Monday, June 21, 2010

YOU WILL PAY: BP (NYSE:BP), Transocean (NYSE:RIG), Halliburton (NYSE:HAL), and Cameron (NYSE:CAM)

You will pay is what is being told to BP (NYSE:BP), Transocean (NYSE:RIG), Halliburton (NYSE:HAL), and Cameron (NYSE:CAM). This demand is coming from 11 East Coast states that have already told BP they put the full responsibility of the damage from the oil spill disaster onto their shoulders.

Connecticut's Attorney General, Richard Blumenthal said, "even without oil actually reaching the Connecticut shoreline, this massive oil spill could still impose damage and destruction to the entire Atlantic coastline." Marine life and birds are likely to be "severely damaged."

Blumenthal added, "Connecticut and a coalition of states are putting BP and affiliated companies on notice that we will not pay the price for their monumental failures." This request seems a little premature considering there has yet to be any damage or destruction done.

Meanwhile, the containment cap that BP is using to contain the oil on Sunday captured 14,570 barrels of oil. While using a secondary containment system to burn off oil, burned 8,720 barrels on Sunday. Between the two systems there is a daily average of 28,000 barrels being captured.


  1. Blumenthal is a political hack and a shameless opportunist. Who, in Gods name cares what he thinks about the spill? It's as if he is bucking for Arch Bishop. Not only is he disingenuos, but who believes anyone who claims to have gone to Vietnam, and didn't. No lie worse than that of a dishonorable man,claiming to be honorable. He dishonors the memory of all who have sacrificed their lives in defense of their country. The man is a disgrace.

  2. Hmmm, damages are there, BP assumes responsiblity. Fair. Indirect damages should be paid. Fair.

    People are looking for a quick buck. Not fair.

    Or shall we have a look at indirect damages similar to seeing less birds because of war in Iraq and Afghanistan? Who actually benefitted from that war? Who earns from making weapons? Who was responsible here, and in what regard was the risk weighed against the benefits for the US; NOT just by BP?

    Is BP responsible for damages? yes. Is there nobody else responsible? Come on...

  3. 1. BP is responsible for the disaster.
    2. RIG (Transocean) is NOT.

    Transocean is one of the best drillers (if not the best) on the planet. We'll still need oil for some time to come, and if Transocean isn't going to do the drilling, we're in deep trouble.

    Get your facts straight. Hold the right parties responsible. BP, yes. RIG, no.

  4. "This request seems a little premature considering there has yet to be any damage or destruction done."

    Is this author a retard just crawled out from under a rock ?? Do we have to destroy the entire planet as PROOF damage is done ? Is she not aware of environmental issues related with the oil spill ? Is she the kind who wishes her children would suffer some catastrophe in the future due to the serious environmental & resource issues ? And does not consider such plausibility reason enough to fight such problems ?

    This author is clearly a person without the intelligence to know about oil effects on flora, fauna, reefs, fisheries etc. and should not be permitted to give such simian comments !

  5. I think the staes are trying to get ready if there ends up being oil on the east coast. Can't say I blame them for that. I found some other good info on the gulf oil spill at this site

  6. "Is this author a retard just crawled out from under a rock ??"

    I think you just can't read. The author was referring to "Connecticut and a coalition of states" that have not yet had damages to their shoreline or nearby waters. It is premature to place monetary liability on BP when 1) no damage has been done to that state, and 2) no legal responsibility has been determined in court. It's amazing how many people jump to conclusions and try to bypass the legal system when it comes to making quick money.

  7. For Obama and other states, BP is a fat cow, and no doubt that BP is responsible and has agreed to pay for the biggest ever damages in the US history, for politician it is cow worth milking much more. BP was a recession retardant company, it survived the financial crisis, but the greed of politicians is another matter.

  8. Ever hear of something called the Gulf Current? It starts with the Loop Current in the Gulf,Becomes the Florida Current around the tip of Florida and after that the Gulf Current goes up the Eastern seaboard. Unchecked worst case scenario is oil going to Greenland,the Artic and even the British Isles.From the last map of the spill it may very well already be in the Loop current and headed to the tip of Florida.

  9. Those yanks,they seem to want BP to pay for everyone of their disasters,Katrina etc etc,That coastline was only 20% rebuilt as were the business's etc from Katrina yet now they want BP to rebuild the whole place!!!!
    Of course BP have a responsibility as do the other parties involved but I haven't heard one word from Obamha or any Senate person saying the American companies involved will pay,oh no only BP,when is BP going to think of their shareholders and the pension funds and stand up for its self. The US want the oil so they have to take some of the problems that come with it.
    The US litigation policy is just ludicrous and a get rich scheme.
    The US should not get away with only blaming BP start looking at your companies and BP grow a pair of balls and sue the US firms involved or the directors should resign,
    Paul Gill,A Brit with no BP shares

  10. The fact that more oil spills on the marshlands of the Niger Delta *every single year* than is ever likely to escape from deepwater horizon, clearly doesn't bother most Americans.

    The fact that a very large proportion of this Nigerian oil goes to service the shameless thirst demonstrated by the United States does not seem to bother most Americans.

    The message I get from America is that widespread pollution, exploitation (and brutal war), and profiteering in the name of oil is perfectly acceptable as long as it's not in their back yard.

    Somehow sympathy is lacking.

  11. Let's face the facts.

    1- BP took short cuts in completing the well (well design, completion hardware, procedures & execution and suspension mud & plugs). They were suffering from increasing well cost and The intention was to cut cost and their intention was to cut cost.

    2- Halliburton may have done a bad cement job but the success of the cement job is dependent on how you condition the well. Using less centralizers in the completion design was a fatal mistake by BP. Even with a bad cement job, the cement bond log that BP decided not to run was enough to show the quality of cement and highlight the risk on well integrity.

    3- Transocean is a drilling contractor and they execute the well design as decided by BP. Only when a action is deemed risky, Transocean Toolpusher can intervene and stop the "at risk" operation. However, when the risky design is approved by BP (and I suspect that they have done the same design on other wells) Transocean cannot refuse it. I personally think that Transocean toolpusher should have refused "not running" the cement bond log but again, maybe he did... We have to keep in mind that there were lots of frictions between Transocean personnel and BP onboard the rig. BP representative has several times over ruled the recommendations and the decisions of Transocean toolpusher and that was another fatal mistake. They were not working as a team and pulling in the same direction.

    4- Hats off for Schlumberger!!! The wireline crew who went offshore and judged the well not stable tried to reason with BP representative but the "cowboy" told them "my way or the high way"... so they flew a helicopter at their own expense to evacuate their people... they had the balls to uphold their "safety first" policy. I just wish Transocean could do the same but I guess it was not possible for them to evacuate their own rig.

    I pay tribute and most sincere respect to the Toolpusher and the 10 other heroes who stayed behind and by sacrificing their lives gave the chance for the other people to evacuate the rig.

    At the end of the day, is catastrophic incident will be another turning point in the oil&Gas industry. Make no mistake, drilling will continue and these companies will survive. Let's hope that because these companies are PEOPLE working to provide for their families. The stock owners of these companies are common people like you and me. I do believe however, that as we go deeper and the drilling exercise become more challenging, the industry has to adapt and apply stricter measures and procedures to make sure that such incidents do not happen again.

  12. How much of this mess is the US Government directly on inderectly responsible for?

    The government should not be allowing our good hard working American fisherman go begging to BP for payment. Where is the wall street bail out for our American workers?