I think it's time to talk about a government bailout, don't you?
BP on Monday disclosed $350 million in costs so far from its Gulf of Mexico oil leak, with the spill entering its 19th day since a giant oil rig sank and caused an estimated 5,000 barrels of oil a day to empty into the Gulf's water.Totaling up the estimated leak yields a figure of 95,000 barrels, or about 4 million gallons. By comparison, the 1989 Exxon Valdez accident spilled 10.8 million gallons into Alaska's Prince William Sound.After failing to cap the leak with a 100-ton containment dome, BP (NYSE:BP) said Monday it will attempt to lower a smaller dome over the main leak point. The larger structure didn't work because it became clogged with ice-like crystals as a result of cold temperatures and crushing ocean pressure a mile beneath the surface.The oil major said such an operation has never been done at such a depth.BP will also attempt a "top kill" option aimed at stopping the flow of oil from the well by injecting shredded rubber into the well as a stopper.The spill has not only put the spotlight on BP and its safety record, Deepwater Horizon rig owner Tranocean Ltd. (NYSE:RIG) is also drawing scrutiny.The rig sank on April 22 after an explosion and spectacular fire on April 20. See article about Transocean.
Sandbags? Okay, then.
I would think that, by this point, the cleanup and prevention efforts would be a little more extensive than sandbagging the coastline. It's not a bad idea, but where are the booms? Where's the green technology that is supposed to keep the environment scrubbed clean and happy? Where's the innovation? Where are the containment chemicals? What happened to the burn that was supposed to help save the ocean?
For a brief time this past winter, there was talk of going from South Padre Island all the way around the coast, with stops in New Orleans and wherever else. Not any more. We're staying where we're wanted. Which is pretty much no where.
Anyway, the government will probably bail out BP sooner rather than later. They'll vote on some obscure piece of legislation and then several billion dollars will be shelled out to BP through a slot in some loophole. Fingers will be pointed, and everyone will sleep through the answer.