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Posts Tagged ‘leak’

BP and the Government Are Underplaying the Difficulty of Stopping the Oil Leak

BP and the Government Are Underplaying the Difficulty of Stopping the Oil Leak

Courtesy of Washington’s Blog

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":

YouTube Video

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:

YouTube Video

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.

Update: Admiral Thad Allen just confirmed in a…
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Afghanistan is a “Lost Cause”; Leaked Documents Show Futility of Afghanistan War

Afghanistan is a "Lost Cause"; Leaked Documents Show Futility of Afghanistan War

KABUL, AFGHANISTAN - JULY 26: Lights adorn buildings as people celebrate the birthday of the 12th Imam, Muhammad al Mahdi on July 26, 2010 in Kabul, Afghanistan. Born on July 29, 869, the Imam is an anointed leader or ruler said to have been the twelfth generation descendant of the prophet Muhammad. It is believed that the Imam will return to earth some day to bring peace. (Photo by Majid Saeedi/Getty Images)

Courtesy of Mish 

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?

Such questions were on my mind even before Leaked Documents Underscore Lawmakers’ Concerns on Afghan War

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.”

‘Not Pretty’

“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


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Prominent Oil Industry Insider: “There’s Another Leak, Much Bigger, 5 to 6 Miles Away”

Prominent Oil Industry Insider: "There’s Another Leak, Much Bigger, 5 to 6 Miles Away"

Courtesy of Washington’s Blog

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.


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Zero Hedge

Socialist Exceptionalism

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

"In the minds of the statists, "Government Works Better" and 'things' work at the surface; but at the core, it's a disaster... The Americans that look to the government to 'save' them - and even gleefully thank the government for helping bail them out - fail to realize that it was the government that f##ked them in the first place..."

Simply put, "debt-financed socialism and corporatism isn't working" and a day of reckoning is coming...

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Phil's Favorites

Diving Into the GDP Report - Some Ominous Trends - Yellen Yap - Decoupling or Not?

Courtesy of Mish.

Yellen Yap

On Thursday, Fed Chair Janet Yellen met with Senate Democrats at a private luncheon. She told the Democrats that the U.S. Economy is Strong.

My first thought was "what the heck is Yellen doing holding a private lunch with Democrats only?" Had she met with Senate Republicans, I would have asked the same question.

Apparently this is common procedure for Yellen, so perhaps I am reading too much into it.

Yet, I cannot help wondering if the real purpose of the meeting was to persuade Democrats to block any "Audit the Fed" Initiatives.

Glowing Report

Regardless of the reason, Yellen had some pretty glowing things to say.

“She went th...



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Chart School

Next Post Tuesday

Courtesy of Declan.

Away for the weekend, so next post will be Tuesday. In the meantime, check out  Douglas' and Jani's blog.

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All About Trends

Mid-Day Update

Reminder: David is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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Sabrient

In the News: An ETF Rush to Bet on Insiders

Courtesy of Sabrient Systems and Gradient Analytics

(ETFTrends.com by Todd Shriber): "Betting on insider buying is again proving to be an efficacious strategy as the Direxion All Cap Insider Sentiment Shares (NYSEArca: KNOW) has been noticeably less bad than the S&P 500 to start 2015. Add to that, investors are warming to the merits of KNOW's insider sentiment strategy." [Editor's note: KNOW tracks the Sabrient Multi-cap Insider/Analyst Quant-Weighted Index (SBRQAM)]. Read article

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Market Shadows

What Would You Do?

What Would You Do?

Courtesy of Paul Price

Suppose you had the technical ability and raw materials to print up counterfeit dollars, euros or yen that were identical to the real things. Assume you could spend them as fast as you could create them with no fear of any repercussions.

Would you prudently print up only as much fresh currency as you needed for your current lifestyle? Would you create just a bit more than that to help relatives or those in need?

It is most likely you’d have your printing press running 24 hours a day, seven days a week. Becoming the richest person in the world would confer great power upon you.

You could rationalize this action because you plan to use the money for good purposes. Imagine the warm feeling you’d get by giving every person in America one million do...



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OpTrader

Swing trading portfolio - week of January 26th, 2015

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 ...



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Digital Currencies

Jitters After Bitcoin Exchange Suspends Services

So as I was saying yesterday (Bitcoin: The Biggest Clown Show In History?), Bitcoin has several obstacles on the path to potential success as an alternative currency. But I forgot to mention hacking and theft at Bitcoin exchanges and other technical problems. This is related to the lack of government backing and the fact that the value of Bitcoins is based entirely on confidence.  

Jitters After Bitcoin Exchange Suspends Services 

By 



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Pharmboy

2015 - Biotech Fever

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

PSW Members - well, what a year for biotechs!   The Biotech Index (IBB) is up a whopping 40%, beating the S&P hands down!  The healthcare sector has had a number of high flying IPOs, and beat the Tech Sector in total nubmer of IPOs in the past 12 months.  What could go wrong?

Phil has given his Secret Santa Inflation Hedges for 2015, and since I have been trying to keep my head above water between work, PSW, and baseball with my boys...it is time that something is put together for PSW on biotechs in 2015.

Cancer and fibrosis remain two of the hottest areas for VC backed biotechs to invest their monies.  A number of companies have gone IPO which have drugs/technologies that fight cancer, includin...



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Stock World Weekly

Stock World Weekly

Newsletter writers are available to chat with Members regarding topics presented in SWW, comments are found below each post.

Here's this week's Stock World Weekly.

Click here and sign in with your user name and password. 

 

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Option Review

SPX Call Spread Eyes Fresh Record Highs By Year End

Stocks got off to a rocky start on the first trading day in December, with the S&P 500 Index slipping just below 2050 on Monday. Based on one large bullish SPX options trade executed on Wednesday, however, such price action is not likely to break the trend of strong gains observed in the benchmark index since mid-October. It looks like one options market participant purchased 25,000 of the 31Dec’14 2105/2115 call spreads at a net premium of $2.70 each. The trade cost $6.75mm to put on, and represents the maximum potential loss on the position should the 2105 calls expire worthless at the end of December. The call spread could reap profits of as much as $7.30 per spread, or $18.25mm, in the event that the SPX ends the year above 2115. The index would need to rally 2.0% over the current level...



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Help One Of Our Own PSW Members

"Hello PSW Members –

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 jennifersurovy@yahoo.com 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.

http://www.youcaring.com/medical-fundraiser/help-get-shadowfax-out-from-the-darkness-of-medical-bills-/126743

Thank you for you time!




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