Interesting coincidences surround BP disaster

[mrhtbd]

Obama plugging the wrong holes in BP Disaster?
By Judi McLeod Wednesday, May 26, 2010

The BP oil story is taking on dimensions as epic as the April 20 spill.

Oil giant BP PLC, it seems, has now owned up to its congressional confessors that a decision to continue work on an oil well in the Gulf of Mexico after a test warned that something was wrong may have been a ?fundamental mistake?. That?s the latest, at least according to a memo released by two lawmakers yesterday.
?The document describes a wide array of mistakes in the fateful final hours aboard the Deep Water Horizon?but the main revelation is that BP now says there was a clear warning sign of a `very large abnormality? in the well, but the work proceeded anyway.

?The rig exploded about two hours later.? (The Wall Street Journal, May 26, 2010).

The power of congress in technicolor.

President Barack Obama?s take on
the ongoing environmental disaster is ?Plug the damn hole!? His order to the minions who were briefing him on the latest Deep Water Horizon horrors.

Plugging the damn hole could be a Freudian slip for Obama, who has figuratively speaking, at least may be plugging other big holes in the BP story: The largest shareholder (institutional of BP stock in the USA at least is Vanguard Mutual Funds). The Barack Obama family has Vanguard funds as their top?in fact?only investment in funds.

It was Michelle Obama?s favorite mutual fund, too. (Hope you?re reading this, Sarah Palin).

Interestingly enough, Michelle got rid of her holdings in Vanguard in 2008. A good move in light of the likely impact BP would have on the returns for that fund this year. Unless an insider with the talents of a fortune teller, Michelle couldn?t have known the fate of BP in advance.

It is a fact that the Chairman of the Board of Directors of BP is Peter D. Sutherland KCMG. Sutherland also happens to be Managing Director of Goldman Sachs International. He is also on the membership for the Trilateral Commission.

Count among Sutherland clout his name, ?The Father of Globalization? and that without him there would be ?no WTO.?

Goldman Sachs may be Obama?s biggest backer.

Note that there is also a link between Goldman Sachs and the Corexit dispersant used by BP. (Google Goldman Sachs Corexit).

Speaking of reading crystal balls with a Midas touch: Transocean is the company which leased and operated Deep Water Horizon for BP.

Goldman Sachs shorted Transocean stock days before the disaster

How could this be? Transocean was the company running the actual rig that exploded. No big deal because Transocean merely moved its headquarters to Switzerland and took out an insurance policy on the rig that blew?netting them a whopping $270-million.

Meanwhile, that?s one story you won?t see leaking out from the Old Boys Club called Congress.

It?s all a conspiracy, right?

http://canadafreepress.com/index.php/article/23616

 

[quez82]

Hell right there. Glad I wasn't there at that time.

 

[Scotsmark]

Hmmm, are you implying that they let the Deepwater Discovery blow up to make $270m? The day rate BP was paying Transocean was $500,000 per day, other costs for BP amounted to $500,000 per day, total cost $1m per day. The typical well takes 90 days to drill and complete, ?90m cost to BP, $45m paid to transocean. The rig itself cost $200m+ to build, to replace it today that figure would be around $500m (it was almost 10years old).
The well had approximately 100mm bbls of oil in it's reservoir, today's oil price is $74.77 per barrell, total gross yield at today's price = $7billion, BP takes the majority of the profit (as well as the other investors for the project).
Rig workers known to have perished = 11
Rig workers injured plus those so traumatised they will never work offshore again = who knows?

This was no conspiracy, just some (very) bad planning and situation management, the cost to BP in the long haul will probably be far in excess of what they had planned on making from the entire project.

 

[mrhtbd]

...and in the mean time, Britain's shores remain pristine...

It is very interesting to note that Obama had consistently resisted the urgings of others to allow for offshore drilling, yet within three days prior to the (incident) announced he would lift the ban on offshore drilling (in a supposed attempt to get Republican house and senate members on-board for his energy policies) hmmm?

Also, in response to your wonderfully crafted economic impact of loss statement (which I am assuming is correct, because I trust your candor from previous posts, and have no apparent reason to suspect you would deliberately mislead) I would like to add that BP most likely has insurance which would cover the other losses as well.

For any losses not covered, BP will write it off as a loss which will make their tax contribution even more miniscule than it most certainly likely is now. So basically, they play while we pay, pay, pay (and will continue to do so for decades as our coastal regions have now become inundated with poisons too great to be immediately cleansed by natures capability).

 

[mrhtbd]

ditto