BP shares plunge as estimate of leaking oil grows
Investors dumped shares of BP Wednesday, as estimates of the amount of oil flowing from its blown-out well grew, along with concerns about its ability to pay for the spill in the Gulf.
Read more on AP via Yahoo! News
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BP concedes Gulf oil spill is bigger than estimate
Greg Bluestein, Associated Press Writers Michael Kunzelman, Associated Press Writers BP conceded Thursday that more oil than it estimated is gushing into the Gulf of Mexico as heavy crude washed into Louisiana’s wetlands for the first time, feeding worries and uncertainty about the massive monthlong spill.
Read more on The Tuscaloosa News
BP Doubles Estimate for Oil Capture in Gulf of Mexico Spill
BP Plc said it has doubled the amount of oil it is collecting with from the leak below the Gulf of Mexico to about 2,000 barrels a day.
Read more on BusinessWeek
 The Guardian |
BP concedes Gulf oil spill is bigger than estimate
The Associated Press "What you see are real-time images of a real-world disaster unfolding 5000 feet below the surface of the Gulf," said US Rep. Edward J. Markey, D-Mass. … Latest updates and pictures from the Gulf oil spill Photo Gallery: Gulf oil spill Louisiana senator proposes split of Gulf oil revenue |
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Clean Harbors Puts A High Estimate On Gulf Oil Spill Work
Wall Street Journal But even with the update, the full benefits of the disaster remain uncertain as BP's ability to stop the leak, the amount of oil that gets to shore and even … Clean Harbors Updates Participation in Gulf Oil Spill Response Clean Harbors (CLH) Assisting In Gulf Oil Spill Clean-Up, Expects 15-20 … Stocks to watch: Gulf cleanup may be opportunity |
 Reuters |
Gulf oil spill: Spill rate could be more than 10 times previous estimate, BP says
Los Angeles Times (blog) BP officials Tuesday told congressional representatives that the Gulf of Mexico oil spill could grow at a rate more than 10 times current estimates in a … Obama: Govt Committed To Preventing Economic Damage In Gulf Gulf Oil Disaster – Beneath the Waves Effort to cap Gulf oil spill moves forward |
View full post on gulf oil disaster updates – Google News.
“It’s premature to say this is catastrophic,” said Coast Guard Rear Adm. Mary Landry, ” I will say that this is very serious,” quoted the Washington Post, as more oil leaked from the site of the Deepwater Horizon oil rig explosion.
The National Oceanic and Atmospheric Administration (NOAA) estimated Wednesday night that up to 5,000 barrels a day, not 1,000 as first stated, are spewing out of the well. That is five times BP’s previous estimate, according to various news outlets. Attempts to trigger a shutoff valve with robotic submarines proved unsuccessful Wednesday. Various environmental groups and scientists are predicting the spill could be one of the worst-ever environmental disasters in the Gulf.
BP, who operates the well and is responsible for cleanup, has now discovered a third leak. But Doug Suttles, chief operating officer with BP Exploration and Production, said this does not change the overall amount of oil thought to be coming from the well, said nola.com. Suttles said he is certain that the new leak just emerged Wednesday.
As winds shifted to the southeast Wednesday, for the first time the forecast indicated that the outer bands of the amber colored oil slick will reach the southern edges of Louisiana’s coast by late Friday, according to nola.com.
“What we know is that from this trajectory … the outer boundary at the end of Friday shows it touching the Mississippi River delta in Louisiana,” said Charlie Henry, a scientific support coordinator with the National Oceanic and Atmospheric Administration. “We do think there is a high risk of continued southeast winds that would push that oil a little bit further,” quoted nola.com.
Also on Wednesday, the Coast Guard reported that BP pulled in the thickest areas of the messy slick inside fireproof booms, lit and burned it for 28 minutes, in hopes of preventing extensive damage to coastal areas, said the Washington Post. But weather and other conditions could impact how well the operation works if continued. And it is thought to be successful with only thick oil, not a water-oil mix.
Kerry St. Pe, program director of the Barataria-Terrebonne National Estuary Program, has done oil-spill cleanup with the state Department of Environmental Quality. He said the burning method is a worthy and well-tested approach, although it is not a panacea, said nola.com.
“I don’t think this is the solution to this spill. I think it’s a solution that they should try, and if they do get it cut off then the burn has been a great success,” St. Pe said. “When you have a spill like this, you try everything. You use all the cleanup methods you have at your disposal, and if the burn gets rid of even 5 percent of the oil, it’s 5 percent that wouldn’t have gotten rid of otherwise,” quoted nola.com.
Oil containment in a controversial, if not out-of-control, situation has prompted the Defense Department to be ready for assistance. Government officials said Wednesday they had urged BP to allow them to help protect the shoreline, said the Washington Post.
According to the Associated Press, a spokesperson for a U.S. military base in Colorado Springs, Colo., which provides support to civil authorities during natural disasters, said BP has not requested the defense department’s help for containment. However, the official said the North American Aerospace Defense Command and the U.S. Northern Command at Peterson Air Force Base were expecting the request.
If the spill reaches the coast, it could be both environmentally and economically debilitating for the affected states. According to a Bloomberg report, the Louisiana coast has 3 million acres of wetlands that serve as a nursery for game fish such as red drum and speckled trout, and are presently nurturing brown shrimp to be harvested by the state’s fishing fleet.
Louisiana’s seafood industry garners annual retail sales of about $1.8 billion, while its sports fishing operation pulls in about $1 billion each year for the state. The oil spill could cause long-term damage to the state’s marshes, seriously hurting both industries and the marshes house 5 million migratory birds, alligators, turtles and other species, said Bloomberg. Also, once pristine beaches would no longer lure tourists when covered in oily muck.
Environmentalists are fearing the slick could match the 11 million gallons that spilled during the 1989 Exxon Valdez disaster in Alaska. At the current rate of spillage, it would take about 260 days for this incident to exceed the worst oil spill devastation in U.S. history.
The author is a writer for Parker, Waichman, Alonso LLP Law Firm
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