While BP (NYSE:BP) finally saw an increase, other U.S. stock shares and crude oil trading continues to fall, including Royal Dutch Shell (LSE:RDSA) and Exxon Mobil (NYSE:XOM), sliding from a prior seven week high. Causing the Standard and Poors 500 to drop again, this is the fifth time in six days.
The S&P saw another decline of 0.1 percent to 1,074.57, while the energy shares among S&P tumbled 1.3 percent as a group - this being the highest loss among 10 industries. While the Dow Jones Industrial average also slide losing 0.1 percent or 5.29 point to 10,138.52. Crude oil fell below $78 a barrel in New York, this is due to slow economic growth concerns that this may reduce demand.
Exxon Mobil dropped 1.39 percent to $57.65. While Royal Dutch Shell saw a decline of 2.9 percent to $49.56, and BP saw a gain of 0.96 percent to 27.31.
Meanwhile, many are watching with worry and anticipation as Alex continues it's course towards the Gulf as swells are already reaching it. It is expected to turn into a hurricane and the force of the storm is already causing evacuations on several of the oil rigs. Air Logistics, an offshore helicopter company has been evacuating Gulf workers in the Western Gulf of Mexico.
Shell is planning on shutting down production today on their rigs in the central and Western Gulf. Exxon has also started the process of evacuation from the offshore facilities that are expected to be in the path of Alex.
Showing posts with label Tropical Storm Alex. Show all posts
Showing posts with label Tropical Storm Alex. Show all posts
Tuesday, June 29, 2010
Saturday, June 26, 2010
BP (NYSE:BP) UPDATE: Storm Tracking
Tropical Storm Alex, the name of the first storm of the 2010 hurricane season could cause damage to BP's (NYSE:BP) oil rig and well. It also has the potential to move the oil slick closer to the Florida Panhandle beaches.
Senator Bill Nelson of Florida stated, "the greatest nightmare with this storm approaching is that it takes this oil on the surface of the Gulf and blows it over the barrier islands into the bays and the estuaries. And that is where you really get the enormous destruction, because it's just very difficult to clean up those pristine bays."
Alex's current course is heading West-Northwest and has sustained winds of 40 miles per hour and is about 250 miles from Chetumal, Mexico. As of now it does not appear that Alex path will take it directly over the massive oil slick, but as with any storm there is no predictability and their paths can change from hour to hour.
Meteorologist Karen Magginis says the "preferred scenario" for Alex to head to Northern Florida. The reasoning for this is because the oil has been slowly rotating counterclockwise. If Alex goes towards the East of it, it would send the oil out to sea. If the storms path goes directly towards the Gulf and Louisiana, it will cause the oil slick to be pushed towards Florida.
Magginis said, "we've never seen an oil spill that encompassed the Gulf like this before, end up do close to shore. We've never been in this situation before."
Senator Bill Nelson of Florida stated, "the greatest nightmare with this storm approaching is that it takes this oil on the surface of the Gulf and blows it over the barrier islands into the bays and the estuaries. And that is where you really get the enormous destruction, because it's just very difficult to clean up those pristine bays."
Alex's current course is heading West-Northwest and has sustained winds of 40 miles per hour and is about 250 miles from Chetumal, Mexico. As of now it does not appear that Alex path will take it directly over the massive oil slick, but as with any storm there is no predictability and their paths can change from hour to hour.
Meteorologist Karen Magginis says the "preferred scenario" for Alex to head to Northern Florida. The reasoning for this is because the oil has been slowly rotating counterclockwise. If Alex goes towards the East of it, it would send the oil out to sea. If the storms path goes directly towards the Gulf and Louisiana, it will cause the oil slick to be pushed towards Florida.
Magginis said, "we've never seen an oil spill that encompassed the Gulf like this before, end up do close to shore. We've never been in this situation before."
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