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BP Refuses To Confirm LA Times Oil Leak Plug Story, Says Just More Speculation, Stock Reversing
BP stock now dropping after a company spokesman has refused to confirm that the leak has been plugged, and notes that any speculation otherwise is without merit. BP has previously stated that any confirmed leak plug would be reported first and only by it directly... Where does one buy a BP rumor straddle?
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It's still spewing but they are making progress.
They'll get it stopped, eventually.
http://www.bp.com/liveassets/bp_internet/globalbp/globalbp_uk_english/homepage/STAGING/local_assets/bp_homepage/html/rov_stream.html
You sure they stopped it or is it that well has almost been completely drained of its reserves?
Bp's assets need to be seized and held by the government until we can figure out the damages from this criminal act.
Hugo???...is that you Hugo???
Is that you W?
That suggestion is nothing like Hugo Chavez (or Quadaffi for that matter). It is common for a judicial court to seize assets if there is the risk that the plaintiff could hide those assets to prevent payout of a later settlement. Someone's got to pay and it should be BP. They have been criminally negligent. If you think otherwise, then please explain to me why BP ran out of mud on the top kill operation and are currently waiting for more? Not the best of plans for executives who make tens of million a year.
Hide assets???...LOL...hide them where...Syria??? I don't think BP is a flight risk either...but that's just me.
Repete said "seize their assets"...the implication was clear to me...meaning ALL.
Let's not get carried away here. I live in Fla. and IF there was "criminal negligence" I want the "criminal" to pay dearly along with civil damage claims...I don't think it's a good idea to turn the law into an axe for the state to use based on emotional duress.
The real facts will come out as to the cause (what if it was Trans Oceans rig that caused it???...what if faulty material/equipment was sold to TO in building the rig???) and rational decisions can be made as to who to penalize and to what degree.
I consider your posts balanced for the most part C...we just don't see eye to eye on this one.
Looks like a busy day today.
SeeYa
@nmewn
Thanks for the compliment. Reasonable minds can disagree. I'm in Louisiana and this disaster is terrible. This story will be unfolding over many years. Look forward to discussing it with you as more facts are made available.
What people need to come to grips with in the aftermath of this and the WV coalmine explosion is that doing this sort of man's work is NOT SAFE.
Men have systematically eliminated risk for half the electorate at least, who think that "job"="put on a pantsuit and go sit in front of a keyboard."
Sorry to say but there are still things out there, the most necessary jobs, that carry a TON of risk that the keyboard class need to be aware of. The people getting, mining, fishing, harvesting all these THINGS we like are the ones shouldering the risks. Paper pushers have none, see none, experience none, so they seem to assume there is no risk anywhere nor should there be.
Shit happens. Drilling 23000' down while in a mile of water was supposed to be, what, a piece of cake?
No, it was supposed to be extremely risky, which called for extreme safety measures with contigency measures in place for any conceivable failure point. Instead they pursued quick results at all costs, which turned out to be very costly indeed. US regulatory failure was complicit in this disaster by not holding BP to their responsibilities, but the company is no less responsible for that.
Yes, "shit happens" in the sense that sometimes disaster strikes despite all due care taken. However neither of the above examples qualifies.
aka Alaska. The herring is still dead in Alaska after 20+ years.
Also, GOM is a much more closed off body of water allowing little room for water/oil mix to escape without having wreaked damage. Was watching a video on CNN where the fishermen/tourist boat operators in Florida are worried because the fish in Florida feed off smaller fish that spawn in GOM. I sure hope the worst is avoided for the Keys but signs are not good. God Bless all..
If your still on this thread...I was out of town for a funeral (military honors) I apologize for the late response.
"I'm in Louisiana and this disaster is terrible."
I share your anguish...Louisiana has had more than it's share of heartache over the last five years my brother.
"Look forward to discussing it with you as more facts are made available."
And I with you...as you say, reasonable people can disagree...in the end, we may not disagree at all.
I start from a basic mistrust of first reports, then as new issues come to light they are considered against what is known until those issues are proven as fact.
What is now known is the Coast Guard has the supreme authority when something like this happens, deference is given to the professionals who do this day in and day out, but the Coast Guard can veto anything.
We know the rig sank, we do not know why it sank thus, perhaps, rupturing/severing the pipe down to the well. We know there is an action plan for a catostrophic failure such as this, we don't know yet if it was followed.
We know offshore drilling is a permitted activity of our government where government regulates the activity, we know the MMS (an arm of the labyrinthine Dept. of Interior has/had a "problem" with oversight of offshore drilling as they prefer watching "randy" videos at work and accepting what could, in a court of law, be called bribes.
We also know there was not enough fire retardent booms at hand to contain the spill and burn the top part off because of waiting for these booms to be transported from shore...remember a regulators job is to point out these short comings and make sure they're fixed.
As to what actually caused it...we don't know. Putting aside political posturing, we do know government was, by their own admission, powerless to end it.
I guess what I'm saying is BP and Trans Ocean wishes this had never happened...(I have zero financial or familial interest in either company and I did advise my retired next door neighbors to sell BP which they use for the dividend income)...as does everyone else...including you and I...but it did...they will pay a price...maybe the ultimate price.
As should any lard ass government official who took something because of their position...so to say, as Repete did, that "government should seize their assets" is allowing one possible guilty party to cop a plea and walk before we know all the facts, that is, the ring leader could walk free before a trial...that is all.
Cursive, I know it's awful...if it can't be done safely with minimal impact it should stop...however...(and don't think I'm being flippant here, but it's intensely true)...an oil spill of magnitude on land has never washed into a beach or a marsh...NIMBY has a great deal to do with this also.
Regards,
nmewn
Standard Procedure. Execute the suspect. Then determine the charge.
And if their assets aren't enough to cover the damage?
Opening for another Carter-style windfall profits tax on petro industry to fund present and future clean-up and a Dept of Watching these A-holes like a Hawk?
Great idea.
Unfortunately the government is equally if not more culapable for this "criminal act", as suppossed "regulator" of BP.
Can anyone anywhere actually define what a regulator is, because i have no fucking clue.
regulating didn't work very well in the old days that is why clinton privatized it.
a Regulator is a State Extortionist.
Exxon Valdez was settled for about $1billion and guess who was the key guy in arranging that settlement? The same guy that Obama just appointed to head up his Presidential Commission to investigate the BP oil spill.
do a search on William K Reilly
http://tinyurl.com/32a6p73
chicago trib. has it too
http://www.chicagotribune.com/news/ct-oil-spill-stopped-top-kill-link,0,...
I wonder if Jim Cramer on Morning Joe screaming it's not the Presidents fault and BP are the best engineers on this planet along with the top kill is working because the stock is going up according to Cramer has anything to do with this convenient 9:00 am rumor ?
Incredible how the billions made and lost based on rumors are just brushed aside like te GS settlement rumor. They just doing it you face now.
Funny, the live feed looks like they just pulled the camera back. Still flowing.......
Been gushing for over a month, now. Almost got 'er plugged.
Heckuva job, Brownie.
It is obvious from the video feed that the leak is not plugged. Crap is still comming out of the well. It looks to be the mud they are putting in, but it certainly is not shut off. Mud weight may have killed the oil flow but it is a temporary solution. They still need to pump the cement and that is not a certain success as they cannot really control where it goes, where in the pipess that are leaking. The only real solution is the intercept well and cement from the bottom up.
The same thing happened in the movie Armageddon when Bruce Willis' first drill operator was blown off the asteroid by an explosive gas pocket. When Ben Affleck came to the rescue with the second drilling rig, he hit an explosive gas pocket too but was somehow able to drill through it.
The lesson is clear: Get Ben Affleck down to the Gulf ASAP.
Pure win of a post.
+ USA debt
how about the Chinese plug it with their Treasuries ?
+1
ZeroHedge + Pop Culture references x Affleck = Unequivocal best Website in existence.
"Get Ben Affleck down to the Gulf ASAP."
Probably a better idea than SWAT teams...LOL.
The Obama response:
Tells an aid "Plug the damned hole."
Make BP pay.
Make BP clean it up themselves.
Put government boot on BPs throat.
Sends out a team of lawyers to ready lawsuits.
Sends out a team of inspectors to inspect other rigs.
Appoint a commision.
With that, Obamas experience as a progressive left-wing marxist lawyer ends.
Except the damned hole is still spewing oil and natural gas at catastrophic rates.
What a train wreck of an administration.
No leadership only heckling.
Do any of them actually know how to DO anything??!?
I mean, this reminds me of some office pencil pushers who opine about how there is just no reason for anybody to die on the job. Yeah, not YOUR job, daisy, and not on mine either. But this shit down in the GOM is dangerous work with a lot of risk. It's a good bit harder than picking out which pantsuit you're going to sit in an office chair wearing.
If they fail after the first story then watchout. They had best hope this works or BP will be the ultimate short!
Why do I get the feeling that this is the Large Hadron Collider of environmental catastrophe?
My three top ideas continue to be:
1. Top kill
2. Superman
3. Nuke it
Kudlow's been inviting all his neocon friends like Frank Gafney on the show this week, trying to link Iran with BP's crime. Disgusting.
They are not even trying to plug the right leak
http://www.msnbc.msn.com/id/31510813/#37363529
This is smoke & mirrors to give cover to the Spokesperson-in-Chief and buy BP some time.
Wow, that msnbc Ratigan Show clip was interesting and disturbing. It is starting to look like this is a mega-mega-catastrophe, one that would bring down the Obama presidency.
Not as long as the media is in the hip pocket and there are no black people on TV looking miserable.
Ratigan has simply become nonsense. I liked the one guy who admitted that they tried to plug a well with running a ROV into the pipe. What a doofus. Great guest for Ratigan and pretty much typical of what he has become.
They are trying to plug the right hole. The bore hole. Those other nutters want to look for leaks in the riser. Plug the bore hole and the riser won't get any fluid as it is downstream of the BOP.
Keep fingers crossed. These guys are
advancing the state of the art today.
The pressure and temperature are great
and it could blow back out.
I am not sure they are advancing anything except a bunch of bullshit. Though I am sure this is the biggest engineering nightmare any of these people trying to stop it could have fathomed. But my concern is couldn't the thing blow sky high again? I mean the pressure blew it up the first time.
I am not sure they are advancing anything except a bunch of bullshit. Though I am sure this is the biggest engineering nightmare any of these people trying to stop it could have fathomed. But my concern is couldn't the thing blow sky high again? I mean the pressure blew it up the first time.
This thing is spinning out of control. I'm not even sure they can stop the leak. I don't want to go grabbing Revelations passages, but.... this could be very very bad. The Gulf, Florida, the East coast....? Lets not even talk about what a powerful hurricane could do to complicate matters.
http://weblogs.sun-sentinel.com/news/politics/dcblog/map%20of%20loop%20c...
Holy shit, and figure in the dead zone that already exists at the mouth of the Mississippi.
http://symonsez.files.wordpress.com/2008/06/dead_zone_summer_web.jpg
I mean really, WTF are we doing here people? I know it's an inconvenience, but we have to figure out how to sustain our shit or we are going to die in it. We'll die in it just like yeast on a petri dish, overshoot and die off. Get it together. The things that are happening in our world, we can have an effect on. It is ok, to stand up. It is ok to take a leave of absence unpaid in protest, or go march on Washington. It is your duty to stand up for yourselves, and future generations. We are talking about our very survival. Our problems have solutions, but they don't have solutions when our government is corrupt and held hostage. Stand up and take back your damn country. We deserve a political system, and parties, that will represent in good faith the Peoples' concerns. We deserve a monetary policy crafted for the benefit of the nation.
Uggh... I really can't take it anymore.
Yo. DC, BP, the Fed, Wall St... Here's what I'm feel'n.
Bac Da Fuc Up - Onyx
http://www.youtube.com/watch?v=A4Topy8lweQ
Move back motherfucker. The Onyx is here. Back the fuck up. Back the fuck up. Better, back the fuck up.
lol...I have that single on an old cassette tape
Just goes to show you the stupidity of American investors. They will buy anything that is expected to go to the moon, or pop quick, or 3 bagger. This company is going to pay tens or maybe even hubndreds of billions of dollars to clean up the ocean and the coastline, then be fined for every gallon wasted, and people bid the stock up $3 a share??? It is definitely time to go short this stock using massive put options. No way this stock is worth $45 when this is all said and done and lucky if its worth $5
WHO wants bet the almighty insuance agent behind BP's fiasco is none other than the American taxpayer through AIG? Wouldn't surprise me the least bit.
Pretty silly comment. Why don't you look at what BP had for cash flow last year?
Still sitting on my BLACK GOLD finally making cash today, yee.. haw..
Liability cap = small. Market cap = huge. Since BP controlled Republicans in Congress won't raise the cap, the spill is irrelevant to BP's fortunes. Why not buy it?
Hasn't anyone noticed there are mutiple locations spewing oil? The size of the plumes indicates at least 140 million gallons (more than 10 times Exxon Valdez) of oil have been released so far, to say nothing of the vast amounts of natural gas that no one is talking about. The dispersants are also toxic.
Some experts believe the evidence shows a rift has opened in the sea floor.
http://www.msnbc.msn.com/id/31510813/#37363529
People are smelling oil and finding tarballs as far away as North Carolina.
http://oilspill.skytruth.org/
Optimism is not helping you. Wake up.
breaking news on Yahoo at very lest 18 million gallons spilled since April 20
think they're just buying time until the relief wells are finished. Good discussion on OilDrum
I have a confession to make: I snicker like a schoolboy every time someone in the MSM is forced to say "junk shot" while keeping a straight face.
HAHA isn't it wonderful?
Watch for the next action plan.
BP spokesperson: 'We're going to need to perform a gigantic Drill-In-Leak-Down-Operation, or giant D.I.L.D.O. as we like to say in the industry"....
As discussed in last nights thread the higher pressure source will not stop until there is equalization at the sea bed. The only solution is to vacuum up the oil at the source and pump it to a tanker. the problem is that most if not all the tankers are already full anticipating higher prices. Explosives at those depths do not perform like they do at lower pressure, ie sea level.
That ongoing buying support I detected has morphed into a rally...
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1