Tag Archives: NYSE:RIG

BP Hearing

May 10, 2010 The Senate Energy and Natural Resources Committee’s hearing about the Gulf Oil Spill  was not televised thoroughly and completely.  None of the media networks today covered these representative executives from the large corporations who are being held responsible for the explosion and disaster.

There was hardly any coverage as the three parties involved in the Gulf oil spill were grilled on the hill today and took an oath to tell the truth.   You have only to look at BP’s history of spills and explosions in the past to see history repeating itself before April 20, 2010 when one of their rigs blew up again.  Up until today 4 million gallons have been lost and damaged the US shores of the Gulf of Mexico.

Those who are interested in answers especially in Alabama, Texas, Louisiana, and Florida did not get any answers.   understand how the US government will act in enforcing acts under sovereignty of the US in order to get the 3 amigo’s to accept responsibility for their mistakes.

The British Petroleum President Lamar McKay shrewdly answered questions on whether BP Oil or BP Petroleum would pay for the oil spill damages and he gave incomplete answers.

Firstly McKay said BP would pay for legitimate claims, but failed to indicate how the legitimacy of claims would be determined.  In who’s general opinion would claims be analyzed as being legitimate?

BP is insured by Lloyds of London and some shrewd US investigator on behalf of the US government could start by obtaining a copy of that insurance policy of BP Oil.

Transocean had their chief executive Steven Newman saying the blow out preventers were “clearly not the root cause of the explosion” -did Transocean who built the rig mention who installed those blow out preventers?

Then we have Tim Probert from Haliburton who cemented the steel casing for the oil well claiming it was not the cement plug and it was BP’s fault because they failed to put the cement plug into place because they decided to displace the riser with sea water before putting the plug into place.

BP, Hiliburton, TransOcean-I Swear to tell the Whole Truth and Nothing But the Truth So Help me God.

Hundreds of billions of dollars are at stake here and someone or collectively all three companies will pay for damages.  However by the start of this inquisition it is clear that it will be a long drawn out court battle unless the US government gets the balls to prosecute these companies to pay up now -not later.

The US government stands to lose income taxes, and tax revenues on the fishing industry that now is totally out of business in the Gulf.  It is as if the Gulf of Mexico has just been handed over to the big industrial oil companies because any fish that comes from that water now is poisonous and will die out for years to come.

But going back to the beginning there are procedures and studies involved before you do any deep ocean drilling and these facts are not being brought out to the public.

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The Facts about the Gulf Oil Spill

The fact is that BP Oil is the company that engineered the oil drilling, they are the instigator of this drilling, without them -Transocean would not have built the rig in that location and Haliburton would not have built the cement plug.

As a corporation BP had the expertise and knowledge that oil was located that far down, and that deep and they designed the method to extract the oil.

BP Oil  convinced the US government that drilling at this depth was safe but provided no proof in their applications to drill offshore so near to the mainland of the United States. BP cannot possible assume to escape culpability in this spill for it would have had to do just that which is convince the US regulatory agencies.

It is equally puzzling how BP convinced or financed approval for off shore drilling 50 miles from the US coastline and obtained such authorization and under what documentation to prove the safety of their drilling operations.

BP Oil had no back up plan, no safety plan in place and this is clearly evident by their floundering trying to fix the leak now which is 3 weeks too late.

BP Oil does not have any idea how much oil is spilling into the Gulf and it is highly doubtful that the amount is only 2oo,ooo gallons -it is probably much more oil than they are reporting, and they are untrustworthy at this point about any clarity in the matter.

TAGS: BP, BP America, BP oil spill, Gulf of mexico,  NYSE:BP, NYSE: Hal, NYSE:RIG, Senate Energy and Natural Resources, Transocean, Finance, Senate Energy and Natural Resources Committee, Tim Probert, Steven Newman, Lamar McKay, BP Oil Hearing.

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The last point to remember is when BP Oil had done its due diligence in mapping the undersea oil fields and would have known the danger, the assumption of risk, and the fact that they did not have the competence to completely ensure there would be no spill. Also BP would have to have known that the pressure of such an oil bed would cause a major catastrophe if the oil drill was not capped or if an emergency would have occurred.  In order to do mapping BP would have to have geological studies and should not have requested drilling

As a result of the Gulf Oil Spill the Canadian authorities are stopping plans to drill in the Lancaster Sound area which is near to the wildlife rich area of the Northwest Passage.

BP has been very effective in evading blame and responsibility while damaging its own brand but still came to rape the continental shelf off of the United States only to leave a disaster at our door.