By BEN NUCKOLS and JANE WARDELL
ASSOCIATED PRESS
PORT FOURCHON, La. -- BP lost billions more in market value Tuesday when shares fell steeply in the first trading day since the company failed to plug the worst oil spill in U.S. history, as investors realized the best chance to stop the leak was months away and there was no end in sight to the cleanup.
As hurricane season began on the fragile Gulf Coast, BP settled in for the long-term. With the ambitious "top kill" abandoned over the weekend, 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 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 cleanup, relief wells and temporary fixes were being watched closely by President Barack Obama's administration. Obama planned to meet for the first time Tuesday with the co-chairmen of an independent commission investigating the spill, while Attorney General Eric Holder was headed to the Gulf Coast to meet with state attorneys general.
Showing posts with label BP. Show all posts
Showing posts with label BP. Show all posts
Tuesday, June 1, 2010
Sunday, May 30, 2010
AP: After fix fail, a dispiriting summer of oil, anger ...
By TED ANTHONY and MARY FOSTER
ASSOCIATED PRESS
BOOTHVILLE, La. -- There is still a hole in the Earth, crude oil is still spewing from it and there is still, excruciatingly, no end in sight. After trying and trying again, one of the world's largest corporations, backed and pushed by the world's most powerful government, can't stop the runaway gusher.
As desperation grows and ecological misery spreads, the operative word on the ground now is, incredibly, August - the earliest moment that a real resolution could be at hand. And even then, there's no guarantee of success. For the United States and the people of its beleaguered Gulf Coast, a dispiriting summer of oil and anger lies dead ahead.
Oh ... and the Atlantic hurricane season begins Tuesday.
For more on this story, see our AP headline scroll below.
ASSOCIATED PRESS
BOOTHVILLE, La. -- There is still a hole in the Earth, crude oil is still spewing from it and there is still, excruciatingly, no end in sight. After trying and trying again, one of the world's largest corporations, backed and pushed by the world's most powerful government, can't stop the runaway gusher.
As desperation grows and ecological misery spreads, the operative word on the ground now is, incredibly, August - the earliest moment that a real resolution could be at hand. And even then, there's no guarantee of success. For the United States and the people of its beleaguered Gulf Coast, a dispiriting summer of oil and anger lies dead ahead.
Oh ... and the Atlantic hurricane season begins Tuesday.
For more on this story, see our AP headline scroll below.
Monday, May 17, 2010
Worry that Gulf oil spreading into major current ...
By JEFFREY COLLINS and JASON DEAREN
ASSOCIATED PRESS
NEW ORLEANS -- BP said Monday it was siphoning some of the oil spewing into the Gulf of Mexico, but worries escalated about the ooze reaching a major ocean current that could carry it through the Florida Keys and up the East Coast.
BP PLC chief operating officer Doug Suttles said Monday on NBC's "Today" that a mile-long tube was funneling a little more than 42,000 gallons of crude a day from a blown-out well into a tanker ship.
That would be about a fifth of the 210,000 gallons the company and the U.S. Coast Guard have estimated are gushing out each day, though scientists who have studied video of the leak say it could be much bigger and even BP acknowledges there's no way to know for sure how much oil there is.
In the nearly a month since an oil rig called the Deepwater Horizon exploded off the coast of Louisiana, killing 11 workers, BP has made several failed attempts to stop the leak, trying in vain to activate emergency valves and lowering a 100-ton container that got clogged with icy crystals.
ASSOCIATED PRESS
NEW ORLEANS -- BP said Monday it was siphoning some of the oil spewing into the Gulf of Mexico, but worries escalated about the ooze reaching a major ocean current that could carry it through the Florida Keys and up the East Coast.
BP PLC chief operating officer Doug Suttles said Monday on NBC's "Today" that a mile-long tube was funneling a little more than 42,000 gallons of crude a day from a blown-out well into a tanker ship.
That would be about a fifth of the 210,000 gallons the company and the U.S. Coast Guard have estimated are gushing out each day, though scientists who have studied video of the leak say it could be much bigger and even BP acknowledges there's no way to know for sure how much oil there is.
In the nearly a month since an oil rig called the Deepwater Horizon exploded off the coast of Louisiana, killing 11 workers, BP has made several failed attempts to stop the leak, trying in vain to activate emergency valves and lowering a 100-ton container that got clogged with icy crystals.
Wednesday, May 12, 2010
BP: 2nd, smaller container reaches Gulf seafloor ...
By H. JOSEF HEBERT AND HARRY R. WEBER
ASSOCIATED PRESS
ON THE GULF OF MEXICO — BP says a second, smaller container has reached the seafloor, but it hasn't yet been placed over the blown-out well fouling the Gulf of Mexico.
BP spokesman Bill Salvin said Wednesday that the 2-ton box had reached the seabed overnight.
He says it hasn't been positioned over the well yet because engineers want to make sure everything is hooked up correctly. Officials want to avoid the same icy, slushy buildup that thwarted their first attempt at using a much larger box that weighed about 100 tons.
ASSOCIATED PRESS
ON THE GULF OF MEXICO — BP says a second, smaller container has reached the seafloor, but it hasn't yet been placed over the blown-out well fouling the Gulf of Mexico.
BP spokesman Bill Salvin said Wednesday that the 2-ton box had reached the seabed overnight.
He says it hasn't been positioned over the well yet because engineers want to make sure everything is hooked up correctly. Officials want to avoid the same icy, slushy buildup that thwarted their first attempt at using a much larger box that weighed about 100 tons.
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