BP and the 1979 Ixtoc I Disaster

Filed in copper, dividend, Gold, GOld juniors, lead, Molybdenum, natural-gas, silver by on June 19, 2010 0 Comments

BP thinks you’re stupid. Two years ago, BP said it could handle a spill 10 times worse than what we’re dealing with now. And we believed them. They said 25,000 gallons were leaking into the Gulf… and we believed them. They now say 60,000 gallons are leaking every day…. and we believe them. But with a cracked seabed floor— and a well that could hold 50 million barrels of oil — 60,000 is nothing more than a pipe dream. The spill could actually be worse than 1979’s Ixtoc I disaster — the worst accidental oil spill 50 miles off Mexico’s Gulf Coast, where more than 140 million barrels gushed into the waters (that’s about 30,000 gallons a day) until it was capped 10 months later. (Can you imagine the oil impact if it takes BP 10 months? It’d be the second worst spill in history, following the 1991 Arabian Gulf/Kuwait oil debacle, which wasn’t even an accident. Iraqis dumped 380 million to 520 million gallons on orders… ) BP is nowhere near capping the leak or stopping the oil volcano. They can promise fixes by August… but there’s no guarantee. It’s not as if there’s a “fix” for a cracked seabed floor. Worse, the well could still hold 94% to 97% of its oil 60 days into this crisis. And if the current flow rate continues with that much oil still in place, it’ll take two to four years for the oil to leak out if they can’t stop it. That alone would destroy BP. And yet, investors think everything is okay… …

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BP and the 1979 Ixtoc I Disaster

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