6,000 barrels in the first 24 hours.

According to Adm. Thad Allen, they hope to gradually increase that production until they are capturing more than half the output, maybe more. It would be nice if they could capture at least 90% of the output because the first relief well won't be finished until August.

P.S. -- The highest estimate that I have seen from an academic on the maximum flow from the well is 74,000 barrels a day. And that estimate was in response to other estimates of 12,000 to 25,000 barrels a day and before the cut was made.

[Ninong]

No one knows exactly how much oil has been spilled into the Gulf of Mexico. It's probably in excess of 35,000,000 gallons already (more than three times the Exxon Valdez spill). No one knows when the well will finally be plugged. BP has been trying to save the well, which is why they tried all of those other methods in the order in which they were employed. They may finally have to plug the damn thing.

The gulf will eventually recover but it could take a long time and some species may be impacted for years to come. The brown pelican was considered endangered not that long ago before it made a strong comeback after the state of Louisiana took aggressive action to protect its habitat and ensure its survival. All of those brown pelican nesting areas now have oil lapping at their edges. The booms surrounding Bird Island are not holding back all of the oil. Some of it goes under the booms and some of it washes over whenever the waves pick up.

We have now entered hurricane season. Even a mild tropical storm right now could cause havoc.

[TheMarineGuy]

No one knows exactly how much oil has been spilled into the Gulf of Mexico. It's probably in excess of 35,000,000 gallons already (more than three times the Exxon Valdez spill). No one knows when the well will finally be plugged. BP has been trying to save the well, which is why they tried all of those other methods in the order in which they were employed. They may finally have to plug the damn thing.

The gulf will eventually recover but it could take a long time and some species may be impacted for years to come. The brown pelican was considered endangered not that long ago before it made a strong comeback after the state of Louisiana took aggressive action to protect its habitat and ensure its survival. All of those brown pelican nesting areas now have oil lapping at their edges. The booms surrounding Bird Island are not holding back all of the oil. Some of it goes under the booms and some of it washes over whenever the waves pick up.

We have now entered hurricane season. Even a mild tropical storm right now could cause havoc.

yeah i have a feeling its around 35,000,000 too,give or take a mill or two.....they also used 715,000 gallons of toxic dispersent 84,000 or so has been used underwater.....but i just got off the phone with a couple buddys of mine in penscola and gulf breeze where i used too live and this morning my friend jason in penscola said about 20 or 30 mana rays and sting rays were barley moving around 15-20 feet off shore and he went in too check on um and they looked fine and stared swimming away when he got right up-close...he said he had never seen that many together the whole time he lived their....so you can already see they difference their making on the marine-life....i also belive down deep that their is more too this story than an oil rig goin down...i mean since the rothchilds are the true owners.....

[TheMarineGuy]

Just thought everyone should see this off of East Grand Terre Island along the Louisiana coast, June 3 2010

[Ninong]

...i also belive down deep that their is more too this story than an oil rig goin down...i mean since the rothchilds are the true owners.....

Dude, that's about as ridiculous as Rush Limbaugh and Sarah Palin saying that environmentalists are responsible.

J. P. Morgan Chase is the largest owner of BP, holding 28% of its stock. Seventy-six percent of J. P. Morgan Chase is held by institutions and mutual funds. There are no owners or insiders of J. P. Morgan Chase who own more than 5% of its stock.

In any case, how would anyone with a financial interest in either BP or Transocean benefit from the loss of the Deepwater Horizon or the $90 billion drop in the market cap of BP's stock since April 20th? The amount of oil lost is literally a drop in the bucket compared to the daily worldwide consumption of oil. This disaster is not causing the price of oil to rise. On the contrary, crude oil was trading at $86/bbl in April prior to the blowout on Deepwater Horizon and it closed yesterday at $70.91/bbl.

BP's stock price was $60/share before the blowout, it closed Friday at $37/share. That's a drop of 38% for the fourth largest company in the world. Transocean was $90/share before the blowout, it closed Friday at $50/share. That's a drop of 44% for the world's largest owner of oil rigs.

[TheMarineGuy]

Dude, that's about as ridiculous as Rush Limbaugh and Sarah Palin saying that environmentalists are responsible.

J. P. Morgan Chase is the largest owner of BP, holding 28% of its stock. Seventy-six percent of J. P. Morgan Chase is held by institutions and mutual funds. There are no owners or insiders of J. P. Morgan Chase who own more than 5% of its stock.

In any case, how would anyone with a financial interest in either BP or Transocean benefit from the loss of the Deepwater Horizon or the $90 billion drop in the market cap of BP's stock since April 20th? The amount of oil lost is literally a drop in the bucket compared to the daily worldwide consumption of oil. This disaster is not causing the price of oil to rise. On the contrary, crude oil was trading at $86/bbl in April prior to the blowout on Deepwater Horizon and it closed yesterday at $70.91/bbl.

BP's stock price was $60/share before the blowout, it closed Friday at $37/share. That's a drop of 38% for the fourth largest company in the world. Transocean was $90/share before the blowout, it closed Friday at $50/share. That's a drop of 44% for the world's largest owner of oil rigs.

i hear that too.....but i started thinking what was bp doing before the rig went down....then i stumbled on this article.....http://rawstory.com/rs/2010/0602/mon.............read the whole story,it talks about goldmans sachs...i assume you know who they are and what has happend with their company in the recent years.....it just got me thinking