Evidently in an effort to use up all the money provided by BP (NYSE:BP) to construct sand berms in Louisiana, the government continues to have them built with little value to the state, as the oil is for the most part gone from the Gulf.
This is probably an attempt to keep people working, but it still doesn't make much sense whatever way you look at it.
Berms are used to protect coastlines from oil reaching them. They are basically miniature sand islands lying low in the water. BP paid $360 million to build the berms.
According to experts, the any oil left in the Gulf is widely dispersed, making berms basically useless.
Of course these "experts" don't want to have the money given back to BP, but used on other projects. Since when was money supplied by BP to be used as if it was taxes collected from citizens which could be applied to whatever the government wanted it to be?
Some of the so-called experts are from universities, which explains a lot, as they are greedily eyeing the money for their own pet projects, which is where most of the major criticism is coming from.
Louisiana officials are asserting the threat of oil staining the shores of Louisiana are still there, but that's highly unlikely.
Like any government entity, once they get the money they'll keep on using it till it runs out no matter how wasteful their actions are.
Showing posts with label Sand Barriers. Show all posts
Showing posts with label Sand Barriers. Show all posts
Monday, October 25, 2010
Thursday, June 3, 2010
Stocks Rise: Exxon (NYSE:XOM), Chevron (NYSE:CVX), BP (NYSE:BP), Anadarko (NYSE:APC) All Up
Energy stocks saw a jump today, including Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), BP (NYSE:BP), and Anadarko (NYSE:APC). Exxon rose 1.7 percent on Thursday, causing the Dow Jones Industrial Average to rise 52 points.
Chevron rose 1.5 percent. Also providing a rise is crude oil futures with the July front running contract up to $73.23, a 37 cent increase.
BP, who has lost a total market value of $68 million saw an increase. BP went to $38.33, gaining 1.8 percent. This gain could be because of BP's success in fully cutting the pipe. Now they can proceed with trying to put the cap on it. Although, it is not a clean cut which is looking like it will cause problems, potentially making the cap not fit snug. If this is the case oil would still be leaking and a secondary cap would have to be put over top of the first one.
BP is planning on funding a project to put sand barriers around the wetlands in Louisiana, this will cost BP $360 million dollars. Even though this won't fully stop the oil, as there is already a considerable amount that is continuing to devastate Louisiana, the hope of this endeavor is to keep out the worst effects from the oil.
Finally, there is Anadarko who rose 1.2 percent to $44.89. They seem quite confident because they haven't changed their projection for 2010 on capital spending plans or their production outlook.
Chevron rose 1.5 percent. Also providing a rise is crude oil futures with the July front running contract up to $73.23, a 37 cent increase.
BP, who has lost a total market value of $68 million saw an increase. BP went to $38.33, gaining 1.8 percent. This gain could be because of BP's success in fully cutting the pipe. Now they can proceed with trying to put the cap on it. Although, it is not a clean cut which is looking like it will cause problems, potentially making the cap not fit snug. If this is the case oil would still be leaking and a secondary cap would have to be put over top of the first one.
BP is planning on funding a project to put sand barriers around the wetlands in Louisiana, this will cost BP $360 million dollars. Even though this won't fully stop the oil, as there is already a considerable amount that is continuing to devastate Louisiana, the hope of this endeavor is to keep out the worst effects from the oil.
Finally, there is Anadarko who rose 1.2 percent to $44.89. They seem quite confident because they haven't changed their projection for 2010 on capital spending plans or their production outlook.
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