Thursday, May 27, 2010

BP's (NYSE:BP) "Top Kill" Oil Spill Containment Efforts Show No Change

There's been much anticipation and hope as BP (NYSE:BP) started it's "top kill" attempt yesterday afternoon. There was a fluctuation in the trading market as well as investors nerves mirrored this fluctuation.

As of today on the live oil spill video, you cannot see a whole lot of change. Even though the containment equipment has been put into place and the oil cleanup efforts are in full force. The only visible difference seems to be rather than thick black crude oil spewing out of the two breaks in the pipe, there's now what appears to be brown mud barreling out.

BP chief executive, in a statement Wednesday evening said, "the operation is proceeding as we planned it."

Doug Suttles, BP's chief operating officer said at a new conference Wednesday night, "it's too early to know if its going to be successful." He also stated that it would be at least a day or two before any conclusive results would be known. He said that there's 7,000 barrels of thick drilling mud being forced into the well at varying rates of speed.

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