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BP Stock Back To 14 Year Lows As Ken Salazar Says Will Investigate Company's Liberty Drilling Project In Alaska
Bloomberg reporting that Ken Salazar has added to the roster of adverse bullet points that BP bulls will have to refute as they try to offload their underwater shares to ever diminishing greater fools . 'Interior Secretary Ken Salazar said his agency and the new Ocean Energy Management unit will examine BP Plc’s Liberty drilling project, which is three miles off Alaska’s north coast on an artificial island. Salazar said he asked for a review of the project after the New York Times today said is exempt from the offshore drilling moratorum because it sits on an manmade island built by BP."
BP stock not taking this in stride.
The abovereferenced NYT article can be found here.
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Apparently there is no problem that can't be made bigger by adding lawyers.
If this is true than short Parker Drilling, they were contracted by BP to drill the well. This is a brand new rig build in Washington state and still isn't fully assembled on the island. Once assembled it will be either THE biggest or second biggest land rig in the world. They plan to drill 40, 000 ft wells mostly HORIZONTALLY!
Speaking as someone who's gone through all the security checks and BP Specific safety training to work on the North Slope, I have the highest confidence that this is a top notch operation.
40,000 foot well is ERD - Extended REach Drilling. The horizontal displacement is much greater than the actual depth (think drilling sideways to hit a reservoir 10 miles out to sea)
This is stupid and killing my portfolio (long BP and APC) ouch... lol
maybe they're worried that the island will get top heavy and capsize.
http://www.youtube.com/watch?v=l9R-cQ_A_6w
a great example of just how fucking stoopid our "elite" really are
Looks like a chart of the euro from 2 weeks ago.
Look for the bottom to drop out below 29 with a quick move to 25-26. Maybe a short-term buy there? But it is, in fact, on its way to zero.
Here is an interesting article with video of the potential flow of oil out of the Gulf and into the Atlantic. Both the article and I will warn that this is a projection, not fact. But the projection shows that even if the oil where to stop flowing today, oil in the Atlantic is inevitable.
Watch it a few times and see the numbers of days of flow from the well before the oil makes it past Cuba and up the coast, including how fast it moves once it hits the Gulf Stream.
http://www2.ucar.edu/news/ocean-currents-likely-to-carry-oil-spill-to-atlantic-coast
Please, let's stop calling this thing a "spill" because it passed that massive understatement on day 10. We rarely fully recognize the control language has over our thinking. A "spill" is innocuous and non threatening.
While many will say "Of course this is not a spill, but a disaster" I will counter that if disaster words were being used when talking about this disaster, more would begin to be done NOW to mitigate this disaster and protect the millions who live in the Gulf region. The word "spill" used in conjunction with this disaster is directly out of 1984.
their web site gives 6 different scenarios, but they don't attach any probabilities to them. also, what is the significance of 0.0005 concentration? in any event, things not looking good for key west if these models are correct.
nice catch
No it really is just a spill. It's just not a spill from any man-made container.
It is the planet, spilling its insides. We've driven a stake into it's heart and it is bleeding all over the place until that particular wound runs out of blood.
So yeah, that kind of spill.
You and I both know that I understand what you mean. But the average Joe is susceptible to word play manipulation, which was my point.
I liked your point a lot. Control words are just that.
Before that came control framing; we lost an important battle when we started thinking of the planet as something we could poke huge holes into. There are now holes everywhere, we are starting to trip over them. Things are beginning to fall into themselves.
Gotta get over this trip that it's there for us to carve up. I think we just recently carved a little too deep, so maybe it's suddenly become one of those "self-limiting" problems.
It was sorta stupid all along. Now it's become sorta ugly. Soon it becomes sorta lethal.
are the Mexicans suing..? any news on that?
No need to do that. The hockey mom has already checked it out, and it's OK...
Last chance to get short before it breaks thru support at $29
That EURO buying support has returned ...
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1
All the BP Alaska workers need to do, is contact OSHA, and report all the safety problems. OSHA never reveals the names of the complaintants. The company will have to answer the claims, then OSHA comes out and investigates and if the company is found to be lying and they usually are, they will get fined too. So the company either fixes the problems or OSHA shuts their ass down and fines them per incident. Who needs Salazar? Complaints to the EPA work just as well.
Fascism is good for corporations. Until it isn't.
While I agree that BP should suffer to the bitter end, we used to do things legally, if though it was only theater. Now the dictat comes from above "Thou shalt sell 20B$ in bonds to establish a slush fund for lawyers".
Waste of time. The man-made island will be declared a sovereign state by a judge in Texas. Obama will threaten a blockade and muster the Pacific Fleet. BP will appeal to the UN for peacekeepers. The Russians will send their navy. The NKs will send their subs.
A bewildered Inuit sealer is captured "spying" in BP territorial waters and is shown on international television where he is forced to confess. Hillary calls for sanctions. Iran threatens Israel. Texas and BP sign a mutual defense accord. ExxonMobile claims that the PWS spill was an elaborate hoax and in retaliation relocates their corporate headquarters to the island of BP.
Obama sends in Marines to rescue the Inuit sealer, but they get lost and instead invade Canada. Fortunately nobody notices.
awesome...
well this is no fucking good...
http://www.reuters.com/article/idUSTRE65L6IA20100622
BP will be a buy at $18.
The best thing that can happen at this time is for bp to go out of business and stop drilling everywhere.