Gulf Coast Disastor Summary

From the good folks at NRDC. As I put this summary up I hear Senator Nelson from Florida saying to a reporter that we do nor have a choice right now because of our addiction to oil, (those are his words), we have to use deep water drilling as one of our tools to get out of this mess (drilling in the gulf).
This morning’s summary

BP began a high-wire act over the weekend to end the nightmare in the Gulf of Mexico. It lifted a containment cap from the blown oil well and prepared to lower a tighter one that may start working to cut off the oil in the next 5-6 days. The maneuver will pour even more oil into the sea for a few days but eventually cut it down dramatically. BP expects a new containment ship, the Helix Producer, to begin siphoning an additional 20,000 gallons of oil a day. The federal government and BP are both optimistic that there is a light at the end of this long dark tunnel. Work is a proceeding on the relief wells, which may meet their target and start working by the end of July to shut the well down permanently. Meanwhile, don’t think for a minute that the US is abandoning its quest for more oil. On Friday, the Interior Department announced it is offering oil and gas leases on 1.8 million acres of Alaska’s National Petroleum Reserve while promising to protect critical migratory bird and caribou habitat. It is really time to start asking this question: When can we wean ourselves off fossil fuels?

Quotable quote:
“We’re pleased with our progress … We’ve tried to work out as many of the bugs as we can. The challenge will come with something unexpected,” said BP senior vice president Kent Wells on installing the new oil cap.

National News

CBSNews: BP says leak may be capped by Wednesday

BP is now saying its new cap will stop the spill by Wednesday. For now, every drop of oil from the disabled well is gushing into the Gulf while the new cap is attached. BP’s gusher – its cap torn off – hemorrhaged oil for a second day and won’t stop until engineers bolt on the new 75 ton cap to seal the broken well.

Read more by Mark Strassman

http://www.cbsnews.com/stories/2010/07/11/eveningnews/main6668505.shtml

Also see

MSNBC: BP upbeat on installing new containment cap

http://www.msnbc.msn.com/id/38188000/ns/disaster_in_the_gulf/

AP: Cap removed from gushing well, oil flows freely

Robotic submarines, working a mile underwater, removed a leaking cap from the gushing Gulf oil well Saturday, starting a painful trade-off: Millions more gallons of crude will flow freely into the sea for at least two days until a new seal can be mounted to capture all of it. There’s no guarantee for such a delicate operation.

Read more

http://www.huffingtonpost.com/2010/07/10/gulf-oil-spill-cap-remove_n_641907.html

Also check out

Sky News: New bid to contain Gulf of Mexico oil spill

http://news.sky.com/skynews/Home/World-News/New-Bid-By-BP-To-Contain-The-Oil-Spill-From-Its-Deepwater-Horizon-Rig-In-The-Gulf-Of-Mexico/Article/201007215662918?lpos=World_New

VOA: White House confident BP’s latest effort will contain spill

Presidential advisor David Axelrod says the White House is confident that BP’s new efforts to cap the well will work.

Read more

http://www1.voanews.com/english/news/usa/White-House-Confident-BPs-Latest–Effort-Will-Help-Contain-Gulf-Oil-Spill-98211449.html

Washington Post: Oil spill commission faces challenges, criticism as it begins work

The Presidential Commission on the oil spill starts Monday with hearings in New Orleans. The clock starts ticking on a report that must be delivered in six months. Unlike the commissions that investigated space-shuttle accidents and the Three Mile Island nuclear incident, the Deepwater panel must analyze what went wrong while things still are going wrong.

Read more from Mary Pat Flaherty

http://www.washingtonpost.com/wp-dyn/content/article/2010/07/11/AR2010071103491.html

Daily News: BP to speed up payments for 40,000 claims
As the oil continues to spew into the Gulf, BP has said it will significantly speed up payments for claims to those impacted by the disaster.

Read more from Meena Hartenstein

http://www.nydailynews.com/news/national/2010/07/11/2010-07-11_bp_to_cut_payments_on_40000_claims_by_people_affected_by_oil_spill_cites_paperwo.html

Also see

AP: BP cuts payments to 40,000, La. official says

http://www.cbsnews.com/stories/2010/07/10/business/main6666292.shtml

CNN: Feinberg lays out plan for $20 billion claims fund

The man charged with independently administering the $20 billion fund to compensate for damage caused by the Gulf oil disaster said Sunday that he is prepared to provide up to six months in emergency compensation without the requirement of releasing BP from liability.

Read more from Martina Stewart

http://www.cnn.com/2010/POLITICS/07/11/pol.sotu.bp.claims/index.html?eref=igoogle_cnn

AP: BP happy with new oil leak effort, but no promises

This time BP is “underpromising” results from its newest containment effort. BP said Sunday that it is making progress on what could prove its most effective effort yet to contain the Gulf oil leak, but cautioned that the verdict could be several days away.

Read more from Tom Breen
http://www.chron.com/disp/story.mpl/ap/business/7103696.html

Wall Street Journal: More oil spill funds could be needed

The administrator of the $20 billion fund established to compensate victims of the Gulf oil spill said he didn’t know if the amount would be enough to help all those who would ultimately be affected.

Read more from Peter Wallsten

http://online.wsj.com/article/SB10001424052748704258604575361173622610194.html

AP: BP oil spill costs rise to $3.5 billion
BP PLC said Monday that the tab of dealing with the oil spill in the Gulf of Mexico has risen to $3.5 billion, though its shares rallied on reports it may sell some assets.

Read more:
http://www.google.com/hostednews/ap/article/ALeqM5iXJQx1rNcL7PjrK_G6tD_VyOZkKQD9GTCUA82

Washington Post: Oil spill hasn’t ignited environmental action
You would think the worst oil spill in U.S. history — and, before that, the worst coal-mining disaster in 40 years – would have created the forces needed for climate change and fossil-fuel energy. You would be wrong.

Read more by David A. Fahrenthold and Juliet Eilperin:
http://www.washingtonpost.com/wp-dyn/content/article/2010/07/11/AR2010071103523.html

Business

Wall Street Journal: BP mulls selling off billions in assets

The Wall Street Journal quotes sources saying that BP is in talks with U.S. independent oil and gas producer Apache Corp. on a deal worth as much as $10 billion that could include stakes in BP’s vast Alaska operations, a deal, which would go a long way to helping BP cope with the financial stress of paying for the clean-up of the Gulf oil spill.

Read more from Guy Chazan and Dana Cimillucca

http://online.wsj.com/article/SB10001424052748703580104575361282929358108.html

See also

Fox News: BP in talks to sell off $12 B of assets to help pay for Gulf oil spill

http://www.foxnews.com/us/2010/07/11/bp-talks-sell-b-assets-help-pay-gulf-disaster/

Check this one out, too
http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7884507/BP-builds-defence-in-takeover-threat.html

Wall Street Journal: PetroChina reportedly offers oil spill help to BP

An executive with PetroChina said his company would welcome the “opportunity to work more closely together” with BP.

Read more from

http://www.marketwatch.com/story/petrochina-reportedly-offers-oil-spill-help-to-bp-2010-07-11

AP: Technology’s disasters share long trail of hubris

Experts say oil spills, space shuttle explosions, failed levees and other disasters often share a common thread: technological arrogance and hubris.

Read more from Seth Borenstein

http://www.google.com/hostednews/ap/article/ALeqM5jhcf6M5u4DgrphRfJg9ew8S5LAvQD9GSUQ581

Regional

AP: Free Buffett show draws crowd on oil coast

Tens of thousands of people dressed in Hawaiian shirts and parrot hats sang and danced on a broad beach Sunday at a free Jimmy Buffett concert meant to show that not all the tourists are covered in oil on the Gulf Coast.

Read more from Jay Reeves

http://www.google.com/hostednews/ap/article/ALeqM5hTiQB746_vsHYfIQ-FxsJBRZpzCgD9GT7PT80

Wall Street Journal: Louisiana pushes BP for aid to fishermen

Louisiana fisheries regulators are pushing a plan to lure thousands of idled commercial fishermen back onto the water by getting BP to pay them a bonus on their catch. While BP says it likes the plan, it is balking, explaining that it would rather wait until its leaking oil well in the Gulf is capped.

Read more from Kris Hudson

http://online.wsj.com/article/SB10001424052748704258604575361351660914896.html

AP: 45 pelican chicks sent from Gulf to Miami

Dozens more brown pelicans affected by the oil spill in the Gulf of Mexico have been relocated to a sanctuary in Miami.

Read more

http://www.miamiherald.com/2010/07/11/1725614/45-pelican-chicks-from-the-gulf.html

houmatoday.com: Oil spill commission visits Houma

The residents of Houma, La got their chance to meet face to face to members of the President’s commission investigating the Gulf oil spill.

Read more from Nikki Buskey

http://www.houmatoday.com/article/20100711/FEATURES12/100719969/-1/opinion?Title=Oil-spill-investigation-commission-visits-Houma

Politics

Politicalnews.me: Investigator still without subpoena power in Gulf oil spill,
Colorado Sen. Michael Bennet calls for subpoena power for the President Commission investigating the spill.

Read more

http://bignews.biz/?id=890660&keys=Senator-Michael-Bennet-OilSpill

Editorial

The towntalk.com: Drilling ban wrong response to company’s recklessness

While the moratorium may make for good politics, it constitutes bad economics. Less domestic drilling and production will mean greater reliance on that, in turn, could reverse our recent progress in reducing the trade deficit, Bernard Weinstein writes.

Read more from Bernard L. Weinstein

http://www.thetowntalk.com/article/20100711/OPINION/7110328

Amarillo.com: Column: Kathleen Hartnett White

This is the other side of the environmental equation: “The Obama Administration is using the horrific Gulf oil spill to force an unrealistic energy policy in which oil is viewed as a villainous and dispensable part of the U.S. energy supply. Similarly, a recently formed presidential commission to prevent another oil spill consists of ecologists and environmental activists but no experts in oil and gas production.”

Read more

http://www.amarillo.com/stories/071110/opi_opin5.shtml

New York Times: Big Oil’s good deal

No industry enjoys the array of tax breaks and subsidies that the oil and gas industry does. No industry needs them less. For all the damage it has caused, the disastrous oil spill in the Gulf of Mexico may provide the political momentum to end this special treatment, the New York Times writes.

Read more

http://www.nytimes.com/2010/07/12/opinion/12mon1.html?_r=1&partner=rssnyt&emc=rss

Feature

Seacoastonline.com: Oil below the surface, ocean mapping center tracks Gulf spill underwater
Far away from the Gulf of Mexico, ocean mapping experts at the University of New Hampshire are watching and analyzing what is happening with the oil spill on the sea floor.

Read more from Jennifer Feals

http://www.seacoastonline.com/articles/20100711-NEWS-7110333

Graphic:

Ø Rapid response oil skimmer

http://www.latimes.com/news/nationworld/nation/wire/la-na-oil-spill-20100705-g,0,5109578.graphic

Ø CNN: Tracking the disaster

http://www.cnn.com/2010/US/04/29/interactive.spill.tracker/index.html?hpt=T2

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