BP stock between April 28th (US$57.34) and today (US$36.52).
They lost about US$40 Billion.
Dj Nacht
We should start using hemp oil as an green alternative. Anyone think this is good or unrealistic?
jester
quote:
The federal-provincial board that regulates oil activity off Newfoundland is trying to ease public concerns about deep sea drilling.
Max Ruelokke, head of the Canada-Newfoundland and Labrador Offshore Petroleum Board, said Wednesday that anecdotal evidence suggests the oil spill in the Gulf of Mexico was caused by crew error.
He said faulty procedures used to terminate the well in the Gulf apparently allowed gas to enter instead and caused an explosion.
And while there's no guarantee an accident won't happen off Newfoundland, he said the board has stepped up safety oversight.
The leader of the NDP in Newfoundland and Labrador, Lorraine Michael, and other critics have called for a halt to deep sea drilling off the province.
Chevron Corp. (CVX-N73.651.361.88%) has started drilling an exploratory well about 2,600 metres deep. It's more than 1,000 metres deeper than the BP PLC (BP-N37.691.173.20%)-operated well that blew April 20 in the Gulf of Mexico, killing 11 workers.
Engineers have been struggling ever since to cap oil gushing into the Gulf.
“Unfortunately, the reality is the reality,” Mr. Ruelokke said of the failure to cap the BP leak despite the best efforts of top engineers from around the world.
Still, he said the board sees no reason to call off the deep sea exploration about 400 kilometres northeast of St. John's.
“We think it's safe to go ahead with the well.”
The Stena Carron drilling ship has state-of-the-art technology equipped with three backups in case of a blowout.
They include an acoustic switch to close down a blown well, a remotely operated vehicle to help shut down leaks, and two ramp stacks that could help block spewing oil.
Mr. Ruelokke concedes that rough seas in the North Atlantic could hamper capping efforts if a Gulf-like catastrophe were to happen. But he said rougher wave action would help break up and disperse oil spilled.
Mr. Ruelokke said 355 wells have been drilled off Newfoundland without loss of control.
Operators must show that they can cover potential financial liabilities of at least $350-million — an amount that is being reviewed, Mr. Ruelokke said.
(Courtesy of Canadian Press via. The Globe and Mail)
Romchik22
quote:
Originally posted by Dj Nacht
We should start using hemp oil as an green alternative. Anyone think this is good or unrealistic?
I think it's the future and it's realistic. The future resides in the hands of Cali. That's the most pro-hemp state in USA.
