Tuesday, August 03, 2010

Where's the Oil? BP's Y2K

Since the oil leak in the Gulf of Mexico opened a few months ago, speculation about the volume of escaping oil has been constant. Inasmuch as the diameter of the pipe from which the oil flowed was known, and the pressure forcing the oil out was reasonably estimable, an acceptable ball-park calculation has been at hand.

People huffed and puffed and spewed hysteria about the destruction of the Gulf and the death of regions in the Atlantic. Global media delivered the rantings and ravings and readers showed their worries and fears.

What now? Five million barrels of oil appear to have vanished. Gone. Dissolved in the water, destroyed by chemical dispersants, the warm water, the sun and collected by special boats skimming it from the surface of the Gulf. For the oil that slipped by and made it to shore, there were armies of citizens armed with shovels to scoop up the globs from the beaches.

This disaster is looking like the Y2K of Oil. A near non-event for which BP was expected to allocate $20 BILLION as a minimum outlay for clean-up and compensation to injured parties.

What will the worry-warts, hysterics and disaster queens do now? Like Bush leaving the White House, their reason for living has vanished.

Breaking News Alert The New York Times Mon, August 02, 2010 -- 7:49 PM ET---

U.S. Puts BP Spill Total at Nearly 5 Million Barrels

Nearly five million barrels of oil have gushed from the BP'swell since the Deepwater Horizon spill began on April 20, federal scientists said on Monday in announcing the most precise estimates yet of the well's flow rate. The estimates would make this spill far bigger than theMexican rig Ixtoc I spill of 1979, previously believed to bethe world's largest accidental release of oil.

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Blogger SNAKE HUNTERS said...

Where's the Oil? Well, it's still there, in Alaska's North Slope and ANWR Reserves. Also in shallow waters off our west coast. reb
August 5, 2010
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12:00 PM  
Blogger no_slappz said...

Amazingly, this issue is dropping out of sight. Soon it will be largely forgotten.

But the price of BP stock will continue to rise, and it will go back to the level it reached before the leak began -- $62.

The company will reinstate its dividend and resume its role as a provider of income to pension funds in Great Britain -- and the US.

12:14 PM  
Anonymous Anonymous said...

it is such a shame you werent on the oil platform when it exploded

8:01 AM  
Blogger no_slappz said...


It's good to know I've gotten under your skin. That tells me all I need to know about you.

Feel free to drop by my site and spew anytime.

11:20 AM  
Blogger no_slappz said...

BP stock is marching to higher levels. Obviously the price will follow a jagged path, the the trend is UP.

11:20 AM  

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