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BP Oil Spill Civil Trial set to begin …..Breaking….Trial delayed for a week….

 

The Associated Press ‏ @AP  (2/26/12 – 3:36PM)

BREAKING: Gulf oil spill trial delayed, allowing another week for settlement talks, people close to case say -RJJ

The civil trial is set to begin in a New Orleans Courtroom while settlement talks continue….

The Trial could set the civil penalties and percent of responsibilities for the parties involved…

In addition, the outcome of THIS matter could effect other civil suits and a possible criminal investigation by the Justice Department….

An unfair resolution could also spell political trouble in the region for the Administration……

Lawyers involved in the case said settlement talks were continuing through the weekend. Unlike Exxon, which spent two decades fighting damage claims over the 1989 Exxon Valdez tanker spill in Alaska, BP has been eager to put to rest the entire affair surrounding its ill-fated Macondo exploration well. But while opposing sides often reach agreement on the eve of trials, lawyers familiar with the case said the trial would probably move ahead. “The parties remain significantly far apart,” said one of the lawyers, on the condition of anonymity because negotiations are ongoing.

Firm numbers were hard to come by, but some sources said that the private plaintiffs group and the Justice Department were each seeking more than $25 billion in civil claims. If the Justice Department decides to file criminal charges, that would be a separate trial.

Possible outcomes

Any settlement by the Justice Department could have political impact if voters see it as not large enough given the size of the spill and of BP, still one of the world’s biggest oil giants. The associate attorney general in charge of negotiations, Thomas J. Perrelli, also oversaw talks that led to the recent $26 billion foreclosure abuse settlement with major banks. Perrelli, a law school acquaintance of President Obama, is leaving the department March 9 after three years as its No. 3 official.

If the trial moves ahead, lawyers for the plaintiffs’ steering committee and the Justice Department are expected to attack BP and rig owner Transocean, saying that their gross negligence and willful misconduct led to the blowout on the Deepwater Horizon drilling rig, which caught fire and sankApril 20, 2010, killing 11 people and eventually spilling as much as 4.9 million barrels of crude oil into the Gulf of Mexico.

If found guilty of gross negligence, BP and Transocean could have to pay $4,300 a barrel instead of $1,100 a barrel in federal fines under the Clean Water Act and Oil Pollution Act for oil that was not recaptured. (Under one scenario,BP pays $3.5 billion)

More….

Photo…Washington Post

From Politcaldog101.Com

 

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February 27, 2012 Posted by | Blogs, Breaking News, Ecology, Government, Law, Politics, The Economy, Updates | , , , | Leave a comment

BP is a Strong stock buy in some places…….The Company WILL survive…..It has to…..

The number crunchers have figured out what the Dog indistinctly has known since the beginning of this thing…

In the end…

A couple of years from now….

BP

Is going to be fine….

And people are going make money on the stock when it comes back…..and it will…

I mean that….

By early summer the oil leak will be capped…

Money will be dispersed…

Some BP people may have serious legal problems….

But the company WILL survive this…

As bad as things are for the American Gulf coast states……

The Brits are not gonna stand by while their American cousins wipe out their equity in their premier oil company…A lot of Brits have their life savings in that stock….

The new government will not stand for the economic shock of the company going out of business giving all its money to the American’s in the South….

The Gulf of Mexico will survive this…

The people of the Gulf states will suffer a LOT…….

But…..Oil companies will still be taking oil out of the ground in the Gulf of Mexico

Mark the Dogs words…

I’m right on this…..


J.P. Morgan Chase analyst Fred Lucas is going where few analysts dare to go.

In a research note this morning, following a 16% drop in BP’s share price on Wednesday, Lucas declares “Latest technical rout reveals unprecedented value” in the oil giant’s battered shares.

Lucas has a “buy” rating on BP and presents a back-of-the-envelope case for why the company’s $84 billion loss in market value is overblown by a factor of more than 2X. That’s right–Lucas is arguing that BP shares have sold off twice as much as they should have since the spill.

Here are some of Lucas’s calculations, which he admits are based on rough estimates.

Clean up costs: A total of $5 billion, based on a rate of spending $60 million a day. This is about double the $28 million BP has said it has spent daily in the past 51 days. But it also assumes that the clean up will take about 120 days, which seems rosy given that it took several years to clean up the oil spilled from the Exxon Valdez in 1989. Only a few years ago, scientists were still finding oil from the spill along the Alaskan coast.

Federal Fines: While it’s difficult to know for sure the exact amount of oil leaking into the Gulf, Lucas assumes a worse-case scenario of about 1.9 million barrels in total. He also assumes that BP can cap the leak by July 4th. This implies a fine of $2.1 billion based on the Clean Water Act penalties of $1,100 a barrel. If BP is found to be grossly negligent, the fine could rise to $8.1 billion, at a per-barrel penalty of $4,300. This also doesn’t take into consideration fines from the many Gulf states affected by the spill.

Litigation Costs: Lawsuits will likely come from the tourism and fishing industries. According to Lucas, total annual revenue from tourism from the affected states is Alabama ($3 billion) Louisiana ($9 billion) Mississippi ($2 billion) and Florida ($57 billion). Fishery revenue from the affected states is Alabama ($1 billion) Louisiana ($3 billion) Mississippi ($0 billion) and Florida ($5 billion). Lucas says if these industries lose half that revenue in 2010 and 2011, then the total cost to BP would be $16 billion.

All told, his estimated cost is $29 billion

Loss in market value since the spill is $84 billion.


June 11, 2010 Posted by | Blogs, Breaking News, Counterpoints, Ecology, Government, Health, Law, Media, PoliticalDog Calls, Politics, Projections, The Economy, Updates | , , , , , , , | 11 Comments

Is it 5,000 or 40,000 barrels of oil coming out of the pipe daily in the Gulf?

Nobody really knows…..

Different scientists have different estimates…..

The cap IS draining off a good amount of the oil now…..

But a whole lot is in the water of the Gulf……

The one scientific certainty: It’s a lot — and more than some of the same scientists thought just a couple of weeks ago. It’s so much that the crews trying to siphon it to the surface are going to need a bigger boat.

Early in the crisis, BP and the federal government repeatedly said that the Deepwater Horizon well was spewing about 5,000 barrels (210,000 gallons) a day into the gulf. But the new estimates, released Thursday by government-appointed scientists, show that the well most likely produces 5,000 barrels before breakfast.

One team that has studied video taken of the leaking riser pipe before it was cut and capped last week has concluded that the well was most likely producing 25,000 to 30,000 barrels a day. If that estimate is on target, and if the flow has been more or less consistent since the April 20 blowout, the hydrocarbon reservoir 2 1/2 miles below the sea floor has gushed five to six times the amount spilled in Alaskan waters in 1989 by the Exxon Valdez.

Put it another way: It’s roughly one Valdez spill every week. Nearly two Olympic-size swimming pools of oil every day.

More

Folks…like evrything else on this one…..

We’ll have to wait….

It IS fustrating….

Meanwhile ……

The President has asked the CEO and Board menebrs of BP to come to the White House for a chat….

Mindfull that BP IS a private Britsh Comapany ….

And…

American’s down South are pissed…..

The American Media is screaming blody murder….

And the Brits are getting defensiove over this whole thing…

Obama has to ask questions, show displeasure….

And hope for the best……

More

June 10, 2010 Posted by | Other Things | , , | 17 Comments

BP starts paying out claims……The standard amounts……The toll will get worst to the environment before getting better

The Oil giant with the leak running is going  ‘by the book’ on playing claims for lost service and thinks…

The money comes eventually…

The checks will be cashed……

But it will not cover the real value of loses….

Lawsuits are sure come…..

But they will be affected by those who accept the cash payouts….

Darryl Willis, a vice president of BP America who is in charge of the claims process, said the company would honor all legitimate claims. “We will make these payments for as long as it takes,” he said in a conference call with reporters on Saturday.

Mr. Willis said that BP had initially decided to pay all captains $5,000 a month and all deckhands $2,500 to get the process moving, but that they would readjust and pay more to people who could show that they were losing more because of the spill. And he said claims adjusters were trying to work with people who lacked documentation, by accepting pay stubs or bank statements from some claimants who lacked tax forms.

But some people are still struggling to get their claims paid. As she left First Mount Zion Baptist Church in Empire, Darvin Riley, 38, said she was having trouble getting her $2,500 check for the work she had missed as a deckhand on her brother’s shrimp boat, the Captain Kaden, because some of his paperwork was out of date. “We’re not going out, and we’re not making any money,” she said.

But for the most part, said Clint Guidry, the acting president of the Louisiana Shrimp Association, the problem is not that BP is not paying claims, but that the claims it is paying are too small. “It’s kind of like having a really good job and then getting injured,” he said. “You get worker’s comp. But try paying your bills with that.”

Some lawyers see another possible problem with the claims process: it may delay lawsuits. Stuart Smith, an environmental lawyer in New Orleans, said that by paying the claims, BP may be able to forestall some lawsuits, which can be filed only if claims against the company have not been resolved within 90 days. “So you set up this massive claims process that is directed and controlled by the corporate polluter,” Mr. Smith said. “You have to talk to BP before you go to court. It’s outrageous.”

The anger at BP is evident here, with signs stapled to telephone poles and houses with messages like “President Obama, BP took my money. Where’s my change?” and “BP = Bayou Polluters” and “Where the hell is my money, BP?”

More…..

Update….

BP is sending another tanker to collect more oil….and the President explains things will get worst before getting better in August after the relief wellsenable BP to cut off the leak…

June 7, 2010 Posted by | Boats, Breaking News, Ecology, Government, Health, Media, Other Things, PoliticalDog Calls, Politics, Projections, The Economy, Updates | , , , , | 10 Comments

Defense Secretary Gates on Oil Spill….The US Military can't handle it……

The U.S. military has no expertise that could solve the oil spill from a ruptured well in the Gulf of Mexico, U.S. Defense Secretary Robert Gates said on June 4.

“I know there’s been some commentary about this. The truth of the matter is we don’t have any expertise in this area,” Gates told reporters during a visit to Singapore.

As BP has struggled to stop oil from gushing out of its ruptured well, some lawmakers and commentators have called for the American military to take over the effort.

Gates said the military had no magic bullet to address the worst oil spill in U.S. history, though it had provided some equipment and other assistance.

He said that “we’ll do whatever we can to help but this is not our area of specialty.”

More……..

The Dog told ya that…….

Nuff Said……

June 5, 2010 Posted by | Blogs, Breaking News, Counterpoints, Ecology, Government, Media, Men, Military, PoliticalDog Calls, Politics, Travel, Updates, Weather, Women | , , , | 8 Comments

Defense Secretary Gates on Oil Spill….The US Military can’t handle it……

The U.S. military has no expertise that could solve the oil spill from a ruptured well in the Gulf of Mexico, U.S. Defense Secretary Robert Gates said on June 4.

“I know there’s been some commentary about this. The truth of the matter is we don’t have any expertise in this area,” Gates told reporters during a visit to Singapore.

As BP has struggled to stop oil from gushing out of its ruptured well, some lawmakers and commentators have called for the American military to take over the effort.

Gates said the military had no magic bullet to address the worst oil spill in U.S. history, though it had provided some equipment and other assistance.

He said that “we’ll do whatever we can to help but this is not our area of specialty.”

More……..

The Dog told ya that…….

Nuff Said……

June 5, 2010 Posted by | Blogs, Breaking News, Counterpoints, Ecology, Government, Media, Men, Military, PoliticalDog Calls, Politics, Travel, Updates, Weather, Women | , , , | 8 Comments

The Cap IS working on the Oil pipe in the Gulf…….

Slowly they WILL get this thing done……

I commend the President for now jumping on the media ‘hype’ express…..

And Thad Allen for do a damn good job under intense pressure….

They need to keep him …….

Adm. Thad Allen of the Coast Guard, who is in charge of the federal response to the oil spill, at the staging and decontamination area in Theodore, Ala., on Saturday.

[ CG Admiral Thad Allen ]

“The vents remain open,” Adm. Thad Allen of the Coast Guard, who is in charge of the federal response to the oil spill, said in a briefing Saturday morning.

Admiral Allen said that while engineers had so far been able to bring 6,000 barrels of oil to the surface, they had been hesitant to close the vents. If they do so, they fear, water will rush in and form the kind of icy hydrates that doomed a previous attempt to cap the leak.

“When we put the cap down, there were four vents on the cap that allow oil to escape that’s not going up through the pipe,” he said. “What you want is you want to keep oil in the containment cap and not let water in, because when water gets in you form hydrates.”

The admiral had initially said that engineers hoped to begin closing the vents on Friday. But on Saturday he said they had not because of fears that the pressure inside the cap would become so great that oil would blast through the imperfect seal.

With the oil staining beaches and killing wildlife across the gulf, and tar balls beginning to surface on the shores of the Florida Panhandle, President Obama said in his weekly Saturday radio address, “We are prepared for the worst, even as we hope thatBP’s efforts bring better news than we’ve received before.”

BP and government officials have said it will take at least until Sunday to fully deploy the containment device and make a definitive assessment of the amount of oil it can collect. BP executives have said that as much as 90 percent of the escaping oil may be contained by the cap if all goes well. A ship on the surface is capable of collecting 15,000 barrels a day, Admiral Allen said.

The cap is a temporary measure. The well cannot be cemented shut until two relief wells are drilled, by August at the earliest.

Technicians, employing submarine robots, worked through the night to begin closing the vents. So far the cap has been able to bear the pressure and there is no sign of hydrates forming. That is viewed by experts as a positive sign because hydrates clogged a similar containment device a month ago and prevented it from capturing the oil effectively.

[ A drawing of the cap ]

More……..

June 5, 2010 Posted by | Blogs, Boats, Breaking News, Counterpoints, Ecology, Government, Health, Media, Men, Military, PoliticalDog Calls, Politics, The Economy, Updates, Weather | , , , , , , , | 2 Comments

BP cuts the Pipe……Temporary Cap to be placed shortly…..

Coast Guard Admiral Thad Allen* has announced that BP has successfully cut the pipe extending from the well oil pipe…

They expect to place a temporary cap over the spewing oil pipe shortly……

This should enable them to catch and start to collect the oil from the well, again…as they did before the break….

If they are successful BP will have stopped the leak almost completely…..(Until August when a relief well is in place and this pipe is sealed)

And…

Begin to make revenue again….

After days of reporting failures, BP made progress in containing a ruptured oil well Thursday when it was able to sever a damaged riser pipe.

The success, however, was tempered by the grim reality that oil could continue gushing into the Gulf of Mexico at least until August, when BP hopes to have a relief well in place.

An effort to slice off the pipe with a precision diamond-tipped cutter failed Wednesday, forcing BP to settle for a rougher cut of the pipe using shears. The more primitive cut means that a rubber seal will not be as tight as previously hoped, said U.S. Coast Guard Adm. Thad Allen, the federal government’s response manager.

Allen said BP will now attempt to lower a containment dome over the ruptured well, after which it will begin siphoning oil a mile up to the surface.

BP has said the cap would be a temporary solution until a more permanent relief well can be drilled in the ocean’s depths.

The latest containment effort comes on day 45 of the disaster, as oil drifted eastward toward Florida and President Obama announced he will return to Louisiana on Friday to assess the latest efforts to counter the spill.

…………………………………….

BP has begun a public relations Campaign…….

Meanwhile, BP, under fire from seemingly every angle, launched a national ad campaign to improve its tarnished reputation.

The beleaguered oil giant released television spots featuring Chief Executive Officer Tony Hayward, who apologizes and promises to “make this right.”

Even as the ads began to air, a grass-roots campaign dubbed Seize BP planned to kick off a week of demonstrations in more than 50 cities.

More….

* I guess they didn’t let Allen retire two weeks ago like he was supposed to……

Note…..As I have said here before…..No Governmenet take over…Just let BP do it’s thing……Why put the government holding the bag?

June 3, 2010 Posted by | Blogs, Breaking News, Counterpoints, Government, Media, Military, Other Things, PoliticalDog Calls, Politics, Projections, Updates, Weather | , , , , | 2 Comments

DSD on who is SUPPOSED TO BE in Charge?

Where is Lisa Jackson? Where is Nobel laureate Dr Stephen Chu?
As someone asked on Meet the Press last Sunday, have they gone into the Federal Witness Protection Program?

If you’d dropped into this catastrophe after staying incommunicado on Mars for 20 years, you’d have expected the Secretary of Energy and the Administrator of EPA to be in the lead on this issue. Janet Napolitano (secretary of history’s most dysfunctional department, which unfortunately runs the Coast Guard and FEMA, as well as immigration and TSA) and Ken Salazar have not been impressive. And when Dr Bobby Jindal looks more effective and decisive than the President, the latter has a problem no matter how high or low you look: P.R., partisan ambitions (especially in the South), political effectiveness, effective government or advancing his long-range dreams.

Obama should probably toss all his political and publicity advisors to one side (or over the side) to let his experts manage this properly (and pitilessly). Attacking BP and firing the head of the Interior Dept’s Minerals Management Service are certainly amply and fully justified, but they’re also completely insufficient.

May 27, 2010 Posted by | Blogs, Breaking News, Counterpoints, DSD @PoliticalDog101, Ecology, Government, Health, Law, Media, Men, Military, Politics, The Economy, Updates, Women | , , , | 2 Comments

The Political Fallout begins in Louisiana over the Oil Spill……

In these days of instant gratification and communication……Things are getting tight for Lusitania’s Politicians….

Tired of getting asked over and over when and how the Gulf Oil mess is going to get cleaned up….

They have decided to go public with their displeasure…and to position themselves AGAINST BP and the Government….

The Dog listen to Coast Guard Admiral Thad Allen* yesterday…and I have to admit…the guy sounds’ top-shelf’….

He is now the National Incident commander for the situation that is marrying BP, The Feds and The Louisana, Florida and Mississippi in a unusual  relationship….

The Fed’s have this dumped in their lap…….BP is the people doing the technical work…it’s their pipes in the Gulf’s floor, The Fed’s have veto power on their actions…but will wisely not wage into that area……The State are responsible for their property…and following Katrina……The Feds will ASK them for what they need and supply it…..

But this thing is gonna take time…

And Money…..Lots of it……

And with the media hype…..

No one wants to wait for it to be over………

But they will……

Thirty-four days after the Deepwater Horizon explosion, Louisiana officials have lost patience with BP, the Coast Guard and the Army Corps of Engineers. “I don’t have a crystal ball,” said Craig Taffaro, St. Bernard Parish president. “But if I were a betting man, I would be betting that [BP’s] plan is to let us die, then come back and do $75 million of cleanup, then close the book.”
More……..
That sum — $75 million — is the federally mandated cap for oil-spill clean-up expenditure. BP has promised to address the long-term needs of everyone affected by the spill, especially commercial fishermen. The potential expense involved is incalculable, far beyond $75 million, and many people in south Louisiana do not believe such whatever-it-takes pronouncements of full responsibility.

At a press conference Monday in Galliano, La., Sen. Mary Landrieu (D-La.) assured the public: “If you made $50,000 last year and you can’t work this year, BP is going to write you a check for $50,000. If your business made a million dollars last year and you can’t make that million dollars this year, BP is going to make your business whole.

There is no question . . . who will pay these bills to the individuals, to businesses, to the parishes, state government and to [the] federal government. Those bills will be paid in full.”

Serious doubts remain, however, spurred in part by BP’s current legal maneuvering to have all spill-related cases litigated in Houston, instead of Louisiana.

Also in attendance at the press conference were Secretary of the Interior Ken Salazar, Homeland Security Secretary Janet Napolitano, Gov. Bobby Jindal of Louisiana, and Sens. David Vitter (R-La.), Sheldon Whitehouse (D-R.I.), Dick Durbin (D-Ill.) and Lisa Murkowski (R-Alaska). The presence of these out-of-state solons is an apt indicator of growing national concern.

Jindal, disgusted with the lack of progress and organization, said, “In Terrebonne Parish, [where] oil is moving through their waters, boom and workers sat for days waiting for their orders to be deployed.” Jindal went on to state that on May 3, he asked the federal government for supplies including “3 million feet of absorbent boom and 5 million feet of hard boom.”

To date, only 815,569 feet of hard boom has arrived, and 135,320 feet of that hasn’t been deployed, he said.

In addition to such practicalities, Jindal noted a more heart-wrenching problem. “On Cat Island . . . I saw pelicans that were oiled so bad they couldn’t fly,…….

More……..

* On Thad Allen from the Washington Post.……

The BP oil spill that continues unabated in the Gulf of Mexico is more like the crisis our nation faced with Apollo 13 than with the Exxon Valdeez catastrophe. Whatever solution is finally able to stop this disaster will only come from a leader who is both creative in his thinking and trustworthy in his character. Fortunately for us, Admiral Thad Allen is such a man.

Although he will be retiring as commandant of the Coast Guard later today, Allen will remain the federal government’s point man for the BP oil spill for the foreseeable future. No one is better prepared for the job.

The Tucson native learned a great deal about the Gulf Coast when he was handpicked by Homeland Security Secretary Michael Chertoff as the principal official tocoordinate Hurricane Katrina response after the embarrassing performance of FEMA Administrator Michael Brown.

A few years earlier, Allen had led the team that smoothly transitioned the Coast Guard into the newly formed Department of Homeland Security in 2003. Prior to that, Allen had organized the U.S. government’s sea response on September 11, 2001. His creativity and resourcefulness had led him to move large Coast Guard cutters (normally reserved for high-sea patrols) to block the mouths of the Potomac River and every major port on the Atlantic coast.

Allen not only has the right experience; he also has the right disposition. Earlier this year, I spent time with the man who has spent 38 years in the Coast Guard and lived in 47 different residences. I interviewed the commandant and researched his life as part of a major study I am conducting on America’s top leaders (the first part of which focused onthe White House Fellowship).

Described by colleagues as cool and unassuming……click the Washington Post link for more

May 25, 2010 Posted by | Animals, Blogs, Boats, Breaking News, Ecology, Government, Media, Men, Military, PoliticalDog Calls, Politics, The Economy, Travel, Updates, Weather, Women | , , , , , , , | 12 Comments