Just when America was celebrating the provisional end of BP’s Macondo oil blowout, and getting back to important issues like Kim Kardashian’s body-suit collection, along comes Matthew Simmons with a rather strange and alarming outcry on doings in the Gulf of Mexico that contradicts the mood of renewed festivity, as well as just about every shred of reportage from any media outlet, mainstream or otherwise.
Matt Simmons Houston-based company has been the leading investment bank to the US oil industry for a long time, financing exploration and drilling in places like the Gulf of Mexico. Simmons, 68, recently retired from day-to-day management of the company. For much of the decade he has been what may be described as a peak oil activist. His 2005 book, Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy, warned the public that Saudi Arabia’s oil production had reached its limits and, more generally, that an oil-dependent world was entering a zone of serious trouble over its primary resource. He took this aggressive stance despite risking the ire of the people he did business with.
Matt Simmons is a sober individual and a very nice man (I’ve met him twice over the years), a button-downed corporate executive who’s been around the oil business for forty years. His knowledge is deep and comprehensive. From the beginning of the BP Macondo blowout incident in April, he’s taken the far out position that the well-bore is fatally compromised and that BP has been consistently lying about their operations to stop the flow of oil. Perhaps most radically, Simmons claims that an oil "gusher" is pouring into the Gulf some distance from the drilling site itself.
Last week, Simmons came on Dylan Ratigan’s MSNBC financial show, but he did a longer interview over at the King World News website. (click here for ERIC KING’S INTERVIEW WITH SIMMONS). Simmons’s current warning about the situation focuses on the gigantic "lake" of crude oil that is pooling under great pressure 4000 to 5000 feet down in the "basement" of the Gulf’s waters. More particularly, he is concerned that a tropical storm will bring this oil up – as tropical storms and hurricanes usually do with deeper cold water – and with it clouds of methane gas that…
Contrary to widespread reports that the oil gusher has been stopped, the live feed below from ROV 2′s BSkandi camera shows that it is still gushing out of the pipe which has been connected to the new containment cap:
It is still very encouraging that the cap seems to be working so far, and – if the system of pipes, cap and well can handle the pressure – BP should be able to connect the pipe all the way up to the collection vessel at the surface.
Updates as they arise …
Note: BP just switched the camera around, so you can no longer see oil gushing out of the pipe. I’m not sure when they’ll swivel back so we can see…
BP has commenced its attempt at installing the LMRP. If past experience is any indication, this last chance to capture the flow will also be unsuccessful. One can be sure, however, that many in the White House are watching and praying , knowing full well that if oil continues gushing into the open ocean through August, the administration’s popularity rating may be the next thing used to plug the gusher at the ocean bottom. In addition to the embedded camera angle below, this link provides access to a second live cam that is focusing on the actual LMRP, and the direct BP camera feed can be seen here. A last fallback is the live CNN feed which seems to always work.
Something is different this time. For the last few years, China has 'ensured stability' in the Yuan ahead of major geopolitical events - no matter what - only to let things slide back into turmoiling after. Ahead of this weekend's G-20, however, and amid notably deteriorating fundamentals (and an increasingly hawkish-sounding Fed), China has let the Yuan tumble in the last week... and traders are piling into bets on post-G-20 weakness to continue.
As Bloomberg notes, history shows that the Chinese currency usually strengthens ahead of major political or economic event...
The European Union on Tuesday ordered Ireland to collect $14.5 billion in unpaid taxes from Apple, a record penalty that worsened tensions with the United States over the bloc’s crackdown on sweetheart deals with global multinationals.
By The Foundation for Economic Education. Originally published at ValueWalk.
European Ruling against Apple and Ireland Vindicates Brexit
Taxation is bad enough: two consenting parties arrange a mutually-beneficial exchange, and an interloping third party demands a cut.
What compounded injustice then for a fourth party to enter the scene: a super-state/super-bandit who insists that the shakedown wasn’t big enough. No, the victim must hand over more to the lesser thief, even against the recipient’s will and in spite of his protest!
Thou Shalt Not… Not Steal
Ireland must join the rest of the Union in bleeding the private sector dry.
The U.S. is on track this year to post the longest stretch of falling food prices in more than 50 years, a streak that is cheering shoppers at the checkout line but putting a financial strain on farmers and grocery stores.
The trend is being fueled by an excess supply of dairy products, meat, grains and other staples and less demand for many of those same products from China and elsewhere due to the strong dollar. Lower energy costs...
The US Dollar/Yen is facing a trio of potential support lines at this time with few people bullish the US$/Yen at Stocktwits. What happens at this potential support zone, could well impact the Risk On trade from now until year end.
CLICK ON CHART TO ENLARGE
The trend in the US$/Yen remains down for the past few months, as the YEN has been stronger than the US$. The US$/YEN remains inside of a steep falling channel over the past 10-months.
The bottom of this steep falling channel and two ot...
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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...
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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.
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