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


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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