Global Market Commentary, Analysis and Investments
Despite headlines screaming “the worst oil spill in history,� it turns out the BP blowout disaster wasn't really as big a deal as you'd have thought.
Oh, well…sorry.
According to the feds, 74% of all the oil leaked into the Gulf has already been removed. “Much of the rest,� The New York Times summarizes a government report released today, “is so diluted that it does not seem to pose much additional risk of harm.�
[Read more...]“This disaster in the Gulf will bring so much joy, such great future for the US!â€? Marcio Mello said yesterday during his presentation at the Agora Financial Investment Symposium. If you are unfamiliar, Mello is the geological legend responsible for Brazil's massive deep-water oil discoveries in the last few years. He shared his thoughts at our annual Symposium yesterday…
[Read more...]BP has successfully capped their leaking oil well… mostly… for now… probably. Though the hole is capped, seeps are already emerging, the Coast Guard said this morning. Plus, the cap is just a temporary solution until a relief well can be completed… then there's that whole issue of the ? million gallons of oil in the Gulf.
[Read more...]The White House might be gaping in shock that the US federal court overturned the six-month drilling moratorium, but it really isn't all that surprising. Amid the finger pointing and political posturing, the Obama administration seems to have missed a vital detail – the US oil industry is in a spot of bother.
[Read more...]Everyone is looking for someone else to blame…and someone to follow.
America's chief executive is acting tough. He's talking about kicking someone's derriere. He says BP chairman Tony Hayward “wouldn't work for me,� as if he knew what he was talking about. Obama is a former community activist and law professor. What does he know about running a multinational oil company? Or about employing someone?
[Read more...]Everyone is looking for someone else to blame…and someone to follow.
America's chief executive is acting tough. He's talking about kicking someone's derriere. He says BP chairman Tony Hayward “wouldn't work for me,� as if he knew what he was talking about. Obama is a former community activist and law professor. What does he know about running a multinational oil company? Or about employing someone?
[Read more...]Deep Do-Do Horizon…
Well, Rand Paul, Ron’s son, has already put his foot in his mouth.
He’s quoted in the news telling the media to back off and give BP a break. “Everybody makes mistakes…” he says.
Of course, Rand is right. Even huge oil companies err. And anyone who tries to drill a hole in the earth’s crust a mile below the surface of the water, is bound to have a few ‘uh oh’ moments.
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Some Oil Spill Perspective
Indeed, even with the government's report declaring the cleanup 75% complete, the Gulf of Mexico recovery will be slow and laborious. And expensive…
As of a few hours ago, there's enough fresh cement in the Macondo oil well to hold down the “mud� that's keeping the oil beneath the seafloor. It's not the final step in plugging the hole, but it's a big one. Now the tallying begins.
[Read more...]