Posts Tagged ‘cleanup costs’

BP Inserts Siphon Into Oil Leak, Washington Warns BP; Slick New Videos; Tracking the Spill; Will BP Survive?

BP Inserts Siphon Into Oil Leak, Washington Warns BP; Slick New Videos; Tracking the Spill; Will BP Survive?

Courtesy of Mish 

In what everyone hopes will be the start of sealing the leak, on its second attempt BP Inserts Siphon Into Oil Leak.

BP PLC successfully inserted a tube into the broken pipe leaking oil into the Gulf of Mexico early Sunday, a person close to the containment operation said, increasing the chances that the company will be able to siphon off much of the oil now gushing into the sea.

The tube is designed to capture a large part of the oil spewing from the pipe and direct it securely to a ship on the surface.

Earlier efforts to contain the spill ran into a series of setbacks. BP made a first attempt to insert the tube late Saturday, but it fell out following a collision between two subsea robots. Before that, a huge dome that was to be lowered onto the leak got clogged up with gas crystals or hydrates.

It’s still unclear whether the new siphoning operation will work. Even in the best-case scenario, the tube won’t capture all the leaking oil.

Video of Gushing Leak

4 Ways Considered To Stop The Spill

The Wall Street Journal has graphics showing 4 Ways Considered To Stop The Spill

1. Drilling Relief Wells
2. Treading the Needle, inserting a 6-inch vacuum tube inside the riser to suck up oil
3. Junk Shot, placing golf balls and other junk into the bottom of the blowout preventer before cement is injected into the top
4. Top Hat shown below

In regards to "Junk Shot", it seems to me that golf balls are relatively light as are broken pieces of rubber tires that have also been mentioned. If you are going to try this, why not lead balls?

Right now the focus is on threading the needle

Letter from Secretary of Interior to CEO of BP 

Inquiring minds are reading the letter from Ken Salazar, Secretary of the Interior, to Dr. Anthony Hayward, Group Chief Executive BP.

The BP Deepwater Horizon oil spill may prove to be one of the most devastating environmental disasters this nation has ever faced. As one of the responsible parties for this event, BP is accountable to the American public for the full clean up


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David Kotok: $12.5 Billion Is Just The Start Of The Oil Cleanup Costs, And A Double-Dip Is Now Way More Likely

David Kotok: $12.5 Billion Is Just The Start Of The Oil Cleanup Costs, And A Double-Dip Is Now Way More Likely

oil spillCourtesy of Joe Weisenthal at Clusterstock 

David Kotok of Cumberland Advisors is out with some very gloomy comments about the economic ramifications of the Deepwater Horizon oil spill, and what it will cost. First he notes the ugliest case scenario:

This spew stoppage takes longer to reach a full closure; the subsequent cleanup may take a decade.  The Gulf becomes a damaged sea for a generation.  The oil slick leaks beyond the western Florida coast, enters the Gulfstream and reaches the eastern coast of the United States and beyond.  Use your imagination for the rest of the damage.  Monetary cost is now measured in the many hundreds of billions of dollars.

As for numbers:

Usually, the first estimates in any crises are too low.  That is true here.  1000 barrels a day is now 5000, and some estimates of spillage are trending higher.  No one knows exactly.  The containment and boom mechanism is subject to weather cooperation as we can see this weekend.  Soon we are entering the hurricane season.  The thoughts of a storm stirring up the Gulf, hampering any cleanup or remediation drilling effort and creating a huge 10,000 square mile black stew is frightening to every professional in the business.
 
This will be a financial calamity for many firms, not just BP and its partners and service providers.  Their liabilities are immense and must not be underestimated.  The first estimate of $12.5 billion is only a starter.

As for the economy beyond BP…

Thousands of small and independent businesses as well as larger public companies in tourism are hurt here.  This is not just about the source of half the nation’s shrimp.  That is already a casualty.  It’s also about the bank loans for the $200,000 shrimp boat and the house the boat owner and/or his employees live in and the fact that this shock piles on a fragile financial system that is trying to recover from a three-year financial crisis.  Case study, my fishing guide in the Everglades splits his time between Florida and Louisiana.  His May bookings in LA have cancelled.  His colleagues lost theirs and their lodge will be empty.  They are busy trying to find work in the clean up.  For him, his wife


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ValueWalk

JNJ CEO Alex Gorsky On Partnering With Apple [Full Transcript]

By Jacob Wolinsky. Originally published at ValueWalk.

CNBC Exclusive: CNBC Transcript: JNJ CEO Alex Gorsky Speaks to CNBC’s Jim Cramer Today

Image source: CNBC Video Screenshot

WHEN: Today, Friday, February 15, 2019

WHERE: CNBC’s “Mad Money w/ Jim Cramer

The following is the unofficial transcript of a CNBC EXCLUSIVE interview with JNJ CEO Alex Gorsky and CNBC’s Jim Cramer on CNBC’s “Mad Money w/ Jim Cramer” (M-F 6PM – 7PM) today Friday, February 15. The following is a link to video from th...



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Phil's Favorites

Britain's long history of trying - and failing - to gain independence from European trade partners

 

Britain's long history of trying – and failing – to gain independence from European trade partners

Shutterstock

Courtesy of Giada Pizzoni, University of Warwick

In 1585, English scientist Thomas Hariot dreamt of the opportunities Atlantic trade would offer to Britain as he strove for his country to break away from continental and Mediterranean trading routes to ensure a profitable future for him and his countrymen. Silks, wine, oil, o...



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Zero Hedge

China Accounts For More Than 60% Of All New Credit Created Globally In The Past Ten Years

Courtesy of ZeroHedge. View original post here.

Over five years ago, in November 2013, when the world's attention was still largely focused on what the "Big 4" central banks would do with QE and/or interest rates, we wrote an article showing in one simple chart  "How In Five Short Years, China Humiliated The World&#...



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Digital Currencies

Is blockchain all hype? A financier and supply chain expert discuss

 

Is blockchain all hype? A financier and supply chain expert discuss

Iaremenko Sergii/Shutterstock.com

Coutesy of Carlos Cordon, IMD Business School and Arturo Bris, IMD Business School

This is an article from Head to Head, a series in which academics from different disciplines chew over current debates. ...



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Chart School

Dow Jones Gann Angle Update

Courtesy of Read the Ticker.

Let's review the Dow Jones Industrial Gann Angles and its secret sauce dominate cycle.

Dow Jones hit upper resistance Gann angle early 2019, a sell of followed, now the bounce works its way through the down ward Gann Angle, a fail at either make or break point will see the bounce sell off, and that may get very interesting!


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This cycle has worked for over 100 years, now we much watch the rest of 2019 to see if we get any more downward pressure. This cycle was found using readtheticker.com ...

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Kimble Charting Solutions

Gasoline bullish breakout could fuel higher prices, says Joe Friday

Courtesy of Chris Kimble.

Are we about to pay much higher prices at the gas pump? Possible!

This chart looks at Gasoline futures over the past 4-years. Gasoline has become much cheaper at the pump, as it fell nearly 50% from the May 2018 highs. The decline took it down to test 2016 & 2017 lows at (1). While testing these lows, Gasoline could be forming a bullish inverse head & shoulders pattern over the past few months.

Joe Friday Just The Facts- If Gasoline breaks out at (2), we could all see higher prices at the gas pump. If a breakout does...



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Insider Scoop

10 Stocks To Watch For February 15, 2019

Courtesy of Benzinga.

Some of the stocks that may grab investor focus today are:

  • Wall Street expects PepsiCo, Inc. (NASDAQ: PEP) to report quarterly earnings at $1.49 per share on revenue of $19.52 billion before the opening bell. PepsiCo shares rose 0.2 percent to $112.82 in after-hours trading.
  • NVIDIA Corporation (NASDAQ: NVDA) reported upbe...


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Biotech

Cancer: new DNA sequencing technique analyses tumours cell by cell to fight disease

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

 

Cancer: new DNA sequencing technique analyses tumours cell by cell to fight disease

Illustration of acute lymphoblastic leukaemia, showing lymphoblasts in blood. Kateryna Kon/Shutterstock

Courtesy of Alba Rodriguez-Meira, University of Oxford and Adam Mead, University of Oxford

...

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Members' Corner

Why Trump Can't Learn

 

Bill Eddy (lawyer, therapist, author) predicted Trump's chaotic presidency based on his high-conflict personality, which was evident years ago. This post, written in 2017, references a prescient article Bill wrote before Trump even became president, 5 Reasons Trump Can’t Learn. ~ Ilene 

Why Trump Can’t Learn

Donald Trump by Gage Skidmore (...



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Mapping The Market

Trump: "I Won't Be Here" When It Blows Up

By Jean-Luc

Maybe we should simply try him for treason right now:

Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up

The president thinks the balancing of the nation’s books is going to, ultimately, be a future president’s problem.

By Asawin Suebsaeng and Lachlan Markay, Daily Beast

The friction came to a head in early 2017 when senior officials offered Trump charts and graphics laying out the numbers and showing a “hockey stick” spike in the nationa...



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OpTrader

Swing trading portfolio - week of September 11th, 2017

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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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

Here's a free ebook for you to check out! 

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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