Saturday, July 3, 2010

EPA's Monitoring of BP (NYSE:BP): Friend or Foe

While the EPA has put up great uproars about BP's (NYSE:BP) use of toxic chemical dispersants, some are wondering are they really true to what they stand for. The EPA is trying to take credit where credit is not due.

EPA's Lisa Jackson, ordered BP to trim down on their use of the chemicals being applied to the Gulf oil leak by 75 percent. BP maintains they have done the required cut back. Before the EPA order, BP was using 25,689 gallons a day of dispersants. Compared to after the EPA's requirement, BP is using 23,250 gallons a day of the chemicals. That is not anywhere close to the 75 percent reduction that was supposed to take place. Whats worse is the EPA is turning a blind eye to it.

Here's what BP and the EPA did to pull this off. They took the one day when they used the most dispersants ever and cut that number down by 75 percent. May 23rd was that day, BP used 70,000 gallons of the chemicals. The 75 percent was taken off of the 70,000 gallons. So the EPA reduction was actually only 9 percent, not the 75 percent that was ordered.

When the EPA was questioned about this discrepancy, the response was odd. They said they deserved the credit for getting the high use of the chemical dispersants under control. It leaves one wondering what does the EPA really stand for. They seem quite content with the fact that in reality they've only brought down the percentage 9 percent. All the while, taking credit for bringing it down the full 75 percent which they, as well as BP know is not correct. So is the EPA really friend or foe ?

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