An aerial photo shows the size of the sheens in the Gulf oil spill. AP Photo
Yesterday's news on the Gulf oil spill saw a step back in the containment efforts, followed by promises to do better by BP, and finally a huge presidential address. Through it all, thousands of barrels of oil continued to flow into the Gulf of Mexico, impacting the neighboring U.S. states. Here are the latest updates on the BP oil spill. Pictures from the disaster can be seen below.
- BP had to temporarily stop efforts to siphon oil up to surface ships after a fire aboard the vessel processing the oil. After a few hours, BP was able to restart the operation. The company was able to siphon about 15,000 barrels as the day before the fire, but that rate decreased with the yesterday's fire.
- The estimate flow rate of the leak continues to increase. On June 10th the USGS estimated that 20,000-40,000 barrels were leaking each day. That estimate has now been increased to 35,000-60,000 barrels after scientists analyzed date from pressure gauges inside the leak. BP is promising to capture 40,000-50,000 barrels of oil by the end of the month, and as much as 80,000 barrels of oil by mid-July. These projections are likely what enabled President Obama to say 90% of the oil would be captured in the "coming days and weeks."
- Executives from the oil industry testified before Congress and took an expected grilling from lawmakers. Multiple representatives questioned the industry's preparation for a similar disaster in the future, citing report,s from the companies which prepared to rescue wildlife, like sea otters, that do not even live in the Gulf of Mexico. The CEO of Exxon was forced to concede that they, too, lack the resources to deal with a deepwater leak just like BP.
- So far BP has paid $1.6 billion to clean up the spill and pay claims to affected parties. High estimates have BP's total liability at around $70 billion for all the damages. Despite these extraordinary numbers, most analysts still believe BP is positioned to financially survive the disaster and pay off their liability. Democrats are pressuring BP to set funds aside in a escrow account to be administered by an independent trustee for the payment of claims.
- The biggest news of the day, which may have produced the most disappointment, was the President's address to the nation from the Oval Office. A full video and transcript of the speech can be seen here. The President addressed the short-term and long-term response to the spill by the federal government. The President pushed for a new energy policy, but did not provide any specifics on the type of legislation he would like to see implemented. While emphasizing the disastrous consequences from the disaster, the President also expressed faith in the ability of the country to solve the problem and rebuild.
Comments
The disgusting part about this is that the main focus is money, and not the ecological damage caused by human mistakes. Think about habitats and animals dying because of this. It's sickening.
I live in Florida and I am sad and sick off what this is doing to our coastline. The Gulf is dying because of it. The animals are dying. My heart breaks just thinking about it. All the reasons I came to live in Florida will soon be gone. The beautiful beaches, animals, sealife. Life as I know it, including the use of my jetski and the value of my home will also be gone. Thanks BP
Danielle, don't act stupidly! Don't you think there should be an intense investigation into what ACTUALLY happened before blame is set? I am not saying BP is not responsible since they leased the rig, but there are others who supplied gear and expertise that must hold some accountability. As WELL AS THIS GOVERNMENT who was to oversee them.
Is this what it is, or will be?
environmental.builderspot.com/BP_GULF_OIL_DISASTER_GOV_COVERUP_TRUTH_2012.html
I think there is enough blame to go around. BP is getting a huge hit, as well it should, but many other companies were involved as well. Am not convinced that any real resolution is in sight from BP, Transceanic or the government. Just like Post_Katrina...ultimately the Gulf Coast, with some caring volunteers will end up getting the job done IF allowed. BP is too busy Saving the Well and the others are all trying to avpoid getting sued and the Governments Red Tape is as debilitating as the oil slick.
First the President offered to fall on his sword (for BP). That didn't work with the public so it was time to kick ass, than it was time to be made whole. Meanwhile, the richest country in the world is showing the world that there isn't actually an environmental policy, or if there is one, its the same environmental policy that significantly poorer countries have. The beach and sea will smell like oil and clothes will stain from swimming and yet nothing will be done. Here is the disconnect that exists between the real wealth of environment and the imaginary wealth of the economy.
At least we get to see the actual power oil companies have in the real world. If left in this state, we should begin trading oxygen on the floor of the NTSE.
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