Good oil news
On 6/1/10 6:47 AM, thunder wrote:
On Mon, 31 May 2010 22:15:12 -0700, jps wrote:
If a major storm rolls in, the relief well operations would have to be
suspended and then re-started, adding more time to the process. Plugging
the Ixtoc was also hampered by hurricane season, which begins Tuesday
and is predicted to be very active.
It really doesn't take any time to suspend operations. Perhaps, a day to
suspend operations and a day to restart. I'd be more concerned about the
hurricane churning up the oil laden Gulf, and spreading that oil to parts
it hasn't been to yet. Oil booms don't work very well in a hurricane.
UPDATE 1-BP says spill costs hit $990 million
Tue Jun 1, 2010 2:57am EDT
Stocks
LONDON June 1 (Reuters) - The financial cost of tackling the oil spill
in the Gulf of Mexico, the worst in U.S. history, now stands at $990
million, BP (BP.L) said on Tuesday as it prepared for a new attempt to
control the flow of oil this week.
London-based BP will try to place a containment cap on top of a lower
marine riser package (LMRP) later this week after two previous attempts
to plug or contain the well failed. [ID:nN01262229]
The company cautioned that the time frame for deployment of the LMRP cap
could be delayed as the catastrophe enters its 43rd day and the
hurricane season starts officially on Tuesday.
BP said it continues to drill two relief wells as part of a longer term
plan to control the leak, and that drilling at a second well had resumed
on May 30 after a temporary suspension. The wells are expected to be
completed in August.
The total financial cost of the response in the six weeks since a rig
explosion killed 11 workers and unleashed oil from a well head one mile
(1.6 km) down stands at $990 million, up from a $930 million estimate on
May 28, BP said.
- - -
Well, doesn't BP pull in something like $6 billion a quarter in profit?
It's got the cash to pay for all the damage its carelessness and
incompetency will cause, to the penny, and then it should be fined a few
billion more, to be put into a reserve fund to help defray the costs of
unanticipated losses in the impacted area.
And then, hopefully, criminal charges will be lodged against the senior
execs and board of directors.
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