BP stock tumbles as feds announce oil-spill probes

BP stock tumbles as feds announce oil-spill probes

news.yahoo.com

PORT FOURCHON, La. – Attorney General Eric Holder said Tuesday that federal authorities have opened criminal and civil investigations into the nation's worst oil spill, and BP lost billions in market value when shares dropped in the first trading day since the company failed yet again to plug the gusher.

(visit the link for the full news article)

Mod Edit: Review This Link: Instructions for the Breaking News Forums: Copy The Exact Headline

[edit on 6/1/2010 by semperfortis]

"We will closely examine the actions of those involved in the spill. If we find evidence of illegal behavior, we will be extremely forceful in our response," Holder said in New Orleans.

BP's hope to stanch the leak lies with two relief wells that won't be finished until at least August. The company is, however, trying another risky temporary fix to contain the oil and siphon it to the surface by sawing through the leaking pipe and putting a cap over the spill.

The pipe is cut open with 46,000 pounds shears, and a second cut is done with a giant diamond-edged cutter. During the period when the pipe is cut, the spill will increase by 20 percent. The period that the pipe will be open is a period of a few days.

Eric Smith, an associate director of the Tulane Energy Institute, said the strategy had about a 50 to 70 percent chance to succeed. He likened it to trying to place a tiny cap on a fire hydrant.

He believes that they will not have enough weight to stop the flow.

The president gave the leaders of an independent commission investigating the spill orders to thoroughly examine the disaster and its causes, and to follow the facts wherever they lead, without fear or favor.

Meanwhile, BP spokesman Graham MacEwen said the company was awaiting analysis of water samples taken in the Gulf before making a final determination on whether huge plumes of oil are suspended underwater. CEO Tony Hayward said Sunday there was "no evidence" of the plumes even though several scientists have made the claims.

Billy Nungesser, president of Plaquemines Parish, fired back at Hayward.

"We ought to take him offshore and dunk him 10 feet underwater and pull him up and ask him 'What's that all over your face?'" said Nungesser.

BP said early Tuesday it had spent $990 million so far on fighting and cleaning the spill, with multiple lawsuits for damages yet to be tallied.

The National Oceanographic and Atmospheric Administration also announced that almost one-third of federal waters — or nearly 76,000 square miles — in the Gulf were closing to commercial and recreational fishing because of the spill.

This is one of the best, and most clear articles I have read on the BP spill. I picked out the most important bits for all of you, and summarized a little.

news.yahoo.com
(visit the link for the full news article)

If this isn't corrected with the cap the spill will be increase by 20 percent.

Really? There are no replies to this? This is one of my most well put together threads.

reply to post by Phlynx


I am not able to access the article. No problems with other sites, and have a high speed cable modem, but just getting a hangup on that article probably due to high volume.

Anyways, thanks for posting that article (S & F) which I will check out as possible later; I agree that a new criminal investigation of BP may be warranted as demonstrated in your post and these two threads I posted previously on ATS, and BP's prior violations and criminal history:

www.abovetopsecret.com...

and here:

www.abovetopsecret.com...



[edit on 1-6-2010 by manta78]

"'Bad business judgment isn't a crime,' said Ryan."

Isn't this called negligence? I don't think anyone's going to jail for this. Nothing happened when the banksters destroyed economy, and nothing will happen when they destroy the marshlands.

Originally posted by mooseinhisglory
"'Bad business judgment isn't a crime,' said Ryan."

Isn't this called negligence? I don't think anyone's going to jail for this. Nothing happened when the banksters destroyed economy, and nothing will happen when they destroy the marshlands.

This is definitely not negligence. These guys are possibly ending lives, and ended thousands of jobs. Negligence doesn't destroy beautiful oceans.

I hope they pursue this as far as they can. BP should be made an example of for all other big corporations raping the environment.

WASHINGTON—BP PLC has concluded that its "top-kill" attempt last week to seal its broken well in the Gulf of Mexico may have failed due to a malfunctioning disk inside the well about 1,000 feet below the ocean floor.

The disk, part of the subsea safety infrastructure, may have ruptured during the surge of oil and gas up the well on April 20 that led to the explosion aboard the Deepwater Horizon rig, BP officials said. The rig sank two days later, triggering a leak that has since become the worst in U.S. history.

Source

Just thought I would add this....
8/

a incress of 20% with only a 60 70% chance of stoping it? ps I think by the rest its at 50 50 tops btw These people are NUTS if this device has a force of 48 tons why NOT CRIMP THE PIPE may not totaly stop it but reducing it even by half would be a good thing but no lets cut it open????? make it even worse??????

reply to post by thedarklingthrush


This MAY just be the last time they ever get away with their "acts". Check out airspoon's thread which was one of the links contained in the threads I posted earlier here regarding numerous B P violations over the years. And let us not forget, that B P was responsible (at least initially) for the cleanup in the Exxon Valdez disaster, which is very discouraging news to say to the least.

www.abovetopsecret.com...

[edit on 1-6-2010 by manta78]

Do not expect this investigation to go anywhere.

Ya hear?

This is just like all the other investigations.

Originally posted by xxcalbier
a incress of 20% with only a 60 70% chance of stoping it? ps I think by the rest its at 50 50 tops btw These people are NUTS if this device has a force of 48 tons why NOT CRIMP THE PIPE may not totaly stop it but reducing it even by half would be a good thing but no lets cut it open????? make it even worse??????

Good point! Why not write an email or call them about that?

Do you have ideas to help us?:
+1 281 366 5511

More contact links hear: www.bp.com...

[edit on 1-6-2010 by Phlynx]

Obama vows justice if laws broken in oil spill

reply to post by Phlynx


Wow. I actually agree with something he says. Now if he will just follow thru with that promise, I will be a happy man. (on this issue)


Here's a video from that announcement:

www.msnbc.msn.com...


[edit on 2-6-2010 by manta78]

news.yahoo.com...

PORT FOURCHON, La. – As the crude crept closer to Florida, the risky effort to contain the nation's worst oil spill hit a snag Wednesday when a diamond-edged saw became stuck in a thick pipe on a blown-out well at the bottom of the Gulf.

If the cut is not as smooth as engineers would like, they would be forced to put a looser fitting cap on top of the oil spewing out. This cut-and-cap effort could temporarily increase the flow of oil by as much as 20 percent, though Allen said officials wouldn't know whether that had happened until the cut could be completed.

Engineers may have to bring in a second saw awaiting on a boat, but it was not immediately clear how long that could delay the operation. Live video of the saw showed oil spitting out of the new cut, and crews were shooting chemicals to try to disperse the crude. The cap could be placed over the spill as early as Wednesday.

In Florida, oil was about seven miles south of Pensacola beach, Allen said.

"We are looking at a Wednesday to Friday shoreline impact, but there is a line of uncertainty that depends on the wave action and the winds," Dosh said.

"I'm going to be bankrupt very soon," Le, 53, said as he attended a meeting for fishermen hoping for help. "Everything is financed, how can I pay? No fishing, no welding. I weld on commercial fishing boats and they aren't going out now, so nothing breaks."

Le, like other of the fishermen, received $5,000 from BP PLC, but it was quickly gone.

"I call that 'Shut your mouth money,'" said Murray Volk, 46, of Empire, who's been fishing for nearly 30 years. "That won't pay the insurance on my boat and house. They say there'll be more later, but do you think the electric company will wait for that?"

Who knew one oil company could down so many people's way of life and jobs and destroy a whole eco-system.

"It is an engineer's nightmare," said Ed Overton, a Louisiana State University professor of environmental sciences. "They're trying to fit a 21-inch cap over a 20-inch pipe a mile away. That's just horrendously hard to do. It's not like you and I standing on the ground pushing — they're using little robots to do this."