once again more lies and denial from castoore...
he's the LINK blind one. so quit lying.
La. officials: 8-inch tar balls washed up on beach
(AP) – 1 day ago
PORT FOURCHON, La. — Louisiana wildlife officials say huge tar balls have littered the beach at Port Fourchon, some of them 8 inches across.
Laura Deslatte, a spokeswoman for the Louisiana Department of Wildlife and Fisheries, said Friday that the glossy globs were found along the entire beach at Port Fourchon. Workers from her department have not yet seen so much oil washed up anywhere else.
A news release said that on Thursday, biologists found about 25 nickel-sized tar balls per square foot from the beach's southwestern end to its midpoint.
They also found more than a dozen tar balls on the banks of Belle Pass, a few hundred yards north of the waterway's mouth.
A Coast Guard spokesman also says significant amounts of oil have washed onto the Chandeleur Islands — part of a national wildlife refuge.
BP gave a worst-case estimate to congress: 67.5M gallons of spill.
Worst case is 7 times more than Exxon Valdez.
This is half of Ixtoc spill in gulf of mexico (140M gallons)
In the worst case - BP is looking at spending $18B on this spill.
Whoever is shorting in 40s and hoping for 20s (even 30s) will get screwed.
I've calculate $26 billion being conservative. Look at Fannie and Freddie...GM and AIG...well into the $100s of billions and not even a drop of oil spilled. My point is, these p-c idiots don't want to stir panic. I understand. So it's my job to be brutally honest and tell the world to panic!
Remember that spill was back in 1979 and est cost $1.5 billion? Well, things cost and are valued much higher now than 1979. Seriously, this mess could reach $100 billion over time. It's not out of the question considering the bad PR, boycotts, etc.
All I got to say is people paying $4+ at BP pumps when oil was $147, well, they haven't forgotten. They could eat BP right from the bone. Funny that $147 oil was right before the greatest collapse in market history. Makes you wonder what it was doing up there to begin with...
Well, from $87 recent high, oil is reversing big time. I think the shorts have it right short of a miracle.
I do believe this is the BIG ONE everyone has feared. If this were XOM, it'd be looking at bankruptcy. It knows the real costs of the Valdez and survived b/c of the march to $147 oil.
My guess is oil plummets with this and BP is forced into BK being the proud non-US holder of spot #1...the WORST oil disaster and worst environmental disaster all in one. It's only fitting that this mistake wipes out the entire company. Good news is American oil companies will scoop up the deeply discounted assets out of a dumpster.
i have a feeling the "good guys" will win this one.
The good guys are the workers working on this 24x7 - skimming oil off, burning the oil, chemicals and of course the top-hat,junk-shot,tube crew. I'm rooting for them. They are no less than fire fighters.
That said, the oil greedy owners of BP, Halliburton, RIG should be held liable for all of this and also pay fines. I'm afraid they'll get away. Just like they always have. Politicians never walk the talk (Think Barney Frank)
Yes - I'm afraid BP stock will also be in high 50s in a few months.
Shorting BP is NOT a good idea. You will also have to pay $6/year dividend on each share shorted.
There will be no dividend, first. BP is bleeding $350 million/day. Not a chance this gets better...only worse. BP is focusing more on protecting the business from bankruptcy that ANYTHING else right now. Sure the guys in the field are trying their best, but senior management is worried about total collapse of BP. I guarantee it.
I disagree BP will be higher in 5 months. It'll be lucky if it holds the $20s unless you can somehow go back in time and reverse the disaster.