Wednesday, June 23, 2010

Over Two Months of Oil Spew

Day 65 of the BP Oil Spew finds:

BP is doing all that it can and is deeply concerned but is learning as it goes, said BP America's Chief Operating Officer Doug Suttles.

Funny, CSPAN interviewed an expert over the weekend. Their guest said the U.S. has over 2,000 skimmers, but only 500 were working the Gulf spill.

As for learning as it goes, CEO Tony Hayward missed the opportunity to learn from his global peers when he skipped the World National Oil Congress. Might BP be doing all that it can to obfuscate, keep the media away and conduct corporate risk management?

Eight days ago President Obama said:

And in the coming weeks and days, these efforts should capture up to 90 percent of the oil leaking out of the well. This is until the company finishes drilling a relief well later in the summer that’s expected to stop the leak completely.

How close is BP to capturing the 90%, 54,000 barrels per day? They were halfway when the collection cap had to be removed. This sidelined the retrieval of nearly 17,000 bpd.

Day 65 has 10,000 bpd being burned off by the Q4000, roughly 17%. The other over 80% (50,000 barrels released today) will migrate in the Gulf, waiting for collection.

President Obama appointed two commissioners with BP/ConocoPhillips ties to his Oil Spew Commission, co-chair William Reilly and member Fran Ulmer. The commission is one step closer to subpoena power. The key will be the questions asked.

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