Gulf Gusher Could Be Major Black Swan (5 Viewers)

OP
Bjerknes

Bjerknes

"Top Economist"
Mar 16, 2004
116,262
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  • Thread Starter #61
    The government allowed the lax regulations, and probably did not even adhere to its own laws. Same thing happened with Wall Street to an extent -- only now Obama will have to bail out BP and we'd have the exact same story.

    What really happens is that the government hides behind the notion of "more regulation" while they create, pass and promote laws and bills that are the exact opposite. That's what butt-buddy Clinton did with Glass-Steagal, that's what the SEC and other regulatory bodies plus too-big-to-fail companies have done for years.

    But the American populous still believes in this charade, easily fooled by politicians. It's all just a big joke, and hopefully the Obama supporters/Liberals are finding this out as we speak.
     

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    Enron

    Tickle Me
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    Oct 11, 2005
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    #62
    Well to be fair, the self regulation of the oil industry does go back a bit. It's an issue that needs to be taken head on. The same thing with the mining industry.
     

    juve2

    Junior Member
    Apr 16, 2010
    305
    #63
    If this thing leaks untill August, the impact on the enviroment will be devastating. Not to mention the fishing and turism.
    And also how will BP be able to afford the costs associated with the disaster. This could spell bad times for BP.
     
    OP
    Bjerknes

    Bjerknes

    "Top Economist"
    Mar 16, 2004
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  • Thread Starter #64
    BP has one of the biggest balance sheets in the world.

    Supposedly the government will fine BP $4,300 dollars per barrel of leaked crude, so say that 50,000 barrels are leaked every day for four months.

    That is $4,300 x 50,000 x 120 days = $258 billion

    BP's market cap is $120 billion.

    This will wreck them, but somebody else might come in and buy out the company.

    As predicted by me, BP opened down over 10% this morning.
     

    juve2

    Junior Member
    Apr 16, 2010
    305
    #65
    Oh, they will be fined by the barrel. No wonder they are using dispersents and being so secretive about the size of the leak. But who would have thought that a single work accident can potentialy destroy such a large firm as BP.

    Lesson learnt for other oil companies I guess.
     

    Enron

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    Oct 11, 2005
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    #66
    BP has one of the biggest balance sheets in the world.

    Supposedly the government will fine BP $4,300 dollars per barrel of leaked crude, so say that 50,000 barrels are leaked every day for four months.

    That is $4,300 x 50,000 x 120 days = $258 billion

    BP's market cap is $120 billion.

    This will wreck them, but somebody else might come in and buy out the company.

    As predicted by me, BP opened down over 10% this morning.
    Not only you. My pops and I had the exact same discussion.:D
     
    OP
    Bjerknes

    Bjerknes

    "Top Economist"
    Mar 16, 2004
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  • Thread Starter #67
    $35 is the major support line for BP. If price breaks below 35 they're in major trouble and the stock could go to zero. Seems like it very well could.
     
    OP
    Bjerknes

    Bjerknes

    "Top Economist"
    Mar 16, 2004
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  • Thread Starter #68
    Chris Matthews is such an annoying whore. Yes Chris, I'm sure the government would be doing a better job, especially since they have so many experts in rigging and their balance sheet depends on them getting this gusher shut down.
     

    mikhail

    Senior Member
    Jan 24, 2003
    9,576
    #69
    Bah, Washington? Like we spend taxpayer money researching deep sea exploded offshore rig rescue. The government's only role in this is regulation and certification and holding companies accountable. When crap like this happens, they have to turn to the oil companies to figure it out -- it's their business.

    But I did call Jerry Bruckheimer to see what he said. He suggests sending in a team of Steve Buscemi, Bruce Willis, and Owen Wilson to blow it up with a nuclear warhead.

    Nuclear warheads are like WD-40 or duct tape: they fix everything. :pado:
    Russia agrees.
     
    OP
    Bjerknes

    Bjerknes

    "Top Economist"
    Mar 16, 2004
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  • Thread Starter #70
    Russia has done it before, but in this case we have pipelines near the gusher. We'd be risking a blowout of a pipeline if it doesn't go according to plan.
     

    mikhail

    Senior Member
    Jan 24, 2003
    9,576
    #71
    They never did it this deep underwater either. I was just amused that Greg´s idea of a ridiculously cartoonish plan was Russia´s idea of a pretty neat solution.
     
    OP
    Bjerknes

    Bjerknes

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  • Thread Starter #73
    Anderson Cooper said that he'll "work nights, work mornings, wake up early, do anything to accommodate the BP executives" so that he can interview them. But they no longer return CNN's phone calls. :lol:
     
    OP
    Bjerknes

    Bjerknes

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    Mar 16, 2004
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  • Thread Starter #74
    With hurricane season coming up, you just can't help but laugh at how futile this effort really is. I mean, they have crews going from marsh to marsh taking rags to the sea grass thinking that its going to make a difference. :lol:

    Obama is "enraged" at BP's top kill failure. :lol:

    I don't mean to laugh, but truth is stranger than fiction.
     

    Seven

    In bocca al lupo, Fabio.
    Jun 25, 2003
    39,350
    #75
    If this thing leaks untill August, the impact on the enviroment will be devastating. Not to mention the fishing and turism.
    And also how will BP be able to afford the costs associated with the disaster. This could spell bad times for BP.
    You must be a genius.
     
    OP
    Bjerknes

    Bjerknes

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    Mar 16, 2004
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  • Thread Starter #76
    Lots of shit leaking out of that thing right now.

    Fatty Nungesser is going to be pissed.
     

    JBF

    اختك يا زمن
    Aug 5, 2006
    18,451
    #77
    A sheen of oil from the Gulf of Mexico spill is reportedly nearing the white sand beaches of northwest Florida.

    Officials said a sheen containing thousands of tar balls had been seen nine miles (15 kilometres) from Pensacola on the Florida "panhandle".

    "It's inevitable that we will see it on the beaches," said Keith Wilkins, an Escambia County official.

    Meanwhile, BP's efforts to cap the leaking well hit a snag as a saw became stuck in a thick pipe on the sea bed.

    The company's is attempting to contain the spill from the well by cutting off the fractured pipe and sealing it with a cap.

    Coast Guard Admiral Thad Allen said crews were shooting chemical dispersants at the oil now leaking out of the new cut, and hoped to make another attempt on the pipe later on Wednesday.

    "I don't think the issue is whether or not we can make the second cut. It's about how fine we can make it, how smooth we can make it," Adm Allen said.

    BP share prices continued to plummet in trading on the London stock exchange on Wednesday, amid news the US justice department has opened several civil and criminal inquiries into the Gulf spill.

    BP estimates that the disaster has so far cost the company approximately $990m (£674m) in clean-up costs, but has refused to speculate on future expenses.
    'Dangerous short-cuts'


    The BBC's North America editor Mark Mardell, in Washington, says there is a growing sense of frustration that all BP's efforts have come to nought, and things could get worse for the company.

    Excerpts from a speech President Barack Obama is to give in Pennsylvania on Wednesday suggest he will say that the leak may be down to "corporations taking dangerous short-cuts that compromised safety".

    "But we have to acknowledge that there are inherent risks to drilling four miles beneath the surface of the Earth - risks that are bound to increase the harder oil extraction becomes," the president is expected to say.

    The oil began leaking into the Gulf of Mexico on 20 April when the Deepwater Horizon drilling rig, leased to BP, exploded, killing 11 workers.

    BP is drilling two relief wells to permanently plug the leak but they are not expected to be completed until August.

    A "top kill" procedure, which had been considered the best hope for plugging the leak, failed over the weekend when engineers were unable to pump enough heavy mud into the well to staunch the oil flow.

    Florida Governor Charlie Crist said the oil sheen observed off the state's northwest coast contained thousands of tar balls, heavy globs of decayed oil.

    "The goal is to remove that oil from near shore waters and prevent or minimize any potential impacts on our state," he told reporters.



    BBC
    ---

    This is only getting worse and apparently this won't stop at least till next week.
     

    JuveJay

    Senior Signor
    Moderator
    Mar 6, 2007
    75,031
    #78
    Excerpts from a speech President Barack Obama is to give in Pennsylvania on Wednesday suggest he will say that the leak may be down to "corporations taking dangerous short-cuts that compromised safety".
    How does Obama feel about this:

    U.S. regulators don't mandate use of the remote-control device on offshore rigs, and the Deepwater Horizon, hired by oil giant BP PLC, didn't have one. With the remote control, a crew can attempt to trigger an underwater valve that shuts down the well even if the oil rig itself is damaged or evacuated.

    The efficacy of the devices is unclear. Major offshore oil-well blowouts are rare, and it remained unclear Wednesday evening whether acoustic switches have ever been put to the test in a real-world accident. When wells do surge out of control, the primary shut-off systems almost always work. Remote control systems such as the acoustic switch, which have been tested in simulations, are intended as a last resort.

    Nevertheless, regulators in two major oil-producing countries, Norway and Brazil, in effect require them. Norway has had acoustic triggers on almost every offshore rig since 1993.

    The U.S. considered requiring a remote-controlled shut-off mechanism several years ago, but drilling companies questioned its cost and effectiveness, according to the agency overseeing offshore drilling. The agency, the Interior Department's Minerals Management Service, says it decided the remote device wasn't needed because rigs had other back-up plans to cut off a well.
     
    OP
    Bjerknes

    Bjerknes

    "Top Economist"
    Mar 16, 2004
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  • Thread Starter #79
    This is only getting worse and apparently this won't stop at least till next week.
    If by next week you mean this August, then you'd be correct.

    Yes, that's right. August, at the very earliest. Even then the relief wells might not work.

    How does Obama feel about this:
    Well, Cheney and his constituents pushed for not requiring remote shut-off capabilities for the rig pumps. That might have stopped this disaster.

    As much as I think the Obama administration is a disaster itself, it's hard to blame them for this failure. It is Obama's Katrina though.
     

    Enron

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    Oct 11, 2005
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    #80
    If by next week you mean this August, then you'd be correct.

    Yes, that's right. August, at the very earliest. Even then the relief wells might not work.



    Well, Cheney and his constituents pushed for not requiring remote shut-off capabilities for the rig pumps. That might have stopped this disaster.

    As much as I think the Obama administration is a disaster itself, it's hard to blame them for this failure. It is Obama's Katrina though.
    Wait till Hurricane season. My prediction is something big will hit.
     

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