By the end of June, BP (NYSE:BP) should have an improved cap over the oil well now leaking oil into the Gulf, and it could be within a week if everything goes right, according to Coast Guard Admiral Thad Allen, who is representing the U.S government in overseeing the matter.
The practicals of it are the existing containment cap will be removed and then replaced with a larger one, which not only can capture more oil, but also allow those vessels processing or burning off the gas and oil to disconnect and move to safer waters in case of a hurricane.
One important additional element of the new cap will be a sensor which should give a more accurate reading of rate the oil is actually leaking into the Gulf; something no one has yet to get a handle on.
Government scientists have estimated a daily oil leak of 35,000 to 60,000 barrels, while the worst-case scenario from BP is as high as 100,000 barrels of oil a day gushing into the Gulf.
Once the cap is in place, there will be another vessel included in the processing of the oil, which could capture up to 53,000 barrels a day.
By the middle of July, BP hopes to be able to capture up to 80,000 barrels of day if that much is actually spilling into the ocean.
So far BP has captured 231,190 barrels of oil since the cap system has been in place.
Showing posts with label BP Oil Company. Show all posts
Showing posts with label BP Oil Company. Show all posts
Tuesday, June 22, 2010
Friday, June 11, 2010
BP's (NYSE:BP) Liability $80 Billion?
Reports that government scientists have asserted the amount of oil spilling into the Gulf of Mexico on a daily basis could be as high as 40,000 barrels, would put BP's (NYSE:BP) liability at a staggering $80 billion.
Of course these numbers can't in any way be trusted, as government scientists are no different than saying a pimps' prostitute. They both are for sale and do what is told them.
Even the numbers thrown out by the scientists are suspect, as first they hit out at BP for understating the amount of oil leaking into the Gulf at the early stages of the accident, then they now say the spill is from 20,000 to 40,000 barrels a day.
Which is it government scientists? Is it 20,000 or 40,000? The numbers are so far apart as not to be considered credible in any way.
What these so-called scientists are saying in doing is attempting to paint BP in a bad light, but at the same time cover their own worthless rear-ends by using these types of numbers.
Even the 20,000 a day is in line with the original estimates by the government, which were from 12,000 to 19,000 barrels a day. So how does that remain the same on the lower end, while expanding to outrageous numbers on the higher end. Seems like they aren't scientists, but government mouthpieces doing the bidding of their masters.
If those numbers were even close to being accurate, BP would probably be finished as a company, and more than likely the reason they're even seriously being thrown out there is in order to extort more money from BP, or portray them in the light of needing to be taken over, which is what some Democrats have been drooling over to do.
It could also be an attempt to arrest the growing discontent of the British people over how BP has been treated by Obama and his administration, which have brought statesmanship to a new low by their street talk and methodology, rather than respectful dialogue.
Democrats and Obama know they're being watched closely on the financial side of things here, as they've already devastated the country and its financial future in 18 months.
Now they would want nothing better to get control of BP and extract billions out of them in order to keep a distance from spending more in an attempt to take care of the circumstances surrounding the oil spill in the Gulf.
I'm primarily referring to the ridiculous notion that BP should pay for the decision Obama made to impose a 6-month moratorium on oil drilling, which will devastate the region which is so reliant on oil to move their economies.
Obama and the Democrats are unbelievable trying to make BP pay for the unemployment benefits of those Obama has put out of work.
Why this is such an outrage is the oil rigs affected by the moratorium have already been inspected and cleared, and there's simply no reason to keep them from resuming operations.
The whole idea of the moratorium was to take a breather and be sure there weren't other possibilities of an accident happening. Now that that has happened with 29 of the 33 oil rigs still in the Gulf, there is no reason to resume operations and get people working again.
Of course these numbers can't in any way be trusted, as government scientists are no different than saying a pimps' prostitute. They both are for sale and do what is told them.
Even the numbers thrown out by the scientists are suspect, as first they hit out at BP for understating the amount of oil leaking into the Gulf at the early stages of the accident, then they now say the spill is from 20,000 to 40,000 barrels a day.
Which is it government scientists? Is it 20,000 or 40,000? The numbers are so far apart as not to be considered credible in any way.
What these so-called scientists are saying in doing is attempting to paint BP in a bad light, but at the same time cover their own worthless rear-ends by using these types of numbers.
Even the 20,000 a day is in line with the original estimates by the government, which were from 12,000 to 19,000 barrels a day. So how does that remain the same on the lower end, while expanding to outrageous numbers on the higher end. Seems like they aren't scientists, but government mouthpieces doing the bidding of their masters.
If those numbers were even close to being accurate, BP would probably be finished as a company, and more than likely the reason they're even seriously being thrown out there is in order to extort more money from BP, or portray them in the light of needing to be taken over, which is what some Democrats have been drooling over to do.
It could also be an attempt to arrest the growing discontent of the British people over how BP has been treated by Obama and his administration, which have brought statesmanship to a new low by their street talk and methodology, rather than respectful dialogue.
Democrats and Obama know they're being watched closely on the financial side of things here, as they've already devastated the country and its financial future in 18 months.
Now they would want nothing better to get control of BP and extract billions out of them in order to keep a distance from spending more in an attempt to take care of the circumstances surrounding the oil spill in the Gulf.
I'm primarily referring to the ridiculous notion that BP should pay for the decision Obama made to impose a 6-month moratorium on oil drilling, which will devastate the region which is so reliant on oil to move their economies.
Obama and the Democrats are unbelievable trying to make BP pay for the unemployment benefits of those Obama has put out of work.
Why this is such an outrage is the oil rigs affected by the moratorium have already been inspected and cleared, and there's simply no reason to keep them from resuming operations.
The whole idea of the moratorium was to take a breather and be sure there weren't other possibilities of an accident happening. Now that that has happened with 29 of the 33 oil rigs still in the Gulf, there is no reason to resume operations and get people working again.
Thursday, June 10, 2010
Citigroup (NYSE:C) Loves BP (NYSE:BP) Share Price
Citigroup (NYSE:C) analyst Mark Fletcher, while acknowledging BP (NYSE:BP) will face major challenged ahead, said the long-term outlook for the stock is stable, and the current price is based on worst-case scenarios.
Even so, Fletcher increased his risk rating on BP from medium to high, looking at the high end of the estimates of $40 billion as what they could ultimately pay out for all liabilities.
"We recognize that there is little certainty or definition around the costs of the spill to BP's shareholders," said Fletcher. "The quantum of cost and the share of burden remains uncertain but we have adjusted for almost four times what we believe reasonable cost to be."
In the long-term, Fletcher is viewing the situation of the stock, as mentioned, being discounted on the basis of the worst case scenario, rather than the likely outcome, making the company undervalued in his opinion.
Even so, Fletcher increased his risk rating on BP from medium to high, looking at the high end of the estimates of $40 billion as what they could ultimately pay out for all liabilities.
"We recognize that there is little certainty or definition around the costs of the spill to BP's shareholders," said Fletcher. "The quantum of cost and the share of burden remains uncertain but we have adjusted for almost four times what we believe reasonable cost to be."
In the long-term, Fletcher is viewing the situation of the stock, as mentioned, being discounted on the basis of the worst case scenario, rather than the likely outcome, making the company undervalued in his opinion.
BP (NYSE:BP) Bankruptcy, Fact or Fiction
Many are wondering what is really happening with BP (NYSE:BP) and the claims that they are filing bankruptcy. Matt Simons, oil industry insider and the energy focused investment bank Simmons & Co. told Fortune magazine that BP will eventually run out of money from lawsuits, oil cleanup costs, among other expenses.
"They have about a month before they declare chapter 11 bankruptcy," said Simmons. "One really smart thing Obama did was about three weeks ago he forced BP CEO Tony Hayward to put in writing that BP would pay for every dollar of the cleanup, he continued, "but there isn't enough money in the world to clean up the Gulf of Mexico. Once BP realizes the extent of this, my guess is they'll go into panic and file chapter 11."
In less than seven weeks BP has lost over half its market value, this is BP's lowest level since 1996. Their bonds are also being crushed. Before April 22nd, the day the Deepwater Horizon sunk, BP shares were being traded above $60. With yesterdays close, there was a loss of 16 percent at $29.20.
"They have about a month before they declare chapter 11 bankruptcy," said Simmons. "One really smart thing Obama did was about three weeks ago he forced BP CEO Tony Hayward to put in writing that BP would pay for every dollar of the cleanup, he continued, "but there isn't enough money in the world to clean up the Gulf of Mexico. Once BP realizes the extent of this, my guess is they'll go into panic and file chapter 11."
In less than seven weeks BP has lost over half its market value, this is BP's lowest level since 1996. Their bonds are also being crushed. Before April 22nd, the day the Deepwater Horizon sunk, BP shares were being traded above $60. With yesterdays close, there was a loss of 16 percent at $29.20.
Thursday, June 3, 2010
BP (NYSE:BP) Pipe Cut Irregular, May Not Trap Most of Oil
BP (NYSE:BP) finally had some good news from their attempt to stem the oil flow in the Gulf of Mexico, as they did successfully cut the pipe they needed to in order to place a cap over it to siphon oil to tankers on the surface.
The problem is the cut in the pipe was found to be irregular, and that could pose problems as to how tight it will fit when the cap is placed on the pipe.
Two challenges emerge from this. One, it will be harder to cap the pipe in the first place, and two, if it is capped, like mentioned above, it isn't certain as to how strong the seal would be and how much oil would continue escaping.
Of course any improvement is welcome, but it casts a shadow over the possible success of the capping if it doesn't capture near the amount of oil as hoped.
Later in the day BP will attempt to lower the cap in the attempt to place it on the pipe.
The problem is the cut in the pipe was found to be irregular, and that could pose problems as to how tight it will fit when the cap is placed on the pipe.
Two challenges emerge from this. One, it will be harder to cap the pipe in the first place, and two, if it is capped, like mentioned above, it isn't certain as to how strong the seal would be and how much oil would continue escaping.
Of course any improvement is welcome, but it casts a shadow over the possible success of the capping if it doesn't capture near the amount of oil as hoped.
Later in the day BP will attempt to lower the cap in the attempt to place it on the pipe.
Monday, May 31, 2010
BP's (NYSE:BP) New Plans, Will Make Spill Worse
As BP (NYSE:BP) is putting together a new plan, after the failed "top kill" attempt, it could only make things worse. Although it would only be temporarily.
Carol Browner, the White House energy czar said, "the American people need to know that it is possible we will have oil leaking from this well until August, when the relief wells will be finished." The other complication is that storm season is moving into the Gulf. As storms move in, this causes the oil recovery operations to come to a halt.
Michael Dixon, a lieutenant in charge of oil recovery operations at the Coast Guard Venice staging area said, "the way that the currents are treating this, and the ongoing leaking of oil, this is basically small spills all over the place. It's a series of a lot of small oil spills. We're fighting on a lot of fronts."
So our worst fears are being realized, our oceans will continue to be polluted, our shorelines destroyed, stocks will continue to fall, and the full effects on humans has yet to be fully realized.
Carol Browner, the White House energy czar said, "the American people need to know that it is possible we will have oil leaking from this well until August, when the relief wells will be finished." The other complication is that storm season is moving into the Gulf. As storms move in, this causes the oil recovery operations to come to a halt.
Michael Dixon, a lieutenant in charge of oil recovery operations at the Coast Guard Venice staging area said, "the way that the currents are treating this, and the ongoing leaking of oil, this is basically small spills all over the place. It's a series of a lot of small oil spills. We're fighting on a lot of fronts."
So our worst fears are being realized, our oceans will continue to be polluted, our shorelines destroyed, stocks will continue to fall, and the full effects on humans has yet to be fully realized.
Friday, May 28, 2010
Citigroup (NYSE:C) On Gulf Lawsuits, Lobbying
While we hear a lot about BP (NYSE:BP) and Transocean (NYSE:RIG) in the Gulf oil crisis, there are a lot of oil companies who could have exposure to the fallout from the oil spill, which could result in some significant pressure in the months ahead, according to a Citigroup (NYSE:C) analyst.
The analyst said, In the Independent Oil & Gas industry, Anadarko (NYSE:APC), Apache (NYSE:APA), Newfield (NYSE:NFX), Nexen (NYSE: NXY) and Noble Energy (NYSE:NBL) have offshore Gulf of Mexico exposure. Of the US integrated oil industry, Chevron (NYSE:CVX) and Marathon (NYSE:MRO) have the highest level of activity taking place in the deep waters of the GOM. ExxonMobil (NYSE:XOM) and Hess (NYSE:HES) have limited exposure. Occidental Petroleum (NYSE:OXY) has zero exposure and is likely to benefit from the current environment."
Ultimately what some consider an over-response from the Obama administration, this could be devastating to the overall U.S. economy at a time when it continues to struggle to recover from the great recession.
The analyst said, In the Independent Oil & Gas industry, Anadarko (NYSE:APC), Apache (NYSE:APA), Newfield (NYSE:NFX), Nexen (NYSE: NXY) and Noble Energy (NYSE:NBL) have offshore Gulf of Mexico exposure. Of the US integrated oil industry, Chevron (NYSE:CVX) and Marathon (NYSE:MRO) have the highest level of activity taking place in the deep waters of the GOM. ExxonMobil (NYSE:XOM) and Hess (NYSE:HES) have limited exposure. Occidental Petroleum (NYSE:OXY) has zero exposure and is likely to benefit from the current environment."
Ultimately what some consider an over-response from the Obama administration, this could be devastating to the overall U.S. economy at a time when it continues to struggle to recover from the great recession.
Wednesday, May 26, 2010
Exxon Mobil (NYSE:XOM) Continues BP (NYSE:BP) Aid
With the best interests of the oil industry at stake, Exxon Mobil (NYSE:XOM) continues to help BP (NYSE:BP) in attempting to contain the Gulf of Mexico oil spill.
Exxon Chairman and CEO Rex Tillerson tooted his horn for his company a little more, saying that the drilling plans of Exxon are built to "anticipate risk at every step of the operation," when talking a the annual shareholder meeting of the company.
This probably was an attempt to calm investor fears on the consequences to their share value if Exxon was to experience a similar incident, which they of course have in the past.
Exxon has several new offshore drilling projects ready to launch, including some in the Beaufort Sea, which is off the coast of Alaska and Canada.
Details on how Exxon was helping BP with the Gulf oil spill weren't given.
Exxon Chairman and CEO Rex Tillerson tooted his horn for his company a little more, saying that the drilling plans of Exxon are built to "anticipate risk at every step of the operation," when talking a the annual shareholder meeting of the company.
This probably was an attempt to calm investor fears on the consequences to their share value if Exxon was to experience a similar incident, which they of course have in the past.
Exxon has several new offshore drilling projects ready to launch, including some in the Beaufort Sea, which is off the coast of Alaska and Canada.
Details on how Exxon was helping BP with the Gulf oil spill weren't given.
BP (NYSE:BP) Paying for Florida Commercials Saying They Aren't Affected by Oil Spill
In one of the more bizarre shakedowns I've seen and heard of, Florida pressured and got from BP (NYSE:BP), $25 million, in order to advertise that the state hasn't been harmed by the oil spill. Unbelievable that BP caved on this one.
Think of it. Florida hasn't had any negative effects from the oil spill, so now BP is responsible to pay for the Florida Restaurant and Lodging Association to put out ads declaring that!
What BP should have thought of first was the effects of the recession and gas prices on tourism before allowing themselves to be pressured into this strange payout.
Tourism has been down for several years, and more than likely will continue this year. For the industry to use the figures they did, saying the drop in Florida tourism business was about 30 percent so far, and then tying that into the oil spill - while being creative - was ugly and taking advantage of the situation to get some more money to advertise their state to the nation at a time when state budgets everywhere are low on money.
Florida has now began their ad campaign at the expense of BP, and are getting the word out that the company has done nothing to harm their state. Why not have Minnesota shake down BP in order to say the same thing? Or any other state for that matter.
Maybe I'm dumb or something. But isn't there something wrong with the picture of a company paying a state for something that had absolutely no impact upon them but one the made up and created?
They can use any numbers they want. Let them prove their assertions though, and they'll come up way short. Let's go over the last couple of years to see how the Florida tourism industry was doing in order to see if they numbers hold up. I doubt very much that they would.
BP responded to this to eliminate a minor headache and publicity, but paying $25 million for doing nothing to someone is one of the more strange things I've seen in my lifetime.
These companies need to get a little more backbone than they have, and realize people are using the shock factor to extract things out of them they don't need to pay.
Think of it. Florida hasn't had any negative effects from the oil spill, so now BP is responsible to pay for the Florida Restaurant and Lodging Association to put out ads declaring that!
What BP should have thought of first was the effects of the recession and gas prices on tourism before allowing themselves to be pressured into this strange payout.
Tourism has been down for several years, and more than likely will continue this year. For the industry to use the figures they did, saying the drop in Florida tourism business was about 30 percent so far, and then tying that into the oil spill - while being creative - was ugly and taking advantage of the situation to get some more money to advertise their state to the nation at a time when state budgets everywhere are low on money.
Florida has now began their ad campaign at the expense of BP, and are getting the word out that the company has done nothing to harm their state. Why not have Minnesota shake down BP in order to say the same thing? Or any other state for that matter.
Maybe I'm dumb or something. But isn't there something wrong with the picture of a company paying a state for something that had absolutely no impact upon them but one the made up and created?
They can use any numbers they want. Let them prove their assertions though, and they'll come up way short. Let's go over the last couple of years to see how the Florida tourism industry was doing in order to see if they numbers hold up. I doubt very much that they would.
BP responded to this to eliminate a minor headache and publicity, but paying $25 million for doing nothing to someone is one of the more strange things I've seen in my lifetime.
These companies need to get a little more backbone than they have, and realize people are using the shock factor to extract things out of them they don't need to pay.
Saturday, May 22, 2010
BP (NYSE:BP): Natural Gas Distorting Oil Leak Estimates
People without knowledge of the oil leak in the Gulf of Mexico, are inflating the amount of oil leaking into the region because they aren't taking in a number of factors relevant to the situation, said BP (NYSE:BP).
Alarmists have been calling them liars and the media and Obama administration cluelessly says they're not being transparent enough, again, based on seeming inability to get their facts straight, and also caving to their base, which wants this disaster to be worse than it really is in order to pursue their private agendas.
One of the major elements that are going to make these so-called researchers and scientists look stupid and ignorant is the fact that about half of what is leaking into the ocean is natural gas. They are basing their inflated numbers on all the liquid being oil, which totally makes the flow far higher than it really is.
Other things not being taken into consideration, are these, according to BP in a statement: "For instance, while the original riser was 19.5 inches in diameter prior to the Deepwater Horizon accident, damage sustained during the accident distorted the diameter at the end of the pipe by about 30 percent. In addition, a drill pipe currently trapped inside the riser has reduced the flow area by an additional 10 percent."
The mainstream media is also reporting that so-called exerts are saying the amount of oil being released is far more than the 5,000 barrels thought to be leaking in the ocean on a daily basis by BP. Experts? How is anyone an expert in oil leaking from the ocean floor at about a mile below the surface? There is no such thing as an expert in this, which is the reason why BP is having so much trouble plugging the leak, and you can be sure others in the industry are giving them input on the matter as well, as it has a negative impact on the industry as a whole.
I don't believe BP is trying to hide anything at all, what they're doing is syphoning through all the data, and the number of variables involved, plus changes circumstances, make it an extremely difficult job to do.
For that reason, they prefer to release information on certain things in 24-hour cycles rather than in smaller time frames, as it makes it appear like they're trying to hide something, when in fact the circumstances are changing at such a rapid pace, that when they report it, it seems they're hiding something or being coy, when they are in reality adjusting their statement and thinking as the events occur and additional information is discovered and understood.
Alarmists have been calling them liars and the media and Obama administration cluelessly says they're not being transparent enough, again, based on seeming inability to get their facts straight, and also caving to their base, which wants this disaster to be worse than it really is in order to pursue their private agendas.
One of the major elements that are going to make these so-called researchers and scientists look stupid and ignorant is the fact that about half of what is leaking into the ocean is natural gas. They are basing their inflated numbers on all the liquid being oil, which totally makes the flow far higher than it really is.
Other things not being taken into consideration, are these, according to BP in a statement: "For instance, while the original riser was 19.5 inches in diameter prior to the Deepwater Horizon accident, damage sustained during the accident distorted the diameter at the end of the pipe by about 30 percent. In addition, a drill pipe currently trapped inside the riser has reduced the flow area by an additional 10 percent."
The mainstream media is also reporting that so-called exerts are saying the amount of oil being released is far more than the 5,000 barrels thought to be leaking in the ocean on a daily basis by BP. Experts? How is anyone an expert in oil leaking from the ocean floor at about a mile below the surface? There is no such thing as an expert in this, which is the reason why BP is having so much trouble plugging the leak, and you can be sure others in the industry are giving them input on the matter as well, as it has a negative impact on the industry as a whole.
I don't believe BP is trying to hide anything at all, what they're doing is syphoning through all the data, and the number of variables involved, plus changes circumstances, make it an extremely difficult job to do.
For that reason, they prefer to release information on certain things in 24-hour cycles rather than in smaller time frames, as it makes it appear like they're trying to hide something, when in fact the circumstances are changing at such a rapid pace, that when they report it, it seems they're hiding something or being coy, when they are in reality adjusting their statement and thinking as the events occur and additional information is discovered and understood.
Rand Paul Right on BP (NYSE:BP)
While all the liberals, progressives and socialists are out in force trying to use the tragic accident on the oil rig Deepwater Horizon as an excuse to bash BP (NYSE:BP), business and the oil industry, Rand Paul is one of the few voices of sanity calling out from the political wilderness that the response of their demi-god Obama in saying he's going to keep his foot on the throat of BP is inappropriate and "un-American," and he's right of course.
The attempt to bring and demand perfection in any human endeavor, no matter what type it is is ridiculous and unattainable, as any sane, healthy and honest person will admit. All that happens when government steps in in the way Obama has is to make things more expensive and harder to do, and usually the endless number of regulations will have unintended consequences which do more harm overall than good.
Big government-loving liberals, progressives and socialists are now using this as an attempt to derail Rand Paul's run to be the senator from Kentucky because they know he will be one of their worst political nightmares, like his dad Ron Paul is, because he'll vote against the majority of the policies which only grow government larger, destroy the moral fabric of the nation, and turn more and more toward socialism and crony capitalism than ever before in our history.
All they're trying to do is paint Paul as a kook, because these kooks don't want to be found out for what they are, and as the tactics they use dictate to them, they never want to waste a tragedy or incident to further and promote their agenda.
They also know Rand Paul is highly popular in Kentucky, and leads their Democratic opponent as much as he led and beat his Republican opponent in the primary.
This is just noise and sound bites they're throwing out in a way they hope the public will start to believe based on nothing else than repetition.
Rand Paul is right about BP. The response is way over the top by the Obama administration and his media lapdogs, and BP is doing everything they can to stop the oil leak and start to clean it up.
What these people are doing is taking the opportunity to make so much noise that the idea of continuing to drill offshore oil will be disallowed. That's not going to happen, but that's part of their agenda.
The other part of their agenda is the additional regulations which will inevitably come could cause the price of oil, and by extension, gasoline, to raise, that would give their environmental projects more of a chance to move forward, especially their alternative energy garbage, which isn't cost competitive, even at the high price of gas and oil today.
You know Rand Paul is hitting on the truth when you hear these socialists screaming and yelling over comments he makes which the majority of normal Americans like us, agree with him on.
The attempt to bring and demand perfection in any human endeavor, no matter what type it is is ridiculous and unattainable, as any sane, healthy and honest person will admit. All that happens when government steps in in the way Obama has is to make things more expensive and harder to do, and usually the endless number of regulations will have unintended consequences which do more harm overall than good.
Big government-loving liberals, progressives and socialists are now using this as an attempt to derail Rand Paul's run to be the senator from Kentucky because they know he will be one of their worst political nightmares, like his dad Ron Paul is, because he'll vote against the majority of the policies which only grow government larger, destroy the moral fabric of the nation, and turn more and more toward socialism and crony capitalism than ever before in our history.
All they're trying to do is paint Paul as a kook, because these kooks don't want to be found out for what they are, and as the tactics they use dictate to them, they never want to waste a tragedy or incident to further and promote their agenda.
They also know Rand Paul is highly popular in Kentucky, and leads their Democratic opponent as much as he led and beat his Republican opponent in the primary.
This is just noise and sound bites they're throwing out in a way they hope the public will start to believe based on nothing else than repetition.
Rand Paul is right about BP. The response is way over the top by the Obama administration and his media lapdogs, and BP is doing everything they can to stop the oil leak and start to clean it up.
What these people are doing is taking the opportunity to make so much noise that the idea of continuing to drill offshore oil will be disallowed. That's not going to happen, but that's part of their agenda.
The other part of their agenda is the additional regulations which will inevitably come could cause the price of oil, and by extension, gasoline, to raise, that would give their environmental projects more of a chance to move forward, especially their alternative energy garbage, which isn't cost competitive, even at the high price of gas and oil today.
You know Rand Paul is hitting on the truth when you hear these socialists screaming and yelling over comments he makes which the majority of normal Americans like us, agree with him on.
Friday, May 21, 2010
BP (LON:BP) Says Flow Estimates Inaccurate
BP (LON:BP) (NYSE:BP) said oil flow estimates from theorists claiming it could be ten time higher than the daily rate of 5,000 barrels released into the ocean is inaccurate.
What these theorists are doing is assuming the flow is far higher based on the diameter of the pipe, which was 19.5 inches. BP said the reason they're so far off is because the width of the pipe narrowed as a result of the accident by 30 percent.
There is also a broken drill pipe inside the riser, which has reduced the flow by another 10 percent.
The other reason the assumption is so faulty, is approximately half the flow releasing from the pipe is natural gas, and not oil, according to BP.
To get a real and more accurate estimate of the flow, the government has set up a Flow Rate Technical Team, which is expected to come up with more precise answers sometime later on Saturday.
What these theorists are doing is assuming the flow is far higher based on the diameter of the pipe, which was 19.5 inches. BP said the reason they're so far off is because the width of the pipe narrowed as a result of the accident by 30 percent.
There is also a broken drill pipe inside the riser, which has reduced the flow by another 10 percent.
The other reason the assumption is so faulty, is approximately half the flow releasing from the pipe is natural gas, and not oil, according to BP.
To get a real and more accurate estimate of the flow, the government has set up a Flow Rate Technical Team, which is expected to come up with more precise answers sometime later on Saturday.
Rand Paul on BP (NYSE:BP) Criticism from Obama
Rand Paul took a swipe at Obama for his outrageous verbal attack when he said he would put "his boot heel on the throat of BP." Paul called it "really un-American." Paul is right of course.
"What I don't like from the president's administration is this sort of, 'I'll put my boot heel on the throat of BP,'" Paul said in an interview with "Good Morning America." "I think that sounds really un-American in his criticism of business."
Paul's proper defense of BP comes is based on the fact that accidents happen, and when you think of those you propose endless regulations, thinking a rule or law can stop accidents from happening, are only fooling themselves.
There's always going to be accidents; that's part of being human and doing business.
BP, almost from the beginning, has said they're more than willing to pay for the damages, and they're working hard to take care of the incident, which has cost them millions in lost revenue, as well as millions more in cleanup costs.
So for Obama to say he will put his foot on the neck of the company is a lie, as it implies BP has been fighting taking responsibility for their part in the matter.
Paul said, "I think it's part of this sort of blame-game society in the sense that it's always got to be somebody's fault instead of the fact that maybe sometimes accidents happen."
Every time an accident happens, as Paul notes, especially in mining and drilling industries, it is attacked with a ferocity that is unwarranted, and points to an agenda by radical environmentalist and earth worshippers who are offended by the fact people need to use the commodities the produce to better their lives.
To demonize businesses who are providing much-needed products and services in dangerous situation and environments should be applauded, and how they respond practically to the circumstances should be how their judged, not because there's an accident.
It's good to see someone emerge like Rand Paul who has the courage to point out the obvious, and help rein in the ridiculous faux outrage of the mainstream media and Obama in their opposition to business.
"What I don't like from the president's administration is this sort of, 'I'll put my boot heel on the throat of BP,'" Paul said in an interview with "Good Morning America." "I think that sounds really un-American in his criticism of business."
Paul's proper defense of BP comes is based on the fact that accidents happen, and when you think of those you propose endless regulations, thinking a rule or law can stop accidents from happening, are only fooling themselves.
There's always going to be accidents; that's part of being human and doing business.
BP, almost from the beginning, has said they're more than willing to pay for the damages, and they're working hard to take care of the incident, which has cost them millions in lost revenue, as well as millions more in cleanup costs.
So for Obama to say he will put his foot on the neck of the company is a lie, as it implies BP has been fighting taking responsibility for their part in the matter.
Paul said, "I think it's part of this sort of blame-game society in the sense that it's always got to be somebody's fault instead of the fact that maybe sometimes accidents happen."
Every time an accident happens, as Paul notes, especially in mining and drilling industries, it is attacked with a ferocity that is unwarranted, and points to an agenda by radical environmentalist and earth worshippers who are offended by the fact people need to use the commodities the produce to better their lives.
To demonize businesses who are providing much-needed products and services in dangerous situation and environments should be applauded, and how they respond practically to the circumstances should be how their judged, not because there's an accident.
It's good to see someone emerge like Rand Paul who has the courage to point out the obvious, and help rein in the ridiculous faux outrage of the mainstream media and Obama in their opposition to business.
BP (NYSE:BP) Pollution Cleanup Continues, Cover up Denied
BP (NYSE:BP) had estimated that the fuel oil spill from the oil pipeline was around 5,000 barrels a day. The U.S. government and some scientist have doubted and questioned this figure as the pollution cleanup continues.
BP oil has said that some of the third party estimates on the daily loss from the oil spill are inaccurate and are adamantly denying a cover up. A spokesman from the BP oil company said Friday, "it was only ever meant to be a rough estimate." This statement was prompted by the accusations by U.S. lawmakers accused them of hiding the true and full estimate of the spill.
BP has also stated that there are several ways to measure the oil that is leaking. The damage to the pipe has distorted the diameter by 30 percent, although this flow has been reduced by an additional 10 percent due to the pipe trapped inside the riser.
"Thus, some third party estimates of flow, which assume a 19.5 inch diameter, are inaccurate," BP said. Plus, there is data showing that 50 percent of the plume formed by the oil leak is natural gas not oil.
BP oil has said that some of the third party estimates on the daily loss from the oil spill are inaccurate and are adamantly denying a cover up. A spokesman from the BP oil company said Friday, "it was only ever meant to be a rough estimate." This statement was prompted by the accusations by U.S. lawmakers accused them of hiding the true and full estimate of the spill.
BP has also stated that there are several ways to measure the oil that is leaking. The damage to the pipe has distorted the diameter by 30 percent, although this flow has been reduced by an additional 10 percent due to the pipe trapped inside the riser.
"Thus, some third party estimates of flow, which assume a 19.5 inch diameter, are inaccurate," BP said. Plus, there is data showing that 50 percent of the plume formed by the oil leak is natural gas not oil.
Thursday, May 20, 2010
Nalco (NYSE:NLC) Gets Knocked by EPA
Nalco (NYSE:NLC) had a good thing going while it lasted, as its highly effective chemical dispersant Corexit, which was used to battle the oil spill by BP (NYSE:BP), has now been ordered by the U.S. Environmental Protection Agency to stop being used, as they caved in to pressure from radical environmentalist and "scientists" because of unproven, theoretical ideas it could cause more harm to the ecosystem at some future time.
I guess they'd rather allow harm to the ocean and marine animals and life today, which is provable harm, than to take a chance that some theoretical thing will happen in some distant future.
As far as it affects Nalco, it's unclear whether or not they'll provide some less effective oil dispersant or not. BP did order huge amounts of the original dispersant, which was a great boon to Nalco, greatly increasing that particular segment of the company; although it did only account for about 1 percent of their revenue until the oil accident.
With that in mind, the 5.26 percent drop in the share price of the company, or $1.26 drop today was unwarranted, and shouldn't cause much damage to their bottom line, and it could improve if they have what is being called a less-toxic chemical dispersant to offer.
This was a cowardly and ridiculous response by the EPA, and they should have ignored it, as there were tests done before the dispersant was used, and they, the Coast Guard and BP all concluded Corexit was safe.
I guess they'd rather allow harm to the ocean and marine animals and life today, which is provable harm, than to take a chance that some theoretical thing will happen in some distant future.
As far as it affects Nalco, it's unclear whether or not they'll provide some less effective oil dispersant or not. BP did order huge amounts of the original dispersant, which was a great boon to Nalco, greatly increasing that particular segment of the company; although it did only account for about 1 percent of their revenue until the oil accident.
With that in mind, the 5.26 percent drop in the share price of the company, or $1.26 drop today was unwarranted, and shouldn't cause much damage to their bottom line, and it could improve if they have what is being called a less-toxic chemical dispersant to offer.
This was a cowardly and ridiculous response by the EPA, and they should have ignored it, as there were tests done before the dispersant was used, and they, the Coast Guard and BP all concluded Corexit was safe.
Next BP (NYSE:BP) Oil Well Capping Attempt Coming Soon
Representatives for BP (NYSE:BP) said in a conference call with reporters that they could attempt to "top kill" the leaking oil well as soon as May 23.
Top kill is a term the oil industry uses in regard to sealing an oil well with cement and other drilling fluids.
The amount of oil the company is capturing form the pipeline about a mile long has improved, rising from 2,000 just a couple of days ago to close to 5,000 now, according to a spokesman for the company.
If the top kill attempt doesn't work, another option would be to drill two relief wells, which would intercept the oil well at about 13,000 feet below the ocean floor. That would result in the well being permanently plugged. The downside to that is it could take up to three months to accomplish.
The amount of oil leaking from the oil well on a daily basis is estimated to be around 5,000 barrels a day, based on estimates from the Coast Guard, NOAA and BP.
Top kill is a term the oil industry uses in regard to sealing an oil well with cement and other drilling fluids.
The amount of oil the company is capturing form the pipeline about a mile long has improved, rising from 2,000 just a couple of days ago to close to 5,000 now, according to a spokesman for the company.
If the top kill attempt doesn't work, another option would be to drill two relief wells, which would intercept the oil well at about 13,000 feet below the ocean floor. That would result in the well being permanently plugged. The downside to that is it could take up to three months to accomplish.
The amount of oil leaking from the oil well on a daily basis is estimated to be around 5,000 barrels a day, based on estimates from the Coast Guard, NOAA and BP.
BP (NYSE:BP) Oil Reaching Shores
BP (NYSE:BP) oil is starting to reach the shores. BP said on May 18th, it has already spent $625 million. This is since the BP oil rig Deepwater Horizon sank April 20th.
Governor Bobby Jindal said yesterday at a press conference, heavy oil has reached our wetlands in the area of Plaquemines Parish, Louisiana. This is about 34.5 miles off the states shore line. Jindal also said, "these are not tar balls this is not sheen, this is heavy oil."
A permit was filed May 11th by the Louisiana's Coastal Protection and Restoration Authority to add piles of sand to protect the states barrier islands. The U.S. Coast Guard has also been asked to assist Louisiana by putting dredgers into place. This is so work can begin immediately once approved.
Oil has also reached the loop current, water that flows from the Gulf to around Florida. As a precaution of the spread of oil in the current, the National Oceanic and Atmospheric Administration has closed 19 percent of fishing in federal Gulf waters. It's only a matter of 8 - 10 days before the oil reaches the Florida Keys once caught in the loop current.
Governor Bobby Jindal said yesterday at a press conference, heavy oil has reached our wetlands in the area of Plaquemines Parish, Louisiana. This is about 34.5 miles off the states shore line. Jindal also said, "these are not tar balls this is not sheen, this is heavy oil."
A permit was filed May 11th by the Louisiana's Coastal Protection and Restoration Authority to add piles of sand to protect the states barrier islands. The U.S. Coast Guard has also been asked to assist Louisiana by putting dredgers into place. This is so work can begin immediately once approved.
Oil has also reached the loop current, water that flows from the Gulf to around Florida. As a precaution of the spread of oil in the current, the National Oceanic and Atmospheric Administration has closed 19 percent of fishing in federal Gulf waters. It's only a matter of 8 - 10 days before the oil reaches the Florida Keys once caught in the loop current.
BP (NYSE:BP) Oil Company Increases Oil Being Captured
The BP (NYSE:BP) oil company is getting closer to the success of getting control of the oil leak. The amount of oil being contained has increased. The success of the mile long pipe that was inserted is diverting oil to a drill ship. This is capturing close to 3,000 barrels a day, up from 2,000 barrels a day on May 18th.
BP oil is continuing it efforts full force to get it's leaking well capped. Doug Suttles, chief operating officer of exploration and production for the company, said the following on a conference call yesterday with reporters.
BP is going to try as early as May 23, to inject heavy drilling fluids and cement into the well to seal it. This is known as "top kill." If successful, this would also mean that 20,000 people would get their oil industry jobs back. Rather than containing oil or protecting the shorelines.
Should the "top kill" fail, BP is also drilling two relief wells. The purpose of each is at 13,000 feet
below the ocean floor, they would intercept the leaking well. It would then be permanently cemented shut. This will take a total of about 3 months to complete.
BP oil is continuing it efforts full force to get it's leaking well capped. Doug Suttles, chief operating officer of exploration and production for the company, said the following on a conference call yesterday with reporters.
BP is going to try as early as May 23, to inject heavy drilling fluids and cement into the well to seal it. This is known as "top kill." If successful, this would also mean that 20,000 people would get their oil industry jobs back. Rather than containing oil or protecting the shorelines.
Should the "top kill" fail, BP is also drilling two relief wells. The purpose of each is at 13,000 feet
below the ocean floor, they would intercept the leaking well. It would then be permanently cemented shut. This will take a total of about 3 months to complete.
Subscribe to:
Posts (Atom)
