As BP's (NYSE:BP) oil spill containment efforts continue on, the already spilled oil continues its course into the ocean and towards the shorelines. The latest predictions are saying the oil could hit near the Mississippi Sound as well as the coastline near the mouth of Mobil Bay.
"We are working around the clock to keep the oil off the shoreline and have had the gift of time to plan for its arrival," said Capt. Steven Poulin, incident commander for the Coast Guard. "The projections are of concern. This is a dynamic situation influenced by a wide variety of environmental factors, so while we're not certain where or what the impact will be, but we're prepared."
The Unified Incident Command in Mobil said it has aggressively increased air and sea surveillance. In place are additional beach support teams on shore as well. There are also over 6,000 people taking part in the response effort on the shorelines and in open water in Florida, Alabama, and Mississippi.
As oil cleanup efforts are being highly increased, BP said earlier today that it has already spent $990 million on cleaning and fighting the oil spill. This amount doesn't include the many lawsuits for damages.
Tuesday, June 1, 2010
BP (NYSE:BP) UPDATE: Oil Spill Containment, Live Oil Spill Video
Many are keeping a close watch on BP's (NYSE:BP) live oil spill video and the progress of the oil spill containment. Bob Dudley, BP's Managing Director said on NBC'S the Today Show, "we are well into the operation to put this cap on the well now." As well as their current spill containment operation, which includes attempting to attach another pipe on the blowout preventer, just in a different opening, there is a secondary spill containment effort being considered.
BP is also wanting to construct a new free standing riser, the purpose of which would be to carry the oil to surface, making it more efficient. Plus, with hurricane season already started, the new riser would make it very easy to connect and disconnect the containment pipes as needed due to bad weather. This will not start until well into June.
Watching BP's live oil spill video on Tuesday, it shows robot submarines using circular diamond saws cutting the pipe. The government is estimating 20 million and 44 million gallons of oil already lost, there's no telling what the final numbers will be.
"I don't want to put odds on it, we want to get this thing contained," said Carol Browner, Obama's energy czar, on ABC's Good Morning America. President Obama's administration is closely watching all aspects of the process from temporary fixes, to the oil cleanup efforts, as well as the progress of the relief wells.
BP is also wanting to construct a new free standing riser, the purpose of which would be to carry the oil to surface, making it more efficient. Plus, with hurricane season already started, the new riser would make it very easy to connect and disconnect the containment pipes as needed due to bad weather. This will not start until well into June.
Watching BP's live oil spill video on Tuesday, it shows robot submarines using circular diamond saws cutting the pipe. The government is estimating 20 million and 44 million gallons of oil already lost, there's no telling what the final numbers will be.
"I don't want to put odds on it, we want to get this thing contained," said Carol Browner, Obama's energy czar, on ABC's Good Morning America. President Obama's administration is closely watching all aspects of the process from temporary fixes, to the oil cleanup efforts, as well as the progress of the relief wells.
Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM), Goldcorp (NYSE:GG) Jumping Today
Major gold miners Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM), Goldcorp (NYSE:GG) are all moving up with the price of gold today, as investors pour their money back into safety after Memorial Day weekend.
As of about 1:00, Goldcorp was up $1.05 to $44.14, a 2.44 percent gain; Barrick Gold surged $1.50, to hit $43.56, a jump of 3.56 percent; and Newmont soared $1.76 to $55.28, a rise 3.27 percent, all in New York.
Bad news that banks based in the European Union could lose $237 billion over the next 18 months weighed on the market, along with manufacturing in China slowing down, all of which could be devastating on economies around the world that relied strongly on those market driving revenue and profits in 2010 and on.
As of about 1:00, Goldcorp was up $1.05 to $44.14, a 2.44 percent gain; Barrick Gold surged $1.50, to hit $43.56, a jump of 3.56 percent; and Newmont soared $1.76 to $55.28, a rise 3.27 percent, all in New York.
Bad news that banks based in the European Union could lose $237 billion over the next 18 months weighed on the market, along with manufacturing in China slowing down, all of which could be devastating on economies around the world that relied strongly on those market driving revenue and profits in 2010 and on.
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