While BP and the government say that permanently capping the oil well is no problem, they act like they have no idea what they’re doing.
Indeed, Admiral Thad Allen is now saying "We’re concerned about the vital signs of this well":
He’s also saying that completion of relief well will be delayed until mid-September, at the earliest, and that the government is looking for problematic “material” in the well:
What’s really going on?
Well, initially, if the well had structural integrity, there wouldn’t be concern about the "vital signs" of the well, there wouldn’t have been delay after delay in completing the relief wells, there wouldn’t be never-ending rounds of new tests, there wouldn’t have been an attempt to seal it (or perhaps more accurately, patch it) from the top using cement, there wouldn’t be an attempt to remove "material" from the well.
Indeed, what does "removing material" even mean? Does that mean removing crumpled casing or drill pipe, or does it mean clearing out caved-in portions of the well and trying to rebuild those portions from scratch?
Moreover, one of the world’s top experts in oil drilling disasters – Dr. Robert Bea – told me yesterday that the geology underneath the seafloor at the leak site is fractured, and includes very loose salt formations. This geology may make it very hard to kill the well, even using relief wells, and he says that we may never be able to kill it. He also said that there are uncorroborated reports of additional leaks other than the main well, but that BP isn’t sharing enough information to be able to assess whether or not that there are additional leaks. (Dr. Bea told me that BP is using a "cloak of silence", and is refusing to even show the government videos of what the seafloor looked like before the April explosion).
So instead of simply trying to cap an existing well, it may be more accurate to think of this as trying to build a new well – or at least trying to duck tape the old one – so that it has enough integrity to be permanently stopped.
The questions on my mind are: How many trillions of dollars do we have to spend, how many lives need to be wasted, and how much longer are we going to be involved in the boondoggle known as Afghanistan?
President Barack Obama faces renewed concern about his Afghanistan war strategy after leaked military documents suggested Pakistan’s main intelligence agency secretly aided the Taliban and others the U.S is trying to defeat.
Disclosure of the documents, as Congress this week considers funding for the U.S. troop buildup in Afghanistan, underscored questions about the war while many lawmakers prepare to go home to campaign in August.
Some of the 92,000 classified reports, disclosed July 25 by the website Wikileaks, say that members of Pakistan’s Inter- Services Intelligence Directorate helped the Taliban and other Islamic rebels. The documents, covering 2004 through 2009, were reported by the New York Times, the London-based Guardian and the German magazine Der Spiegel, which said Wikileaks provided them the reports three weeks ago.
The leaked documents “raise serious questions about the reality of America’s policy toward Pakistan and Afghanistan,” said Senate Foreign Relations Committee Chairman John Kerry, a Massachusetts Democrat. “Those policies are at a critical stage,” and the documents “make the calibrations needed to get the policy right more urgent.”
“I’ve been to a number of briefings and I’ve always been provided a more upbeat picture than the one” depicted by the documents, said Representative James McGovern, a Massachusetts Democrat who opposes Obama’s Afghan policy. “The picture that is painted here is not pretty.”
Obama announced in December plans to send another 30,000 combat troops to Afghanistan, and Congress is under pressure to pass legislation paying for the buildup before taking its monthlong summer recess. Obama has said he will start to draw down U.S. forces in July 2011 and give more security responsibility to the Afghans, depending on conditions.
Polls show support for the war waning. Almost 6 in 10 respondents in a Bloomberg National Poll conducted July 9-12 said Afghanistan is a lost cause.
Also, 60 percent of Americans surveyed thought the withdrawal of forces should start in July 2011 even if the situation in
Matt Simmons was an energy adviser to George W. Bush, is an adviser to the Oil Depletion Analysis Centre, and is a member of the National Petroleum Council and the Council on Foreign Relations. Simmon is chairman and CEO of Simmons & Company International, an investment bank catering to oil companies.
Simmons told Dylan Ratigan that"there’s another leak, much bigger, 5 to 6 miles away" from the leaking riser and blowout preventer shown on the underwater cameras:
I have no idea whether or not Simmons is right. The government should immediately either debunk or admit his claim.
If accurate, the bigger leak could have been caused by the destruction of the well casing when the oil rig exploded. That is Simmons’ theory.
Or it could be caused by a natural oil seep, although the odds of a seep of that size occurring right around the time of the Deep Horizon disaster is nearly zero.
There is another possibility.
It is well-known that there were previous accidents at the Deepwater Horizon rig. For example, as AP notes:
From 2000 to 2010, the Coast Guard issued six enforcement warnings and handed down one civil penalty and a notice of violation to Deepwater Horizon, agency records show.
On 18 different occasions during that period the Coast Guard cited the vessel for an "acknowledged pollution source."
It is therefore possible that there has been another ongoing leak which BP has tried to cover up.
U.K. Prime Minister Theresa May asked her cabinet ministers to come up with a blueprint for how their departments may be able to benefit from Britain’s exit from the European Union ahead of the Group of...
The Federal Reserve’s long-term influence hinges in part on its ability to convince millennials that its current policies can help push inflation closer to the central bank’s 2% goal. That’s not as easy as it sounds, because this cohort has both a different history and current relationship with this economic variable.
#1 – Understand the millennial experience. Since 2000 – when the youngest millennials started ...
Topics: Meb tries something new in Episode 15. In “audio book” style, he walks listeners through his latest research piece: The Trinity Portfolio. “Trinity” reflects the three pillars of this investing approach: globally-diversified assets, weightings toward value and momentum investments, and active trend-following. On one hand, Trinity is broad and sturdy, rooted in respected, wealth-building investment principles. On the other hand, it’s strategic and int...
Good guy Sam Ro, now at Yahoo, tweeted out a chart by Bank of America Merrill Lynch (BAML) this morning showing that low wage job gains have outpaced gains in high wage jobs.I happen to keep charts on wage growth by industry, so I know a little about the subject. I had my usual calm and measured response.
Only two of the eight equity indexes on our global watch list posted week-over-week gains in our latest update, same as last week. The two Eurozone indexes, France's CAC and Germany's DAXK, were the two who finished in the green, a shift from the Asian advance the previous week, when the Shanghai and Hang Seng were the sole gainers. In fact, the Shanghai Composite did a complete flip from its 1.88% gain the previous week to its -1.22% finish on Friday. The average of the eight improved fractionally from -0.56% the previous week to -0.39% for the latest.
A Closer Look at the Last Four Weeks
The tables below provide a concise overview of performance comparisons over the past four weeks for these eight major indexes. We'...
Reminder: Pharmboy is available to chat with Members, comments are found below each post.
Epizyme was founded in 2007, and trying to create drugs to treat patient's cancer by focusing on genetically-linked differences between normal and cancer cells. Cancer areas of focus include leukemia, Non-Hodgkin's lymphoma and breast cancer. One of the Epizme cofounders, H. Robert Horvitz, won the Nobel Prize in Medicine in 2002 for "discoveries concerning genetic regulation of organ development and programmed cell death."
Before discussing the drug targets of Epizyme, understanding epigenetics is crucial to comprehend the company's goals.
Genetic components are the DNA sequences that are 'inherited.' Some of these genes are stronger than others in their expression (e.g., eye color). Yet, some genes turn on or off due to external factors (environmental), and it is und...
Reminder: OpTrader is available to chat with Members, comments are found below each post.
This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).
We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options.
Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.
To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here
This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible. Feel free to contact me directly at firstname.lastname@example.org with any questions.
Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts. After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.) Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.
Note: The material presented in this commentary is provided for
informational purposes only and is based upon information that is
considered to be reliable. However, neither PSW Investments, LLC d/b/a PhilStockWorld (PSW)
nor its affiliates
warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither PSW nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.
This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities or other financial instruments mentioned in this material are not suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only intended at the moment of their issue as conditions quickly change. The information contained herein does not constitute advice on the tax consequences of making any particular investment decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before investing, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
Site owned and operated by PSW Investments, LLC. Contact us at: 403 Central Avenue, Hawthorne, NJ 07506. Phone: (201) 743-8009. Email: email@example.com.