Simmons Says Government Should Take Over BP Oil Clean Up
By Barry Ritholtz - May 29th, 2010, 2:40PM
Matt Simmons, founder and chairman emeritus of Simmons & Co., talks with Bloomberg’s Mark Crumpton and Lori Rothman about BP Plc’s leaking oil well in the Gulf of Mexico. BP said in a statement today that it has spent $930 million responding to the spill, which began after an April 20 rig explosion that killed 11 workers. The well has been spewing an estimated 12,000 to 19,000 barrels of oil a day into the Gulf, a U.S. government panel said yesterday.
May 28 (Bloomberg)
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May 29th, 2010 at 4:23 pm
Sounds like the scientists who did the calculations think the actual flow is much larger.
rt
http://professional.wsj.com/article/SB10001424052748703957604575272880066140578.html?mod=WSJ_hpp_MIDDLETopStories&mg=reno-wsj
Oil Spill May Be Still Bigger
By CARL BIALIK
The Gulf oil spill may be a good deal bigger even than the numbers issued Thursday suggest, some of the scientists who worked on the estimate said.
May 29th, 2010 at 5:13 pm
I don’t understand this so called leak that is several miles away. Wtf? How is that possible when the length of pipe from ship to seabed was 1 mile?
May 29th, 2010 at 5:52 pm
” How is that possible when the length of pipe from ship to seabed was 1 mile?”
It’s in 5000 ft of water. That’s about 1 mile.
May 29th, 2010 at 7:03 pm
Most likely, relief valve in the vicinity has blown out. This is fucking disaster!
May 30th, 2010 at 12:06 am
Yes, blow it up with something hot enough to turn it all into glass.
May 30th, 2010 at 12:34 am
The whole BP Oil Spill story has been one long list of failures,lies and ineptitude by all the major stakeholders involved.The Obama administration,BP and the Oil Regulator have all been guilty of incompetence,procrastination,finger pointing and cover-ups.BP had given a “60-70% success” to the “top kill” effort despite never having tested this kind of technique at such a depth.Another case of rosy projections without basis in fact.
May 30th, 2010 at 2:06 am
From the WSJ Online article:
referring to the 12k to 19k bpd government estimate: “the research team, led by William J. Lehr, senior scientist with the National Oceanic and Atmospheric Administration’s Office of Response and Restoration, states that it is providing “a range of values that represent an estimated minimum.”
I am confused, is 12k to 19k bpd the minimum estimate and not the upper and lower bounds? Simmons says his best estimate is 120k bpd!
May 30th, 2010 at 3:12 am
120,0000. 00 barrels of oil per day. 1% of total global oil supply exiting into the gulf each day. Do not send in the military please!
May 30th, 2010 at 8:31 am
[...] have no idea if Simmons is right or wrong but his latest claims, laid out in a Bloomberg TV interview Friday (May 28) appear to be nothing short of [...]
May 31st, 2010 at 7:21 am
Fair disclosure: after this mess I went long puts on OIH and DO, thinking I was too late on BP, HAL and RIG. Last week CNBC, which stands for “Cock N Bull Chart” network aired interviews with so many analyst’s touting “It’s time to buy BP, RIG and all the rest because we now know the extent of their liabilities!” I now think the market may not yet realize the full extent of the fall out over this event, maybe there is still time for long puts on BP, HAL, RIG and who knows . . . ?
oldbluejeans
June 2nd, 2010 at 4:13 am
He said nuke it, wow, thats crazy. I cannot say anything, its terrible.