Leak Rate 25,000 bpd — TERROR NOT RULED OUT
Economic Damage in Tens of Billions — Environmental Catastrophe — Bigger then Katrina
April 30, 2010, 1330 PDT — I watched the press conference live. The question came from a Dow Jones reporter. Present on the stage (among others) were Slazar (Interior), Napolitano (DHS), The Chiarman of BP, Gov. Jindal and a Coast Guard Admiral. The Dow Jones reporter confronted the attendees with two scientific studies saying that the leak rate from the sunken oil rig in the gulf was actually 25,000 barrels per day or five times more than BP had been stating as of this morning. Intial reports kept it a a couple hundred barrels per day but the number of barrels — and the size of the slick — continue to grow. No one on the dais denied or even modestly refuted the number. They had been totally busted. The Coast Guard Admiral, protecting her service, stepped up and said, “We have been operating since Day One as though this were a worst-case scenario.” The BP Chairman took the mic and also did not deny it. He mumbled something about “we’re responding as the numbers get bigger.”
Terrorism or an act of war has not been ruled out. DHS and Interior have assumed command of the investigation. According to the BP Chairman no one has a clue what caused the explosion.
Then it got really scary. Someone said clearly that the whole world was watching because of what this meant for already-funded offshore exploration under development. The safety measures designed to protect against a blowout have failed completely. How many more billions of research and millions in cost per fix are going to be needed? How many projects delayed or halted?
Worse: The oil slick is now the size of Delaware. It will be Ohio-sized within days. Florida has declared a state of emergency. All commercial fishing in the Gulf is threatened. All widlife is threatened. And when and if the slick gets to NOLA it will have a disatarous impact on energy production and the brave, battered, courageous people who live there. Coastal refineries may have to close… What might happen if the oil ignited? Oil should be at $100 before the end of next week. I suspect between $150 and $200 (maybe higher) this summer.
Worse: Napolitano and Salazar are already talking about huge claim funds. Massive class-actions against BP are starting. Insurance claims may well dwarf Katrina. The economy of the entire Gulf Coast is in jeopardy. From what I heard there is no real plan to stop the leak and no estimation as to when that will happen. (I might have missed that.) What happens when the slick hits Cuba? The rest of the Caribbean?
The current fradulent Wall Street bubble will pop in shorter order than anticipated.
Within about a week, man’s greed and reach for energy have found natural and unyielding limits. Two coal mine disasters and an oil slick that will cause as yet unknown catastrophic damage, loss of life and property. And yet there are still those in this movement who think we need to argue with people who believe there’s plenty of easy oil about anything.
It would be so poetic if history recorded that this was the event that marked the cliff edge of human industrial civilization. Maybe then someone will get the point. Maybe then we will find our hundredth monkey… And maybe Mother Earth will have poisoned us with the substance we have so greedily raped her — and killed each other — for… “You want oil?… I’ll give you oil.”