Wednesday, June 23, 2010

More Bad News For BP: Forced To Remove Cap That Controls Leak

The news keeps getting worse for BP. One wonders what this company had for safety measures. The BBC in the U.K. reports that BP has been forced to remove a cap that was containing some of the oil leak.

"Coast Guard Adm Thad Allen says the move came after an underwater robot bumped into the venting system.

The collision sent gas rising through the vent that carries warm water down to prevent ice-like crystals from forming in the cap.

Separately, Admiral Allen said two people had been killed in a clean-up effort."

In the meantime, the stocks continues its slide towards worthlesness:

Disclaimer: the author is very short BP via very profitable puts.

Stumble Upon Toolbar

No comments:

Financial TV

Blog Archive

// adding Google analytics