News: Bankruptcy May Be BP’s Only Option

The American public and the world are witnessing the worst environmental disaster in U.S. history unfold in the Gulf of Mexico.  Investors are deserting BP.  All along the coast of the Gulf of Mexico seafood businesses, shrimpers, oystermen, the tourism industry and drilling crews that have been put out of work because of the oil spill at Deepwater Horizon all want money from BP.

BP has become poison to its own industry.  Experts in the oil industry are now secretly wondering how long BP can sustain not only the cost of the clean up but also the years of litigation that will come from the thousands of lawsuits that are only now beginning to be filed in court.

Many in the oil industry feel that Chapter 11 bankruptcy for BP is only weeks away.

********************

Don’t miss an issue of the Pittsburgh Flash Fiction Gazette.  Have The Gazette delivered to your inbox.  The free subscription tab is at the top of the page.

Short Story Ideas That Work

About these ads

News: Will Oil Spill Hit East Coast?

BP has finally had some success as the petroleum giant struggles to cap the oil spill in the Gulf of Mexico.  It has recently inserted a pipe in the well head that is one mile below the ocean surface.  In can now siphon off oil and deposit it in a tanker floating 5,000 feet overhead.

However, the one mile pipe siphons off only 20% of the oil gushing into the ocean, leaving more than 200,000 gallons a day to pollute the waters off Louisiana.

Scientists are warning that large plumes of oil 10 miles long may have already moved into two loop currents.  One loop current will take the oil to the coast of Texas and the other loop current will take the oil to the Florida Keys.  Once the oil hits the Florida Keys it will only be a matter of time before it rounds the tip of Florida and begins floating up the East Coast to as far away as New Jersey.

The environmental disaster continues as government agencies spray thousands of tons of chemicals under the ocean surface to break up the oil.  The use of these toxic chemicals at this ocean depth has never been tried before and there is no data on the impact the chemicals will have on the sea life of the area.

Many local residents believe they are witnessing their livelihoods and their way of life being destroyed.  In the mean time, BP executives are desperately trying to escape responsibility for the disaster.

At a recent news conference, President Obama harshly reprimanded BP for trying to dodge its responsibility for what is turning out to be the greatest environmental disaster in American history.

*******************

Take out a free subscription to The Gazette today.  The subscription tab is at the top of the page.

Blogging: Life Against Death

News: Oil Spill Will Go On Three More Months

BP CEO Tony Hayward has told members of the House and the Senate that he does not expect BP to be able to stop the spilling of  tens of thousands of gallons of oil every day into the Gulf of Mexico for at least three more months.  Many on Capitol Hill were stunned at this forecast.  It means the drama unfolding off the coast of Louisiana will be the greatest environmental disaster in the history of the United Sates.

BP is presently towing huge concrete contraptions out into the Gulf of Mexico in the hope the contraptions can be lowered down into the ocean 5,000 feet to where the well head is in an effort to cap off the oil flow and to channel it up into holding containers floating on the surface of the ocean.  This method of trapping oil at this depth has never been done before.

Hayward had no idea if the effort would work.  BP is also drilling another well to relieve the pressure on the oil leak.  This relief well will take three months to complete.

In the meantime the livelihoods of over 250,000 people who depend on harvesting the seafood in the Gulf of Mexico is slowly being destroyed.

Follow

Get every new post delivered to your Inbox.

Join 822 other followers