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Breaking: Robert Gibbs Confirms BP's Oil Well Is Leaking At Top, With Seepage 2 Miles Away
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
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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Damn, now BP shares will skyrock
Gibbs never tells the truth tho
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!
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!
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.
Unfortunately there may some truth in your post...
Without evil, we'd be weak and dead.
+100
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.
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.
"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.
I guess you are probably correct. fewer people to depend upon the funds in the lock box.
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.
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.
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.
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.
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.
French "youths" are breaking lots of windows. Let's see how that works out.
Uh, Fabrice?
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.
Maybe thats why they got all those 100,000's empty plastic coffin liners , talked about at infowars.com.
Maybe the gov knows somehting we dont?
At what ever happened with those FEMA camps,?
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.
GIANTKILR
Dude, Hollywood can live off that for decades.
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.
www.WallSTonion.blogspot.com
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.
Game over man, Game over! What are we gonna do now?
NUKE the bitch!
It's the only way to be sure.
Look, this is a multimillion dollar operation. [Obama] cant make that kind of decision.
He can f***ing bill me!
Yikes
We call that bill taxes.
Kill It! Kill It With Fire!
[IMG]http://farm4.static.flickr.com/3053/2547568732_f892abf895.jpg[/IMG]
Well, someone call Lloyd Blankfein.
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...
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.
Or would we?
On the one hand, totally makes sense, turning the sand to glass.
On the other, glass can be brittle...
Smoke them if you got them; grab your ankles and kiss your ass goodbye. The crazies were right.
the not so migh...
Makes one wonder if the "Crazies" are right bout GOM being related to the recent quakes on the East coast.
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
"Spies like Us"..."Want to go out with a bang?"
the not so migh...
I've seen that movie. You wish to be Callum Keith Rennie.
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.
Mr. President, we cannot have, a MINE-SHAFT GAP!!!
Mein Fuhrer, I can WALK! Excuse me, Mr. President.
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.
Dr. Strangelove, one of the great movies of all time.
"Gentlemen! You can't fight in here, this is the war room!"
"He'll see the Big Board"
http://www.youtube.com/watch?v=XZV_lIwmz5E
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:
http://www.huffingtonpost.com/2010/07/19/oil-spill-gulf-water-samp_n_651...
BP - To the opposite of infinity and beyond!
Go long on coffin manufactures?
If Simmons were right, who would be burying all those bodies?
Anyway, I suspect FEMA has a large supply of 78"x36" ziploc bags...
Watch Caterpiller stock and charcoal lighter fluid.
ZH is nothing if not cheerful and tactful.
No burials and baggies needed - just run the wasted humans through a tissue digestor (they can dump the remains by flushing it down the toilet):
http://www.biosafeengineering.com/index.html
"""
Mass Disposal Tissue Digestor Systems
BioSAFE/WR2 designs mobile mass Tissue Digestor ™ brand of digester disposal systems for disaster relief. These systems are available in multiple configurations and capacities up to 1.5 million lbs per day and are the safest way to dispose of extremely large quantities of carcasses, including all TSE infected tissue. Please contact BioSAFE Engineering for more information.
"""
Well, this ties in nicely with the sale on PMs. I guess we'll be stocking up on gold, silver, and water this afternoon. All we need now is a CAT 3 or higher and the trifecta will be complete.
"Leaks could mean the cap on the well has to be opened to prevent oil and gas from escaping elsewhere."
I would HOPE we are not insane enough to open that GEYSER, until we confirm how BAD are the leaks, seepages 2 miles away............
Nothing even proves these are RELATED to BP Macondo, at that range..????....tough sell.
Hello??
There is a method in the madness.
If they DON'T open the controlled geyser, the containment pressure will further damage/open the already $h!tty wellbore, which will potentially create an UNCONTROLLED geyser SOMEWHERE along the miles and miles of underground wellbore pipe.
Pick your poison pill.
All of which is, of course, moot.
The only poison pill is the kill pill they are goign to pump down the relief well. Whether or not the welbore above the relief well is intact has no bearing on whether or not the well will be killed.
Wasn't it mentioned that leaks already existed miles away? And that the seafloor around the well leaked. Wasn't that like MONTHS ago?
So why the fuck is this new news?
The were some inconclusive videos, and Simmons has been voicing his theories for ages, but this is the first time we get an official statement on the issue.
Oh now I get why blogger/google frooze my blog www.WallStOnion.blogspot.com this morning.
I had many references to the oil spill being conspiracy. I wasn't the first , I saw an article on infowars, but I connected the pieces better and had a picture of Obama pointing his finger "plug the Damn hole Already"
Can't quite understand why anyone would want to bother with BP shares - even for a trade - when ExxonMobil is trading at a 4 year low and down 15% since late April.
But it's mostly "other people's money", so why not gamble with it.
Death to the oil comapnies!
I dont car if I have to ride in a hybird, natural gas or my bike.
And your groceries aren't shipped to you by truck, because you grow everything you eat.
Perhaps if we built a large wooden badger...
+1000
If only the Obummer were as confidence inspiring as Monty Python's King Arthur.
It appears that the "President's Working Group on Financial Markets" came in twice today. Once to start the shitshow, and then again between 1:30 and 2:00. They used an amazing amount of leverage too!
"Throw some more paper on the fire!" BS said as he danced around Shapiro and la Bear. la Bear picked up her shovel and wiped her brow. "How come she isn't doing any work." She said, pointing to ROMEr. "I dobn't hab to." ROMEr said with a mouth full of cupcakes. "My huthban thaid I dibn't hab to."
la Bear winced and looked at Barry, who had been ordering Bobby Gibbs to cherry pick some doelarrs and stash them into a wheelborrow. "Hey, I don't make the rules!" Exclaimed Barry, as he lit a cigar with a burning doelarr from the furnace. "Come on we don't have all day." BS Shouted. "Move it, move it!"
Haw Haw. Good one.
Love it. +100
Sure did not take BP very long to come out and dispute the claim.
Monday, July 19, 2010 3:42:13 PM British Petroleum plc Spokesman: Scientists have determined that seepage located 2 miles from Macondo well is "naturally occurring," not related to BP's wellI call BULLSHIT!
If the casing is cracked that oil is being pushed
through strata of rock with natural gap
spaces at whatever different depths the casing
is damaged and appearing, well, anywhere
that leads. 2 miles away would be easy at
those pressures, I assume.
If it's leaking 2 miles away than why would nuking it help? I think he wants it nuked but if his thesis is accurate, it doesn't seem like it would help.
Is there something I'm missing
In all likelihood, and according to absolutely everyone except Matt Simmons and one or two old Russians (with as many old Russians saying the opposite), a nuke would not do anything positive.
HOWEVER, if it would do anything positive, it would be by sealing things up down where the wellbore is basically intact and all the rock formations are impermeable hard rock.
A major reason it probably wouldn't help is that it would create an enormous fracture zone immediately outside the fused zone.
"a nuke would not do anything positive"
That just sounds funny. A nuke can do a lot of things, none of which are positive!
Would not a nuke create a tsunami around the entire GOM coastline?
CNBC just came to the rescue quoting BP saying that Scientists say that the seapage is unrelated to the well and occuring naturallly.
Didn't have anything to say about the actual cap leakage reports though.
There is a very, very small leak at the joint of the cap. Something on the order of 1 drop every 10 seconds or so. So, yes it is a leak. But, No, it is nothing to make any real difference in anything. They have a ROV cam stationed viewing it.
Well, as long as it was the all knowing BP Ph.d's that refudiated Gibbs claim.....All good.
Seriously, one wonders at this point if this circle jerk could get any worse? (rhetorical)
So now BP is .30 higher than before Gibbs confirmed the leak.
Sounds like an information war between the WH and BP.
Also sounds like the WH needs more money for November's social lubrication.
It is amazing that George Washington went all over the Internet this past weekend to find the scientific analysis and observations on why the pressure checks showed an unnatural response from the well. And because we are readers of Zero Hedge, we knew two days before most all Americans that there could be possible leakage from the well.
This is the kind of vital economic information that Zero Hedge provides. Congratulations, George Washington.
+10000000
Well said JR, thank you George Washington, well done !!
+++
+ 1000
I agree with once again Gordon Gecko
more thanks here to GeorgeW for making this his priority!
Now let the new chapter begin..The cover-up thus far has followed the teleprompter script to a tee and now comes the game of liability toss. Drilling two relief wells was just a distraction to buy time until they figured out a way to continue the harvest. They don't give a shit about anything but that oil and now need to pump as much out as they can before the whole thing implodes on itself. If I was anywhere near the Gulf, I would be planning an exit strategy. What we are dealing with here is not just an oil leak but a CREATURE!!
..
http://www.youtube.com/watch?v=70GhJqAazx0
.
I have great respect for Matt Simmons....knowing him to be a studied and rational man...his "case" is indeed slowly "leaking" into the mainstream as the true situation....however TPTB will spin this truth into "well folks, turns out there was massive 'natural' seepage in the Gulf all along"...what a farce....
Right on.
Waiting on BP "scientists" to affirm that it is normal for thousands of barrels of oil/day to leak from "natural seepage" and that BP's reckless drilling adventure had nothing to with exacerbating it.
Source?
Just wait.
Another report from Before It Is News? Outstanding to read first hand accounts from you.
Waiting for your youtube video drinking and bathing in the GoM water to show us all how pure, clean and safe it is and what a bang-up job BP is doing cleaning its shit up. Here's another idea: don't you relocate with your family to the Gulf coast before lecturing us all on how "everything's good" in the GoM. Either do that or shut your piehole forever.
Are you like TD? Are you a conglomeration of posters that assume a single alias online?
Source?
NASA.
Two Exxon Valdez's worth of oil seeps into the Gulf of Mexico from more than 600 NATURAL seeps every YEAR!
http://earthobservatory.nasa.gov/Newsroom/view.php?id=20863
Oil in the ocean is fucking natural!!!
This is not the end of ocean life as we know it. People need to get a grip.
60k bpd = 1x Exxon Valdez every 6 days + the equivalent amount of gas, released in a concentrated space relative to the GoM itself.
It's PER YEAR smartypants.
Looks like the "whackjobs" had it right all along. And funny that, all I'm hearing is a DEAFENING SILENCE from the "all is well" friends of BP crowd.
Bizarre coment, Gordon. How you can tell anything from this story is beyond me. Do you always make decisions based on rumor, half truth and innuendo? The problem is that we don't know who's being honest, nor do we know if the nuclear option would do more or less damage. Might want to check this solution out:
http://video.google.com/videoplay?docid=3712178515303087869#
It's called the law of unintended consequences and applies here for those of you who want the problem to go away now.
How is that a "rumor, half truth and innuendo"? What I'm trying to say is that all throughout this disaster the things that have been billed as "whacky"/"outrageous"/"conspiracy" have been slowly turning out to be true (for e.g. the flow rate which we were initially told as 5000 bbl/day even as the "whackjobs" said it was closer to +25000 bbl/day. Guess what the flow rate WAS +25000 bbl/day). Of course you are free to subscribe to the "remain calm - all is well" message? So be it - suit yourself.
Since my site was frozen today I will just restate the facts as I recall them from infowars, all humor aside.
1.GS sells 44% of BP shares in 1Q., along with several other banks but not as large as Goldman .
2. CEO of bp dumps stock weeks before the spill.
3. Halburton buys clean up company, months before the spill.
4,, Not to mention the possibly gaming of the oil and oil stocks during this crisis, not to mention fast tracking us to peak oil and carbon credits.
And if your still not convinces go watch Obama addressing the natiion, about the spill and his alogoies to WWII. Watch his address with what I have said in mind. You might change your mind.
+100 connected. . .dots!
Looking forward to receiving your e-gold. I won't accept certificates - REAL PHYSICAL e-gold ONLY.
Funny, I didn't hear anything about the relief wells being successful.
You will when they finish drilling it
They never will.
BP is going to use this to substantially bring down estimates of what the well has been leaking......and given that the Govt. has given the appearance of being in control it has managed to box in the govt. as well....
Yup.
For your information, all users that go to this site all tracked, by NSA and we all have an eletronic record with every keystroke we ever made in this site.
Evidenced by the sneaky files that load on this ite like secure-us.imwordwide; -,
view.admin.com;etc
I am no tech expert but I know this is happening.
I would be carefull talking about what gold you may have or not have.
my prediction is that the internet will be shut down; not over Chiense cyber attacks but because the blogging scene will become a force be dealt with....
IT wont be shut down. Can you imagine how many facebookers and tweeters would riot in the streets??? The teaparty protests are a pre-school sit-in in comparison if these social media types get threatened!
You're wrong. The internet pipe flows through NSA. There's no reason to insert sneaky files.
I am a Delta, I'm happy to be a Delta... I don't have to make any decisions like those Betas.
and I will continue to let those clever Alphas do my thinking for me.
SOMA BITCHIZZ!!!
Reposted from GW's thread
Not really on topic, but had not seen it here before: the NOAA ship Thomas Jefferson Deepwater Horizon Response Mission Report.
I wonder if someone with experience in undersea acoustic measurements can take a look; this is very much an academic paper (fragment) with very few concrete conclusions. But it definitely alludes to the fact that there is much data yet to be analyzed, and that other measurements were done (and are likely ongoing) regarding the measuring of the spread of oil under the Gulf's surface. And that there is likely/possibly quite a bit of oil under there. There is a wealth of research data and results here at the NOAA site if anyone cares to dig in.
It seems to me that the figures on pages 23 and 24 of the mission report might have something to do with Mr. Simmons' otherwise not quite consistent claims/theories. Possibly also the "seepage" a few miles from the well (though the measurements in the paper are 5 miles from the well).
This not the broken window theory. BW is about crime, not money velocity.
The BW theory is that when there is a broken window, other people see it and don't fix their windows. Then people start breaking windows.
In other words, that people respond to their environment which then mirrors them in a feedback loop.
Through this whole horrific story what has bothering me the most is the lack of in depth media coverage. I'm actually pretty happy now I dropped out of journalism school :
http://arkadaba.blogspot.com/2010/07/spin-zone-gulf-oil-seep-is-natural.html
The leak two miles away is natural. As a public service and show of good faith, BP will fix it the same time they seal the well.
This money would have just gone to the banks anyway. Move along...
XAUUSD / XAUEUR / XAUAUD bearish warnings issued since July 1 continue . . .
http://stockmarket618.wordpress.com/about
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