Interview w/John Hofmeister (former Pres. Shell Oil) and Mike Papantino (lawyer filing class action suit) with some facts about oil spill and BP by Niki2

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Interview w/John Hofmeister (former Pres. Shell Oil) and Mike Papantino (lawyer filing class action suit) with some facts about oil spill and BP

POSTED BY: NIKI2
UPDATED: Wednesday, July 7, 2010 11:51
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Wednesday, July 7, 2010 11:51 AM

NIKI2

Gettin' old, but still a hippie at heart...

Some An interesting interview wiht two experts on Hardball; it's an illuminating interview at

If you can't take Matthews, here are some highlights:

A Whale inconclusive on skimming; but "suck and salvage" hasn't been tried; it’s been talked about for TWO MONTHS, but not put into effect.

Supertanker could suck up 21 million gallons a day; BP's "flotilla" has sucked up only 28 million gallons SO FAR.

BP wants to make it look less awful because they're trying to raise money in other countries.

They've put 1000 people on the beach to look like it's being cleaned up; what's really happening is they're putting dispersant on the oil so it sinks to the bottom, doesn't come up for another year.

(That explains why they won't stop using dispersants and why they denied the "plumes")

BP's plan is to "amortize" their cleanup costs over 10-15 years; people on the beach make it look like they care, but it’s really only cost/benefit analysis and delay of the cleanup.

$20 billion deal was made because BP is very concerned about losing their license to operate in the US (I thought so); US is one of the richest sources of future earnings growth for BP.

It’s $5 billion over 4 years; as of right now, there is NOTHING in escrow.

We’re kidding ourselves about the $20 billion; the money is NOT SECURITIZED; if BP were to go into bankruptcy, the money wouldn’t be there.

There is no assurance the relief wells will do the trick, “but it’s got to be tried. They’ve tried every other option.”

ASSUMPTION is that the pipe where the relief wells will meet it is solid enough; there has to be something for the cement to hold onto, and that’s a 50/50 chance. If casing has been destroyed, if the outside of the casing is actually a channel flowing oil, odds are they can’t get enough cement pressure on to make it stick.

If that doesn’t work, could be 2 BILLION gallons of oil in the gulf; if so, BP won’t be around; they’re holding talks with bankruptcy lawyers at present.

Hippie Operative Nikovich Nikita Nicovna Talibani,
signing off

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