I think that this thread has a youtube video of some company blowing up a well. But they have to drill another relief well to get down to the zone anyway and i think there is already two started so they should be able to just recement.
That was in Russia (or the Soviet Union?), but it was a surface well, and the Russians are crazy like that.
This reminds me of this mormon reservoir engineer I work with. Dude, how can I believe you technical analysis of this reservoir when you believe the earth is only 5000 years old?
Well if we're going down this road... how do you become a doctor if you don't believe in evolution?
Well if we're going down this road... is BP stock a buy yet or what? Is there still room to go lower??
It has lost half of its market cap since April 20, 2010 I guess there are things that could make the stock go higher here but I just can't think of any...I love how people are so convinced that long term things will be fine April 20th...
I am watching the "BSkandi ROV1" camera right now and I swear it looks like the oil is burning. This might be a dumb question but is that even possible? Can anyone tell me what it is I'm looking at that makes it look like it's burning? I'm really not sure what I'm looking at here.
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Last edited by Flamesoholic; 06-10-2010 at 12:16 AM.
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It has lost half of its market cap since April 20, 2010 I guess there are things that could make the stock go higher here but I just can't think of any...I love how people are so convinced that long term things will be fine April 20th...
Well, BP's market value has dropped $100 billion in six weeks.
That seems, uh, a little excessive although Goldman Sachs yesterday estimated BP's liability at $177 billion and they would likely file for bankruptcy to protect the company.
BP was so certain that there wasn't any risk that three years ago they thought the insurance industry was ripping them off, so they're self-insured on this. How stupid! It was the best thing that ever happened to the insurance industry.
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One really smart thing that Obama did was about three weeks ago he forced BP CEO Tony Hayward to put in writing that BP would pay for every dollar of the cleanup. But there isn't enough money in the world to clean up the Gulf of Mexico. Once BP realizes the extent of this my guess is that they'll panic and go into Chapter 11.
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We've got to stop the gusher first. Then we have to deal with the other issues. There's a lake at the bottom of the Gulf of Mexico that's over 100 miles wide and at least 400 to 500 feet deep of black oil. It's just staying there. And only the lightest of that is what we're seeing hitting the shores so far. If a hurricane comes and blows this to shore, it could paint the Gulf Coast black.
I wonder, would the government look at taking over BP before they declare Chapter 11?
It might actually work out in the long run. Take the company over when they're at their lowest possible stock price, spend billions of taxpayer $$$ to fix the well, fix the gulf, start producing, watch the stock go up, PROFIT.
I'm looking at it purely from an economical standpoint, of course, but the opportunity is there.
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Originally Posted by Tron_fdc
I wonder, would the government look at taking over BP before they declare Chapter 11?
It might actually work out in the long run. Take the company over when they're at their lowest possible stock price, spend billions of taxpayer $$$ to fix the well, fix the gulf, start producing, watch the stock go up, PROFIT.
I'm looking at it purely from an economical standpoint, of course, but the opportunity is there.
That's not a bad idea actually, and I'd be willing to bet that would fly here in Canada where crown corporations aren't really a new thing, but can you imagine the uproar if the US government actually bought out an oil company?
You'd get one giant group of uneducated ######s who don't see the potential for the government to profit off a move like that who would be bitching incessantly about how the government is in the pocket of "Big oil".
Then you'd have another group who would undboutedly just call it another bailout.
You'd have a third group who'd get super pissed becasue the goverment is doing all the cleanup work for a foreign copany.
And you'd have one more group who'd somehow connect the whole thing to Dick Cheney, Halliburton, and probably 9/11.
I'd say despite the fact that it'd probably be a good way to get the mess cleaned up, and be, in the long run, a prett profitable venture for the government, that there are enough people who just wouldn't understand that, and would cry bloody murder if it happened.
So even though I think it could be a great idea, I also think it could be an election loser, so it probably wouldn't happen.
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[QUOTE=Cowperson;2539920]Well, BP's market value has dropped $100 billion in six weeks.
Their biggest problem seems to be that politicians are getting angry this is sticking to themselves and might be bent on revenge.
Might come down to BP filing an American bankruptcy as this would be a strategic move and if they file they don't go out of business but it just effects their American assets which are likely permanently impaired anyway. If the US raises the liability caps they may have to do this, although with the way things go in the legal system it could take up to 10 years for this to be settled through the courts and BP could earn up to $300 billion in profits by then....For those of you that think BP is cheap here, are you basing that on it being cheap compared to where it has been in the past? What is their business model going forward? At least with Exxon you knew the total amount of oil in the tanker.....there is no way of knowing how much oil is going to come out of the ground here...
Well, BP's market value has dropped $100 billion in six weeks.
Their biggest problem seems to be that politicians are getting angry this is sticking to themselves and might be bent on revenge.
Might come down to BP filing an American bankruptcy as this would be a strategic move and if they file they don't go out of business but it just effects their American assets which are likely permanently impaired anyway. If the US raises the liability caps they may have to do this, although with the way things go in the legal system it could take up to 10 years for this to be settled through the courts and BP could earn up to $300 billion in profits by then....For those of you that think BP is cheap here, are you basing that on it being cheap compared to where it has been in the past? What is their business model going forward? At least with Exxon you knew the total amount of oil in the tanker.....there is no way of knowing how much oil is going to come out of the ground here...
Hence one analyst saying the liability is $40 billion and another saying up to $177 billion. No one knows.
One Bloomberg columnist thinks BP should just tell whining, hypocritical America to go to hell since it's too late to repair it's reputation and they're going to get kicked out of the country anyway.
Hence one analyst saying the liability is $40 billion and another saying up to $177 billion. No one knows.
One Bloomberg columnist thinks BP should just tell whining, hypocritical America to go to hell since it's too late to repair it's reputation and they're going to get kicked out of the country anyway.
IF BP declares bankruptsy, then don't they avoid the damage payouts?
On the other hand, BP should just drag their feet and dare the U.S. government to take over the cleanup effort and agree to pay the maximum $75 million dollar fine.
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IF BP declares bankruptsy, then don't they avoid the damage payouts?
On the other hand, BP should just drag their feet and dare the U.S. government to take over the cleanup effort and agree to pay the maximum $75 million dollar fine.
http://www.bp.com/genericarticle.do?...tentId=7062651
Hayward :
"We will stand by our obligations," he added. "We will halt this spill and put right the damage that has been done. We will rebuild the confidence of the American people and the world in BP."
I find it interesting that Obama has yet to speak in person to Hayward
http://www.bp.com/genericarticle.do?...tentId=7062651
Hayward :
"We will stand by our obligations," he added. "We will halt this spill and put right the damage that has been done. We will rebuild the confidence of the American people and the world in BP."
I find it interesting that Obama has yet to speak in person to Hayward
They have a meeting coming up.
Meanwhile, the legal experts weigh in on the USA government's dubious claim it can force BP to pay the $330 million a month in lost oil worker wages because the USA government ordered a moratorium on off-shore drilling.
As well, if I were a fraud artist, I'd be loving hearing the USA government is pressing BP to hurry, hurry, hurry on paying out damage claims.
What's going to be awesome is when BP posts a 3 billion dollar profit next quarter....
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I guess there are things that could make the stock go higher here but I just can't think of any...I love how people are so convinced that long term things will be fine
April 20th...
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