Posts Tagged ‘Oil Spill’

Potential Second Spill Found Near BP Blown Out Oil Well, BP Evaluates Potential Break Up Opportunities

Potential Second Spill Found Near BP Blown Out Oil Well, As BP Evaluates Potential Break Up Opportunities

Courtesy of Tyler Durden

GRAND ISLE, LA - JULY 17: People sport fish off a pier at dusk July 17, 2010 in Grand Isle, Louisiana. Louisiana has reopened most of the waters of the Gulf of Mexico to recreational fishing. The cap sealing the BP oil well in the Gulf of Mexico has remained sealed in the testing period offering a glimmer of hope in the disaster. (Photo by Mario Tama/Getty Images)

In case you missed George Wahsington’s update, here it is straight from the AP horse‘s mouth. And, if this story is true, we can only hope one is not long BP stock or short the CDS.

NEW ORLEANS — A federal official says scientists are concerned about a seep and possible methane near BP’s busted oil well in the Gulf of Mexico

Both could be signs there are leaks in the well that’s been capped off for three days.

The official spoke to The Associated Press on condition of anonymity Sunday because an announcement about the next steps had not been made yet.

The official is familiar with the spill oversight but would not clarify what is seeping near the well. The official says BP is not complying with the government’s demand for more monitoring.

And if that wasn’t enough, some more bad news from Sunday Times, via Reuters:

Under-fire oil company BP Plc (BP.L) has started canvassing shareholders about a restructuring in the wake of its Gulf of Mexico oil spill which could include a break up of the business, the Sunday Times reported.

The newspaper, citing unnamed BP insiders, said options included selling the group’s refineries and petrol stations, scaling back its U.S. operations and ramping-up in-house engineering instead of outsourcing.

These are on top of the sale of about 10 percent of its assets, including its stake in the giant Prudhoe Bay field in Alaska, the Sunday Times added.

A BP spokesman said it did not comment on rumour and speculation.


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Pressure Test Failing, Stopping Short of Target

Oil Pressure Stopping Short of Target … Does that Mean the Well Integrity Test Is Failing?

Courtesy of Washington’s Blog

COCODRIE, LA - JULY 15: Workers (L) use absorbent boom to clean oil from a marsh on July 15, 2010 near Cocodrie, Louisiana. BP has resumed work on capping its leaking Gulf of Mexico oil well. (Photo by Mario Tama/Getty Images)

The well integrity test is arguably failing, as the pressures are not reaching the 8,000 psi minimum target.

CBS News notes:

The federal pointman for the BP oil spill says results are short of ideal in the new cap but the oil will stay shut in for another 6 hours at least.

Retired Coast Guard Adm. Thad Allen said on a Friday afternoon conference that pressure readings from the cap have not reached the level that would show there are no other leaks in the well.

He said the test will go ahead for another 6-hour period before being reassessed to see if BP needs to reopen the cap and let oil spill out again.

MSNBC writes:

Allen said two possible reasons were being debated by scientists: The reservoir that is the source of the oil could be running lower than expected three months into the spill. Or there could be an undiscovered leak somewhere down in the well.

The New York Times reports:

Thad W. Allen, the retired Coast Guard admiral who is overseeing the response to the gulf oil spill, said that while there were indications from the test that the well was in good shape, it was not yet possible to rule out damage that could complicate efforts to halt the leak permanently. 

“We want to be careful not to do any harm or create a situation that could not be reversed,” he said in a conference call with reporters Friday afternoon. 

***

Admiral Allen said the test would continue in six-hour increments and that any new data would be reviewed by scientists and engineers from the government, BP and other companies. He said there would be “enhanced monitoring” of the seabed, including acoustic tests that could detect tiny bubbles of methane gas coming from the bed, which would be evidence of damage to the well.

*** 

Admiral Allen said that such a pressure buildup suggested that the well was not damaged. But he said that the pressure level reached — about 6,700 pounds per square inch, or more than 450 times atmospheric pressure — was below that expected for an intact well.

One explanation for the ambiguity, he said, is


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Well Integrity Test Has Now Started, But Oil Industry Experts Ask “What the Hell Are They Doing?”

Well Integrity Test Has Now Started, But Oil Industry Experts Ask "What the Hell Are They Doing?"

Courtesy of Washington’s Blog

Admiral Thad Allen just announced that the well integrity test will commence tonight. For background on what this means, see this and this.

As I noted yesterday, BP suspended the "top kill" operation for 16 hours – because, according to numerous experts, it was creating more damage to the well bore – without even telling the media, local officials or the public that it had even delayed the effort until long afterwards.

Similarly, it took more than 5 hours for BP to publicly announce the delay of the well integrity test after the decision to delay was made.

Oil industry expert Rob Cavner – who has been right about virtually everything so far, previously explaining that there is damage in the oil well beneath the seafloor, and that BP has to let the oil spill keep on gushing to avoid further damage to the well bore until the well can be killed with relief wells (subsequently confirmed by BP) – now says that he is worried that the well integrity test could further damage the well bore and could blow out the entire well:
 

And as Cavner points out today, the government and BP are fooling around instead of killing off this monster once and for all with the relief wells:

 
 

What? Well integrity test? I’ve looked back through all of my notes, blog entries, and reviewed BP’s and the Unified Command’s communications. I’ve even done multiple internet searches, and found the first mention of a "well integrity test" related to BP on this past Sunday, July 11. Certainly I could have missed something, but I don’t recall even a single mention of what I consider to be probably the most significant (and risky) operation BP has conducted since the much hailed, and utterly failed, top kill procedure that kept the masses enthralled during the Memorial Day weekend.

***

This morning, we learned that, even thought the stack has now been set for 3 days, they actually haven’t hooked up the two new valves. He also announced that yesterday, they pulled all of the ships off site to run


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Drunk Driving at BP

Drunk Driving at BP

Dangers of Driving When Drunk

Courtesy of DEAN BAKER, at CEPR

While BP has taken some heat over its spill in the Gulf, it is remarkable how limited the anger actually is. Many defenders of the company have made the obvious point: It was an accident. BP did not intend to have a massive spill that killed 11 people, devastated the Gulf ecosystem and threatens the livelihoods of hundreds of thousands of workers.

Of course this is true, but it is also true that a drunk driver who runs into a school bus did not intend to be involved in a fatal collision. As a society, we have no problem holding the drunk driver responsible for a predictable outcome of their recklessness. Driving while drunk dramatically increases the risk of an accident. This is why it is punished severely. A person who is responsible for a fatal accident while driving drunk can expect to face many years in jail. Even someone who drives drunk without being in an accident often faces jail time because of the risk they imposed on others.

This raises the question as to why the public seems to accept that the top officials at BP, who cut corners and made risky gambles in their drilling plans, should be able to “get my life back,” as BP CEO Tony Hayward put it. The people who lost their livelihood as a result of BP’s spill will not get their lives back, even if BP does pay compensation. Certainly the 11 workers killed in the original explosion will not get their lives back. Why should the people responsible for this carnage be able to resume their lives of luxury?

There are two separate questions. The first is a narrow legal issue concerning the extent to which Hayward and other high-level executives can be held criminally liable for the accident. It may be the case that the laws are written so that even if companies commit gross negligence that results in enormous harm, including multiple deaths, top officials are not criminally liable. This is a question about the status of current law.

The second question is a moral and economic one about what the laws should look like. From either standpoint, it is very difficult to see why we would want to say that reckless behavior that would be punished with long prison sentences if done by…
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No, the Oil Gusher has NOT Been Stopped Yet … But There is Still Very Good News

Courtesy of George Washington writing at Zero Hedge

Washington’s Blog

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:

     
     
BSkandi – ROV 2 (456854) bkup=45684

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…


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Oil Spill, Corexit, Arsenic, Collateral Damage

Here’s an interesting video on the chemicals being used in the Gulf oil spill’s clean-up process that doesn’t seem to have much to do with cleaning up the spill but rather with dispersing the oil making it less easy to detect. Logically, to clean it up, to get the oil out of the water, you wouldn’t think adding chemicals to make the oil dissipate into the water would be particularly useful. – Ilene 

Visit msnbc.com for breaking news, world news, and news about the economy

See also: Gulf of Mexico Oil Spill (2010), NY Times

Excerpt:  

Dispersants

BP also clashed with the federal government over its use of dispersants, chemicals sprayed on the spill that were meant to break up the oil in the hope that it would settle to the bottom. In a novel approach, BP has been spraying dispersants on the oil as it leaves the well head to reduce the amount that reaches the surface.

The Environmental Protection Agency directed the company to stop using two dispersants from a line of products called Corexit and switch to something less toxic. The oil company defended its use of Corexit and taken issue with the methods the agency used to estimate its toxicity, and continued to spray the chemicals past the E.P.A. deadline.

The E.P.A. administrator, Lisa P. Jackson, said that she had ordered the oil giant to take "immediate steps to scale back the use of dispersants." She said the amount of chemicals applied to control the oil spilling from the Deepwater Horizon well – more than 700,000 gallons so far on the gulf’s surface and a mile underwater at the leaking well head – was "approaching a world record." 

Allan also wrote briefly on the subject in his weekend update.  - Ilene 

The Oil Volcano – Update

I’m bringing the first link below forward from a Comment just posted in a prior blog. It contains a You Tube video that address some problems caused by the oil volcano and in particular, collateral damage that might be occurring…
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Toxicologists: Corexit “Ruptures RBCs, Causes Internal Bleeding”, “Allows Crude Oil To Penetrate “Into The Cells” and “Every Organ System”

Toxicologists: Corexit “Ruptures Red Blood Cells, Causes Internal Bleeding”, "Allows Crude Oil To Penetrate “Into The Cells” and “Every Organ System"

Courtesy of Washington’s Blog

As I have previously noted, Corexit is toxic, is less effective than other dispersants, and is actually the damage caused by the oil spill.

Now, two toxicologists are saying that Corexit is much more harmful to human health and marine life than we’ve been told.

Specifically Gulf toxicologist Dr. Susan Shaw – Founder and Director of the Marine Environmental Research Institute – dove into the oil spill to examine the chemicals present.

Dr. Shaw told CNN:

If I can tell you what happens — because I was in the oil — to people…

Shrimpers throwing their nets into water… [then] water from the nets splashed on his skin. …

[He experienced a] headache that lasted 3 weeks… heart palpitations… muscle spasms… bleeding from the rectum…

And that’s what that Corexit does, it ruptures red blood cells, causes internal bleeding, and liver and kidney damage. … 

This stuff is so toxic combined… not the oil or dispersants alone. …

Very, very toxic and goes right through skin.

***

The reason this is so toxic is because of these solvents [from dispersant] that penetrate the skin of anything that’s going through the dispersed oil takes the oil into the cellstakes the oil into the organs… and this stuff is toxic to every organ system in the body. …

Similarly, marine biologist and toxicologist Dr. Chris Pincetich – who has an extensive background in testing the affects of chemicals on fish – says that Corexit disrupts cell membranes.

He also explains that EPA toxicity testing for Corexit is woefully inadequate, since EPA testing for mortality usually only requires a 96-hour time frame. His doctoral research found that fish that were alive at 96 hours after exposure to pesticide were dead at two weeks, so the chemicals were considered non-lethal for the purposes of the test.
 

Drs. Shaw and Pincetich are wildlife conservationists. But even industry scientists working for Exxon and the manufacturer of Corexit itself admit that the stuff is toxic.


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BP Looming Disaster

BP Looming Disaster

Courtesy of Allan 

Let’s start with the Daily Trend Model, but it gets worse according to the article appearing after the chart.

I lifted the following piece off of a trader’s forum this weekend and although I don’t know enough to comment on the veracity of the content, its scary enough to pass along, just in case it’s true.

Lindsey Williams is out with a new interview, over at Alex Jones. He’s claiming the following info about the BP Deepwater Horizon oil leak. He claims the information came from an oil industry executive whom he knew in Alaska when he lived with these people, and worked with them.

http://www.infowars.com/lindsey-williams-talks-with-alex-jones-about-deadly-gases-leaking-from-bp-spill/

I don’t do a lot of Alex Jones. This information is unconfirmed, so we’ll have to see.

Here’s some of the information in summary form.

1) This is not a conspiracy, it’s an accident, and a disaster.

2) The oil is abiotic oil, from deep within the earth. It is not the fossilized remains of long dead life. This oil is produced within the earth, and the earth is full of it. The Russians discovered abiotic oil, and are now the number 1 exporters of oil in the world; but they had the good sense to drill for the stuff on land. Lindsey says the text books on how oil is formed will have to be rewritten. He stated there is no such thing as Peak Oil.

3) The oil is gushing from the well at pressures between 20,000 and 70,000 pounds per square inch. Lindsey indicates the wells in Prudhoe Bay, AK, came in at about 1,500 pounds of pressure. He says 50,000 pounds of pressure is beyond our technical ability to contain. I think this means that it would have blown the safety valve, even if it had not been defective. Lindsey indicated that the oil is gushing out at the rate of about 4 million gallons per day, but that the gent speaking knew he’d be quoted, and Lindsey suggested that you could put the actual figure much higher.

4) There is no hope of stopping the spill short of a nuclear weapon. It will take months to put this device (bomb) in place, as there will have to be an angle well drilled, and the bomb placed in it. I think this


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BP OIL SPILL: CLARKE & DAWE EXPLAIN EVERYTHING

BP Oil Spill: Clarke & Dawe Explain Everything (COMEDY)

Courtesy of The Daily Bail

Video:  John Clarke & Brian Dawe on the BP Disasater

  • "The first thing to do, of course, is to underestimate the problem."

We just found the Australian duo last week.  Their take on the European bailouts was the funniest I’ve seen anywhere.

Check it out  >> 

See also:  BP Looming Disaster


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TLP: Of Course, the Mariner Would Know What to Do

TLP: Of Course, the Mariner Would Know What to Do

Courtesy of Jr. Deputy Accountant 

costner bp oil spillScarier than the Coast Guard?

But, uh, BP, Waterworld was a movie. Oh well, maybe Costner’s oil-sucking machine will do better than what BP has tried so far.

WWL has the story:

BP has given the green light for funding of a device that can separate oil from water.

Development of the machine, which uses a centrifuge to separate the fluids, has been backed by actor Kevin Costner to the tune of $25 million.

John Houghtaling, Costner’s chief partner in the project, told WWL First News that the oil company has ordered 32 of the devices for use in the Gulf of Mexico.

"In a matter of weeks, we can be manufacturing ten of these a week," Houghtaling said. "So we’re hoping by the first of August to have all 32 of these things in the Gulf."

At $500,000 each, that order from BP has Costner well on the way to recouping his investment. And BP has the opportunity to appear visionary if it works and f*^king ridiculous if it doesn’t.

Here’s a movie, not starring Kevin Costner:

Popcorn, anyone? 

Source: Kevin Costner’s anti-oil machines to be deployed 


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Phil's Favorites

What scientists are doing to develop a vaccine for the new coronavirus

 

What scientists are doing to develop a vaccine for the new coronavirus

It is critical to learn more about SARS-CoV-2, including its source and why transmission appears to be more efficient than with previous coronaviruses. (Shutterstock)

Courtesy of Marc-Antoine De La Vega, Université Laval

With an increasing number of confirmed cases in China and 24 other countries, the COVID-19 epidemic caused by the novel coronavirus (now known as SARS-CoV-2) looks concerning to many. As of Feb. 19, the latest numbers listed 74,280 confirmed cases including 2,006 deaths. Four of these de...



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Biotech & Health

What scientists are doing to develop a vaccine for the new coronavirus

 

What scientists are doing to develop a vaccine for the new coronavirus

It is critical to learn more about SARS-CoV-2, including its source and why transmission appears to be more efficient than with previous coronaviruses. (Shutterstock)

Courtesy of Marc-Antoine De La Vega, Université Laval

With an increasing number of confirmed cases in China and 24 other countries, the COVID-19 epidemic caused by the novel coronavirus (now known as SARS-CoV-2) looks concerning to many. As of Feb. 19, the latest numbers listed 74,280 confirmed cases including 2,006 deaths. Four of these de...



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Members' Corner

Why do people believe con artists?

 

Why do people believe con artists?

Would you buy medicine from this man? Carol M. Highsmith/Wikimedia Commons

Courtesy of Barry M. Mitnick, University of Pittsburgh

What is real can seem pretty arbitrary. It’s easy to be fooled by misinformation disguised as news and deepfake videos showing people doing things they never did or said. Inaccurate information – even deliberately wrong informatio...



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Zero Hedge

Easily Overlooked Issues Regarding COVID-19

Courtesy of ZeroHedge View original post here.

Authored by Gail Tverberg via Our Finite World,

We read a lot in the news about the new Wuhan coronavirus and the illness it causes (COVID-19), but some important points often get left out.

[1] COVID-19 is incredibly contagious.

COVID-19 transmits extremely easily from person to person. Interpersonal contact doesn’t need to be...



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The Technical Traders

Gold Rallies As Fear Take Center Stage

Courtesy of Technical Traders

Gold has rallied extensively from the lows near $1560 over the past 2 weeks.  At first, this rally didn’t catch too much attention with traders, but now the rally has reached new highs above $1613 and may attempt a move above $1750 as metals continue to reflect the fear in the global markets.

We’ve been warning our friends and followers of the real potential in precious metals for many months – actually since early 2018.  Our predictive modeling system suggests Gold will rally above $1650 very quickly, then possibly stall a bit before continuing higher to target the $1750 range.

The one thing all skilled traders must consider is the longer-term fear that is build...



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Kimble Charting Solutions

Precious Metals Eyeing Breakout Despite US Dollar Strength

Courtesy of Chris Kimble

Gold and silver prices have been on the rise in early 2020 as investors turn to precious metals as geopolitical concerns and news of coronavirus hit the airwaves.

The rally in gold has been impressive, with prices surging past $1600 this week (note silver is nearing $18.50).

What’s been particularly impressive about the Gold rally is that it has unfolded despite strength in the US Dollar.

In today’s chart, we look at the ratio of Gold to the US Dollar Index. As you can see, this ratio has traded in a rising channel over the past 4 years.

The Gold/US Dollar ratio is currently attempting a breakout of this rising channel at (1).

This would come on further ...



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Insider Scoop

68 Stocks Moving In Friday's Mid-Day Session

Courtesy of Benzinga

Gainers
  • Trans World Entertainment Corporation (NASDAQ: TWMC) shares climbed 120.5% to $7.72 after the company disclosed that its subsidiary etailz entered into a deal with Encina for $25 million 3-year secured revolving credit facility.
  • Celldex Therapeutics, Inc. (NASDAQ: CLDX) fell 39.8% to $3.1744. Cantor Fitzgerald initiated coverage on Celldex Therapeutics with an Overweight rating and a $8 price target.
  • TSR, Inc. (NASDAQ: TSRI) gained 36.2% to $8.17.
  • ...


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Digital Currencies

Altcoin season 2.0: why bitcoin has been outgunned by crypto rivals since new year

 

Altcoin season 2.0: why bitcoin has been outgunned by crypto rivals since new year

‘We have you surrounded!’ Wit Olszewski

Courtesy of Gavin Brown, Manchester Metropolitan University and Richard Whittle, Manchester Metropolitan University

When bitcoin was trading at the dizzying heights of almost US$2...



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ValueWalk

What US companies are saying about coronavirus impact

By Aman Jain. Originally published at ValueWalk.

With the coronavirus outbreak coinciding with the U.S. earnings seasons, it is only normal to expect companies to talk about this deadly virus in their earnings conference calls. In fact, many major U.S. companies not only talked about coronavirus, but also warned about its potential impact on their financial numbers.

Q4 2019 hedge fund letters, conferences and more

Coronavirus impact: many US companies unclear

According to ...



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Chart School

RTT browsing latest..

Courtesy of Read the Ticker

Please review a collection of WWW browsing results. The information here is delayed by a few months, members get the most recent content.



Date Found: Tuesday, 01 October 2019, 02:18:22 AM

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Comment: Wall of worry, or cliff of despair!



Date Found: Tuesday, 01 October 2019, 06:54:30 AM

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Comment: Interesting.. Hitler good for the German DAX when he was winning! They believed .. until th...



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Lee's Free Thinking

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

 

Why Blaming the Repo Market is Like Blaming the Australian Bush Fires

Courtesy of  

The repo market problem isn’t the problem. It’s a sideshow, a diversion, and a joke. It’s a symptom of the problem.

Today, I got a note from Liquidity Trader subscriber David, a professional investor, and it got me to thinking. Here’s what David wrote:

Lee,

The ‘experts’ I hear from keep saying that once 300B more in reserves have ...



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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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Free eBook - "My Top Strategies for 2017"

 

 

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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.

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Some other great content in this free eBook includes:

 

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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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