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Bp Crisis In The Gulf Nearly Over?

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BP.L surging this morning on the news of it's static kill success and now has green light to pump in cement to "plug the damn hole" permanently. As mentioned in a previous thread most of the oil has now disappeared either skimmed, burned, eaten by microbes or degraded by solar effect.

The lasting problem seems to be from the effect of large scale use of oil dispersant:

By now you've probably seen the headlines on a forthcoming government report that finds that three-quarters of the oil from the 4.9 million barrel Gulf spill has "evaporated, dispersed, been captured or otherwise eliminated." The remaining oil, the government report says, is diluted and poses little threat. From the New York Times piece:

A government report finds that about 26 percent of the oil released from BP's runaway well is still in the water or onshore in a form that could, in principle, cause new problems. But most is light sheen at the ocean surface or in a dispersed form below the surface, and federal scientists believe that it is breaking down rapidly in both places.

A few things to note. Most importantly, just because the oil has dispersed doesn't mean it disappeared. It's now spread under the water, thanks to the at least 1.8 million gallons of chemical dispersants used on the spill. This is what the dispersants were designed to do in the first place. But fact that the has dispersed doesn't mean it poses no problems. While the headline and lead of the Times piece are rather rosy, Jane Lubchenco, head of the National Oceanic and Atmospheric Administration, which lead the work on this new report, noted that there are still many unanswered questions. Indeed, the unprecedented use of dispersants still leaves much to be studied. "I think we don’t know yet the full impact of this spill on the ecosystem or the people of the gulf," said Lubchenco. The piece continues:

Among the biggest unanswered questions, she said, is how much damage the oil has done to the eggs and larvae of organisms like fish, crabs and shrimp. That may not become clear for a year or longer, as new generations of those creatures come to maturity.

Meanwhile, some researchers are finding evidence that oil and dispersants are making their way into the food chain, despite assurances from the Environmental Protection Agency earlier this week that they are not.

There was at least some good news on the dispersants this week, as the EPA announced that its own studies concluded that the oil-dispersant mix is not any more toxic than the oil alone. But as Richard Denison, senior scientist at the Environmental Defense Fund, points out, there's still bad news:

So the good news is that the dispersant doesn’t appear to be increasing the acute aquatic toxicity of the oil released into the Gulf. The bad news is that the oil is pretty toxic, and the dispersant certainly doesn’t help directly with that. And of course, the bigger questions about longer-term effects of dispersants and dispersed oil are not addressed by the new data.

Yes, the dispersed oil is still toxic, and it's still there, under the water, even if we can't see it.

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Guest sillybear2

They let Goldman off the hook too soon, they're gonna need a new villain before November.

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They let Goldman off the hook too soon, they're gonna need a new villain before November.

Shares up over 3% now. I know a few HPC'ers at least will be quite happy this morning.

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All that oil has disappeared - magic!

It always does...there is no real need for human interaction to do anything, other than clear the tar bubbles off the beaches.

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They let Goldman off the hook too soon, they're gonna need a new villain before November.

http://uk.reuters.com/article/idUKTRE6732T820100804

They have already got one. HSBC.

Obama is currently renaming them British Hong Kong Shanghai Banking Corp.

I can not believe how stupid Obama is being. The US people desparatly need jobs and all Obama is saying to business is "do not invest here because i am anti business and am going to sue the **** of you."

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I assume the share price will recover now?

I wonder how many people short on BP will be panicking now?

Mike / Mega will be along, er, shortly.

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Guest sillybear2

http://uk.reuters.com/article/idUKTRE6732T820100804

They have already got one. HSBC.

Obama is currently renaming them British Hong Kong Shanghai Banking Corp.

I can not believe how stupid Obama is being. The US people desparatly need jobs and all Obama is saying to business is "do not invest here because i am anti business and am going to sue the **** of you."

HSBC have nothing on Wachovia, Bank of America or Wells Fargo when it comes to this :-

http://www.bloomberg.com/news/2010-06-29/banks-financing-mexico-s-drug-cartels-admitted-in-wells-fargo-s-u-s-deal.html

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I assume the share price will recover now?

I wonder how many people short on BP will be panicking now?

Bought £2ks worth of BP at £4.16

I'm up a bit. Though if i sold now, most of the (so far tiny) profit would go in fees on the way in, and fees on the way out.

Set this up as an ISA through Hargreaves Lansdowne.

Seem like a decent company if anyones considering such.

Im a novice at this, but felt compelled to buy in to BP at that price.

Might have a punt on Cash Convertors. (CCVU) next.B)

Edited by shindigger

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Bp Crisis In The Gulf Nearly Over? What next?

Lots of finger pointing and name calling.

Once BP have finished sealing everything off and they are sure it wont leak again, they'll call the US gov out on the fact that it was all the US Coast Guards fault.

The USCG is responsible for co-ordinating/organising firefighting operations at sea.

When the rig blew, they were in charge of putting the fire out. To put it out, they had boats with fire hoses pump thousands of gallons of seawater onto the fire.

This was really stupid.

The floating rig filled with water on one side, capsized, sank, and broke the drill pipe.

The firefighting ships should have been using foam.

The oil leaked because the rig sank. The rig sank because the USCG sank it.

BP needed to be nice to the USCG since they needed their help during the cleanup and containment. Once it's all sealed, the gloves will come off, an BP will get their $20bn back, plus interest.

This one is going to get really REALLY nasty.

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Guest absolutezero

Shares up over 3% now. I know a few HPC'ers at least will be quite happy this morning.

I'll be happy when they get back to the £5.90 they were when I bought the damned things!

And when they reinstate the dividends.

Not so fussed about the capital value. It's the dividends I want.

Edited by absolutezero

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They let Goldman off the hook too soon, they're gonna need a new villain before November.

'They' have already started hyping North Korea and holding potentially confrontation US naval 'exercises' off their coast!

Plus the oft repeated mass goosestepping marches repeated on the news. Geese=Egypt!

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He has lost more than that.

http://www.zerohedge.com/article/matt-simmons-has-died-heart-attack#comments

Matt Simmons Has Died Of A Heart Attack

Tyler Durden's picture

Submitted by Tyler Durden on 08/09/2010 09:29 -0500

CNBC notes the apparent cause of death of the recently popular BP skeptic, and founder of oil company Simmons & Co., was a heart attack. A conflicting report according to WLBZ cites the source of death as drowning.

NORTH HAVEN, Maine (NEWS CENTER) - The Knox County Sheriff's Department says Matthew Simmons, the founder of the Ocean Energy Institute, drowned at his house on North Haven late Sunday night.

Simmons was a leading investment banker for the energy industry and had recently retired to work full time on the new Ocean Energy Institute.

He was a leading proponent of offshore wind power and had started raising money to develop and build offshore turbines.

He and his family had also bought and rebuilt the Old Strand Theater in downtown Rockland.

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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