Energy

Gulf Oil Spill Resolution… Delays or Failure (BP)

BP plc (NYSE: BP) has so far not been successful this weekend in its attempts to contain the Gulf of Mexico oil spill.  The containment dome which was to help contain and trap the bulk of the oil pouring out…

By Jon C. Ogg
Published May 8, 2010, 5:03pm ET · 1 min read

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BP plc (NYSE: BP) has so far not been successful this weekend in its attempts to contain the Gulf of Mexico oil spill.  The containment dome which was to help contain and trap the bulk of the oil pouring out from the Deepwater Horizon in the Gulf of Mexico has run into trouble.  Gas hydrates, similar to crystals, have formed at the top of the dome and that has effectively clogged the dome where the oil would have come out and been captured.  BP is now going to use the next 48 hours in attempt to solve the problem.

We are awaiting further information from BP spokespeople on this weekend’s efforts to contain the escaping oil.

JON C. OGG

Contact [email protected] for any questions or corrections.

Jon C. Ogg

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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