Breaking: Robert Gibbs Confirms BP's Oil Well Is Leaking At Top, With Seepage 2 Miles Away

Tyler Durden's picture

Update: Stock right back up to pre drop levels, as BP says scientists conclude seepage naturally occurring, not related to Macondo well... The market seems to be buying it - after all it appears all the scientists have Ph.D.'s


From AP:

A White House spokesman says BP's ruptured oil well is leaking at the top, along with seepage about two miles away.

Robert Gibbs also says officials are monitoring bubbles that can be seen on an underwater camera.

Leaks could mean the cap on the well has to be opened to prevent oil and gas from escaping elsewhere.

The mechanical cap on the well stopped the flow of oil into the Gulf of Mexico on Thursday.

Time to short BP as Matt Simmons thesis is now fully in play.

And here is a LOL chart: same volume, half an hour later, double the jump.

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PicassoInActions's picture

Damn, now BP shares will skyrock


trav7777's picture

Gibbs never tells the truth tho

MarketTruth's picture

And that is his job.... must keep things ramping upwards to keep the fake economy going... plus ensure BP can pay out as much money as possible. They will uptalk BP to the very end. Just like that blithering idiot Cramer and his try at ramp-jobbing Bear Sterns.

Bring on the dumb money!

GIANTKILR's picture

Damn the Internet rumors are true. The whole seabed floor is going to drop out of the gulf! Massive tsunami! Like a big toilet flush, everything in the gulf will be gone!

firstdivision's picture

And that will help with the US unemployment problem.  People needed for clean up and replacing all those that die, is a great thing for the economy. 

carbonmutant's picture

Unfortunately there may some truth in your post...

thesapein's picture

Without evil, we'd be weak and dead.

MarketTruth's picture

Plus the more dead, the lower the future obligations to Medicare and Social Security. Win-Win. Add in the insured homes that will be destroyed and bank benefits from that...

Death and destruction at this point would be a HUGE financial benefit for the banksters and government.

cossack55's picture

Right on, and since most of those with one foot in the grave already move to the south so their blood will continue to flow, man, a one shot fix for SS and medicare.  Plus, most who live south of the Mason-Dixon are shiftless, stupid and normally unemployed, we just fixed the UC problem.  If we can just get the gulf states nonrepresentative representatives on the beach...happy days are here again. 

huntergvl's picture

"Plus, most who live south of the Mason-Dixon are shiftless, stupid and normally unemployed, we just fixed the UC problem."

As opposed to, most who live NORTH of the Mason-Dixon who are shiftless, stupid, and normally unemployed. 80/20 exists without geographic boundaries. I bet you still believe Democrats and Republicans have different political agendas too. Take your prejudicial bullshit comment and shove it up your ass. Eighty percent of the people in the south have no clue, just like everywhere else. Of course in your immediate vicinity it is likely 81%. When I think of Detroit, Flint, and D.C., I just see a sad state of affairs for America. Keep your stereotypes to yourself you fuckin bigot.

Augustus's picture

I guess you are probably correct.  fewer people to depend upon the funds in the lock box.

thesapein's picture

No. What I said did not deserve anything nice in return. The good people should had come back at me stronger. The other voices in my head are certainly raising a stink.

Arthor Bearing's picture

Actually that resembles the "broken window fallacy." Basically, a broken window is bad for the economy despite the fact that it creates work- this is because the money the window-owner spends on replacing his window, which benefits the glassier and the window-fitter, would have been spent somewhere else if not for the broken window. Any money that goes to hiring people to clean up the spill is money that could have been invested in efficient mass transit to reduce our oil dependency, for example. Though it wouldn't have happened that way (on account of the oil money in congress), it was a possibility which is now extinguished because alot of money has to be wasted on a non-productive, remedial activity.

tenaciousj's picture

I've never quite understood the "broken window fallacy."  It asserts that if the window is broken, the owner must give that money to the glazer instead of other things that he might have otherwise spent it on (baker, cobbler, etc.).  But it never mentions that with the extra money the glazer now has, he will spend it on things that he might not have been able to buy without it.  Thus benefiting the baker, cobbler, etc.

Unless of course the glazer decides to hoard that money and invest in foriegn assets , or use it as collateral to take out a low interest loan to buy town treasuries (that through his contacts just happen to be at a slightly higher interest rate).  Which he then takes and purchases up all of the window futures to drive the prices up.

But something like that would never happen in the real world.

thesapein's picture

It's a fallacy to think that passing money around is productive in and of itself.

What if we pretended to break and fix the window while passing the money along the same hands all the same? At least this way, we'd save on the otherwise wasted materials and labor.


Arthor Bearing's picture

The response to your point about the glazer (ty for the sp correction) then having the money and being able to spend is thus: the glazer only has the profit over his overhead to give to the baker, cobbler, ect., and the rest of the money which the owner spent on his window trickles all the way through to the people collecting the raw materials from which the glass is made.

But if, say, a youth gang decided to start breaking windows all over the state of Massachusettss, the window-making industry in Mass would expand greatly, but this is a bubble. Once the kids settle down that extra business will stop- but if glazers had in the meantime made capital investments in their business to expand and deal with the extra business, they'll find they have more capacity than they need and the capital investment was ultimately wasted.

The market is a complex organic system, which reacts to every single move of everyone one of its constituent parts.

torabora's picture

French "youths" are breaking lots of windows. Let's see how that works out.

thesapein's picture

Unless it was a poorly designed window that the owner was thinking about replacing anyway. Double pane windows could then save on energy usage. But this is just an analogy and I can't speak for The Owners.  

Inspector Asset's picture

Maybe thats why they got all those 100,000's empty plastic coffin liners , talked about at

Maybe the gov knows somehting we dont?

At what ever happened with those FEMA camps,?


thesapein's picture

Sometimes these things are built just because the ones getting the contracts have another stupid idea to pitch at lame officials who give the go ahead after pocketing some themselves, but other times... actually, assuming this one time they had good reason for preparing, and working backward from how much preparation has taken place... something big was predicted. So we're screwed if they're right, and just out of money if they're wrong.


Gully Foyle's picture


Dude, Hollywood can live off that for decades.


Inspector Asset's picture

Maybe the damn global warming freaks have it right.

Maybe the earth is getting so hot that , the oil is boiling at the core, and oil will be bubbling up in many spots.


Na, I think maybe when you blow up a pipeline with explosives, it will jolt pressure outward to surrounding areas .

They thought they could do a controlled demoliation, alot like 911, long enough to get finance reform passed, and then just cap it again.

Ah if it were so easy!

Hence the gov black out on the media coverage of the spill.


George the baby crusher's picture

Maybe the damn global warming freaks have it right.

I don't believe these freaks that you are referring to are suggesting that carbon emission is causing the core to heat up.  Straighten up and fly right dude.

Yikes's picture

Game over man, Game over!  What are we gonna do now?

Yikes's picture

It's the only way to be sure.

Dr. No's picture

Look, this is a multimillion dollar operation.  [Obama] cant make that kind of decision.

Yikes's picture

He can f***ing bill me!

EscapeKey's picture

Well, someone call Lloyd Blankfein.


Inspector Asset's picture

The oil spill was a simply 2 way transaction.

One party gets paid to clean it up. One party gets a long distraction while the most epic piece of fraud gets passed better known as finance reform.

Or maybe their is sabaatoge on behalf of the banks on the oil cartel? Least probably.

Obama actions are becoming so predicitable, I might have to create a full time YouTube  channel just to cover his dealings?

I cant wait when Obama pitches his Carbon Credits plan on the heals of this spill .  I predict that Natuaral gas cars will be bulit in Detroit here soon, and that the Obama admin porpusely slammed the car/dealship industry to the ground,

so they can introduce their own agenda here very soon...

Gordon_Gekko's picture

He's only authorized by his masters to approve project costing less than $100...which is why you see him taking so many trips to the cheap burger joints.

thesapein's picture

Or would we?

On the one hand, totally makes sense, turning the sand to glass.

On the other, glass can be brittle...

the not so mighty maximiza's picture

Smoke them if you got them; grab your ankles and kiss your ass goodbye.  The crazies were right.   

Gully Foyle's picture

the not so migh...

Makes one wonder if the "Crazies" are right bout GOM being related to the recent quakes on the East coast.

the not so mighty maximiza's picture

There is only one thing left to do, find the nearest female and seduce ASAP and get down to the nasty before we all go extinct.  


sarcasim off... maybe

Dr. No's picture

"Spies like Us"..."Want to go out with a bang?"

Gully Foyle's picture

the not so migh...

I've seen that movie. You wish to be Callum Keith Rennie.

thesapein's picture

Gentlemen, for bunkers I suggest we take a small population to survive but with a ratio of 1 male to every 10 females so that we can quickly bring the population numbers back, of course.

Mad Max's picture

Mr. President, we cannot have, a MINE-SHAFT GAP!!!

Mein Fuhrer, I can WALK!  Excuse me, Mr. President.

thesapein's picture

It's been so long since I've seen this movie, so couldn't quite remember how the dialogue went, but after reading your snippet, I've gotta see this movie again.

Mad Max's picture

Dr. Strangelove, one of the great movies of all time.

"Gentlemen!  You can't fight in here, this is the war room!"

GIANTKILR's picture

If your in the Gulf area, you might not want to smoke 'em. Supposedly there is so much methane in the water you could light off the entire Gulf.....Sea of fire!!! Maybe not that dramatic, but at least it caused a test sample to explode!

Source with video:

Pladizow's picture

BP - To the opposite of infinity and beyond!

the not so mighty maximiza's picture

Go long on coffin manufactures?

Mad Max's picture

If Simmons were right, who would be burying all those bodies?

Anyway, I suspect FEMA has a large supply of 78"x36" ziploc bags...