The top energy advisor for President Obama stated that BP (NYSE:BP) will be paying a "large financial penalty" for the oil spill in the Gulf of Mexico. The question remains if the company will take on their responsibilities and show financial compliance. He would not say as to whether criminal negligence charges were going to be taken against the company.
BP is now in the process of shifting from stopping the oil leak, to cleaning the oil that has polluted beaches and restoring economic health to the region. Director of The White House Office of Energy and Climate Change Policy, Carol Browner stressed that BP is anything but off the hook for the billions of dollars of penalties they will incur.
"BP will be held absolutely accountable. There will be a large financial penalty," said Browner. There has been over 205 million gallons, or 4.9 million barrels of the toxic crude oil released into the Gulf region. While about 800,000 barrels were able to be collected, contained, and funneled to ships on the waters surface.
Showing posts with label Toxic Crude. Show all posts
Showing posts with label Toxic Crude. Show all posts
Monday, August 9, 2010
Wednesday, August 4, 2010
BP (NYSE:BP) Playing Dumb on Oil Spill Estimate and Spill Containment
BP (NYSE:BP) is playing dumb when it comes to the new oil spill estimate. Just a day ago the government increased their estimate of spilled oil to over 4 million barrels.
BP spokesman John Barnes said, "We don't have our own estimate of the flow rate or an assessment of this report." He stated that BP was not part of the federal scientific task force which came up with the estimate. He did say that the company had provided data to the task force. "It's important to know the amount of oil released, but we're not actual participants in that," continued Barnes.
Something is not adding up here, from the beginning of the oil spill BP has been low balling their estimates. Despite what scientists and the federal government have been insisting was the actual, much higher amount. Now BP's lawyers are being hush, hush and not giving any comment one way or the other. The amount of spilled oil is what will determine the amount the company's liability.
The federal clean water act will allow the government to impose the fine. The minimum of which, would be $1,100 per barrel of the toxic crude deposited into the Gulf of Mexico. The fine could go all the way up to $4,300 per barrel if the company is found to be negligent.
BP spokesman John Barnes said, "We don't have our own estimate of the flow rate or an assessment of this report." He stated that BP was not part of the federal scientific task force which came up with the estimate. He did say that the company had provided data to the task force. "It's important to know the amount of oil released, but we're not actual participants in that," continued Barnes.
Something is not adding up here, from the beginning of the oil spill BP has been low balling their estimates. Despite what scientists and the federal government have been insisting was the actual, much higher amount. Now BP's lawyers are being hush, hush and not giving any comment one way or the other. The amount of spilled oil is what will determine the amount the company's liability.
The federal clean water act will allow the government to impose the fine. The minimum of which, would be $1,100 per barrel of the toxic crude deposited into the Gulf of Mexico. The fine could go all the way up to $4,300 per barrel if the company is found to be negligent.
Friday, July 30, 2010
BP (NYSE:BP) Oil UPDATE: Static Kill Progress, Asset Sales
According to the soon to be CEO for BP (NYSE:BP), the company is planning on attempting the "static kill" operation on Tuesday. If successful it will seal the broken well. The the focus will turn to the relief well and permanently plugging it by the end of August.
The "static kill" process entails pumping heavy drilling mud followed by cement into the top of the Macondo well. The goal is to push a column of oil back into the reservoir almost three miles below the seafloor. Crews were installing a final pipe like casing into the well Thursday evening.
At a news conference in Mississippi, Dudley stated that BP is currently in the process of a $25 to $30 billion global asset sale. The Apace deal of $7 billion has also been agreed on. The sales are part of the company's plan to pay for the costs they've incurred from the massive oil leak that has spilled out over $200 million gallons of toxic crude.
The "static kill" process entails pumping heavy drilling mud followed by cement into the top of the Macondo well. The goal is to push a column of oil back into the reservoir almost three miles below the seafloor. Crews were installing a final pipe like casing into the well Thursday evening.
At a news conference in Mississippi, Dudley stated that BP is currently in the process of a $25 to $30 billion global asset sale. The Apace deal of $7 billion has also been agreed on. The sales are part of the company's plan to pay for the costs they've incurred from the massive oil leak that has spilled out over $200 million gallons of toxic crude.
Tuesday, July 27, 2010
Where or Where Has The BP (NYSE:BP) Oil Gone ?
Over 200 million gallons of BP's (NYSE:BP) toxic crude oil was spewed into the ocean. The federal government and BP has sent a small army to clean it up, but the problem is they can't find it.
The oil slick mass is now the size of New Hampshire but started out the size of Kansas. The Coast Guard flew around the BP rig site and no oil could be found. An ABC News team surveyed a marsh area and the oil eluded them as well.
A shrimper, Salvador Cepriano is one of many searching for the oil. He said hes been putting out boom but it's not catching any oil. "I think it is underneath the water. It's in between the bottom and the top of the water," said Cepriano.
The government is says it's getting harder and harder to find the crude. Thad Allen, National Incident Commander said, "It is become a very elusive bunch of oil for us to find." This doesn't mean that all the oil is gone, but experts are saying that a massive amount has reabsorbed into the environment.
The oil slick mass is now the size of New Hampshire but started out the size of Kansas. The Coast Guard flew around the BP rig site and no oil could be found. An ABC News team surveyed a marsh area and the oil eluded them as well.
A shrimper, Salvador Cepriano is one of many searching for the oil. He said hes been putting out boom but it's not catching any oil. "I think it is underneath the water. It's in between the bottom and the top of the water," said Cepriano.
The government is says it's getting harder and harder to find the crude. Thad Allen, National Incident Commander said, "It is become a very elusive bunch of oil for us to find." This doesn't mean that all the oil is gone, but experts are saying that a massive amount has reabsorbed into the environment.
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