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Thread: BP - Gulf Oil Spill

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    Featured Member WiseGuy_TX's Avatar
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    Default BP - Gulf Oil Spill

    ...just imagine the BP public relations nightmare, the pending fed, state, private litigation to follow, the impact to businesses/ the market/ the environment and the outlook towards green energy. Throw in the outcry due to the recent "spill" near the great barrier reef & the end result from the Exxon Valdez and i'd say BP (and the feds)are about to take a beating.
    "Peter, did you take Stewie to a strip-club? He smells like sweat and fear." - Lois and Stewie (Family Guy) ... "Through early morning fog I see, Visions of the things to be, The pains that are withheld for me, I realize and I can see..."

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    Default Re: BP - Gulf Oil Spill

    Not much chance for offshore drilling to become popular in the near future i imagine.

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    Default Re: BP - Gulf Oil Spill

    This was a huge disaster just waiting to happen, compounded with no anticipation of how to respond if it did. You can count on something like this, just like you can count on a Katrina disaster.

    They've got the offshore contingency planning all screwed up. I could have come up with a much better plan than the government's and the oil companies' plans combined. And such a screw-up is just unfathomable and the unholy mess will prove to be cost-prohibitive to cleanup.

    One oil company cannot contend with such a huge mess all alone. And the government doesn't know how to stop the continuing flow of oil.

    They have needed all along something analogous to a fire company at the ready, funded by all the oil drilling companies in the region, supervised by the federal and (potentially) involved state governments. All offshore drilling countries should have developed measures to seal off wells or pipes because this type of thing that you can count on happening every so many hundred well-years. They should have had extensive emergency leak stopping technologies at the ready. This idea of drilling 2 more wells to relieve the pressures is stupid, as it will take 60-90 days (not hours).

    Another stupid thing I keep hearing is the damage to the ecology and the environment in general being measured in terms of dollars. As if nature is just a commodity for humans to despoil as long as we can pay the fines for it. How heartless and inhumane.... Damn, we are so destructive; it makes me sick!

    NO MORE OFFSHORE DRILLING until these measures are put into place. If that's too expensive, well, I guess no more drilling offshore.
    Last edited by threlayer; 05-02-2010 at 08:22 PM.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    Default Re: BP - Gulf Oil Spill

    Well, my favorite spot here... Joe Patti's and Crab Shack are feelin the effects of this oil spill. Also, Gulf Islands National Seashores just made $25 off me last week for a 1yr. pass to the beach,and now all the beaches here are closed.The Navy base has cones at the entrance of the beach we usually go to. I'm mad
    I have seen so many beautiful plants/creatures alone the shores here. It's sad they measure them in dollars.
    I coulda fixed this myself a lot faster. Hmph!

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    Default Re: BP - Gulf Oil Spill

    here's an interesting tidbit. It appears that in exchange for the US gov't leveeing some new tax on oil companies, the oil companies 'liability' is now limited to $75 million total per incident !!!

    (snip)"Matthew Wald of The New York Times reports the details of the previously obscure Oil Spill Liability Trust Fund, a $1.6 billion fund financed by a minuscule tax on oil — eight cents per barrel, which Wald says is roughly 0.1%. According to Wald, the fund is designed to pay damage claims resulting from oil spills, though not cleanup and containment costs. But that’s not all it does. It also limits the liability of oil companies like BP.

    Under the law that established the reserve, called the Oil Spill Liability Trust Fund, the operators of the offshore rig face no more than $75 million in liability for the damages that might be claimed by individuals, companies or the government, although they are responsible for the cost of containing and cleaning up the spill.

    The fund was set up by Congress in 1986 but not financed until after the Exxon Valdez ran aground in Alaska in 1989. In exchange for the limits on liability, the Oil Pollution Act of 1990 imposed a tax on oil companies, currently 8 cents for every barrel they produce in this country or import.

    The tax adds roughly one tenth of a percent to the price of oil. Another source of revenue is fines and civil penalties from companies that spill oil.

    According to Wald’s report, there have been 51 instances in which damages under the $75 million liability cap has been exceeded. That figure will certainly be exceeded with BP’s Deepwater Horizon spill. Up to $1 billion from the fund can be used for any single accident, but in this case, $1 billion is likely to be peanuts.

    In other words, it was a pretty sweet deal for oil companies: they agreed to a tiny tax which they can pass on to consumers, and in exchange their liability is limited to $75 million. Because they can pass the oil tax along to consumers, it’s like they got the liability caps for free.

    If this law does indeed carry the final word, and there isn’t another way to hold BP accountable for the damage it has caused, then you can chalk up another victory for corporate socialism. And you can bet your bottom dollar that the right won’t shed a tear over it."(snip)

    from

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    Default Re: BP - Gulf Oil Spill

    ...there is a "gross negligence clause" also listed in "Sec. 2704. Limits on liability" that can nullify those amounts. The fact BP did not seem to have a reasonably effective disaster plan in place might seem like gross negligence to a court.
    "Peter, did you take Stewie to a strip-club? He smells like sweat and fear." - Lois and Stewie (Family Guy) ... "Through early morning fog I see, Visions of the things to be, The pains that are withheld for me, I realize and I can see..."

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    Default Gulf Oil Spill CONSORTIUM

    This thing needs to treated cooperatively by all the offshore oil companies in the Gulf region. And not as a liability unless gross negligence is in the mix. The $75M cap is just a stupid position lobbied for by the oil companies. There should be no cap on what the oil spill consortium I propose should spend to clean up their mess. That fact should eliminate the 'gross negligence' factor, as their responsibility in the consortium would be obvious to the others; and then negligence lawsuits would be born within the consortium. Oh, and skip the FTC price-fixing arguments.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    Default Re: BP - Gulf Oil Spill

    From what I read, it's more of a unstoppable gushing torrent than a spill.
    Pic: http://i.imgur.com/bzj89.jpg

    The oil spill, originating from a deepwater oil well 5,000 feet (1,500 m) below sea level, is currently discharging an estimated 5–25 thousand barrels (210,000–1,100,000 US gallons; 790,000–4,000,000 litres) of crude oil daily.[3]
    http://en.wikipedia.org/wiki/Deepwat..._rig_explosion
    Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor
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    Default Re: BP - Gulf Oil Spill

    Yeah a spill would eventually stop, this thing is just going to keep going.

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