Energy

BP Clean-Up Now Faces Tropical Depression Three (BP)

BP plc (NYSE: BP) may have a real “test” ahead of itself for the cap on the Gulf of Mexico oil disaster.  Yesterday, a “tropical wave” was a cause for concern, but NOAA has now alerted that this wave has…

By Jon C. Ogg
Published July 22, 2010, 2:10pm ET · 1 min read

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BP plc (NYSE: BP) may have a real “test” ahead of itself for the cap on the Gulf of Mexico oil disaster.  Yesterday, a “tropical wave” was a cause for concern, but NOAA has now alerted that this wave has become Tropical Depression Three for the 2010 Hurricane Season.  Fox Business News has reported that BP is now going to evacuate its  non-essential personnel from eight sites in the Gulf of Mexico based on the new trajectory.  The current path projections puts the storm headed right toward the disaster area in the days ahead.

For now, the report noted that the evacuation will not affect operations at the site of the oil spill.  NOAA also noted that advisories on a tropical storm or tropical depression will be issued.  If the trajectory remains static, BP will have no choice but to evacuate.   Ultimately, the question comes down to whether the cap will stand up to the added pressure of a storm.

JON C. OGG

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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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