Wednesday, June 9, 2010

BP's (NYSE:BP) Fuel Spill Containment Timeline Changes

Here we go again, BP (NYSE:BP) is once again changing their fuel spill containment timeline. It seems there will never be a definite, or even guess that's close to accurate, on when the hazardous oil will stop pouring onto the seabed and into the ocean.

Apparently Doug Suttles, BP's chief operating officer was overzealous in his claim that the leaking oil would be down to a "relative trickle" by next week. Now its being said that it should take much longer to get even close to that point of containing the oil. Suttles is now saying that BP is hoping that by Monday or Tuesday of next week they hope to have an improved containment system in place.

Suttles continues to maintain that no underwater oil plumes have been detected in "large concentrations" from the Gulf spill. Testing was done yesterday which would detect the presence of these underwater oil plumes and they came back positive. The testing was done at three different sites by a University of South Florida vessel at 3,300 feet below the surface and around 42 miles Northeast of the hazardous spilling well.

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