BP says oil clean-up costs $10 million per day

[IScreamSundays]

Source: MarketWatch

By London Bureau
LONDON (MarketWatch) -- BP PLC (BP 49.06, -1.27, -2.53%) could now be spending as much as $10 million a day on the clean up of its oil well leak in the Gulf of Mexico, BP Chief Executive Tony Hayward said in a report in the Sunday Telegraph.

The amount is significantly higher than the original $6 million a day revealed last week.

Hayward has also ordered a complete safety overhaul of all the oil giant's rigs after admitting that a cut-off valve known as the "blow out preventer" had fundamentally failed on its stricken Deepwater Horizon drilling rig, which was destroyed in an explosion last month.

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Read more: http://www.marketwatch.com/story/bp-says-oil-clean-up-costs-10-million-per-day-2010-05-09

[Poll_Blind]

1. Cry me an oil-slicked river. n/t

PB

[Merlot]

2. "admitting that a cut-off valve... had fundamentally failed"

I thought the whole issue here was that they had decided to save the half million dollars by not installing the cut off valve known as the "blow out preventer."

[Botany]

5. The sonic cut off valve was in addition to the blow out preventer

and thanx to Dick Cheney and his "energy task force" for dropping that requirement because it
was too much regulation.

[lunatica]

6. Disinformation, lies and deceit are their modus operandi

I hope it costs them their entire profit for the last 10 years. Profit was so god damned important to them that they caused this to happen. Let them lose that profit fixing their fuckup.

[xxqqqzme]

7. That alve must be looking like a real bargain

right now. Just think if darth had been invested in that industry as well this might have been prevented.

My contempt for these asswipes knows no bounds.

[Lasher]

3. Well I guess their CEO won't get a multi-million dollar bonus this year.

Ha ha, just kidding. We all know they rake in obscene compensation every year regardless of performance.

[WhiteTara]

4. makes that half million shut off valve

look very, very cheap. :grr:

[dipsydoodle]

10. Yup but don't you wonder

why none of the rigs in Gulf have got them either ? Or did you think they had ?

[WhiteTara]

14. well, just think...mulitply half million times

how ever many there are and you're talking money! It might cut into some executive pay and we can't have that! But, I was under the impression that this was the deepest well.

[noamnety]

8. Isn't their profit something like 45 million a day???

Their annual report says they earned 16,759 million last year. 16,759,000,000 / 365 = 45,915,068 a day.

If they're still earning in the realm of 35 million a day AFTER cleanup expenses, they need to get off their asses and pay the locals a boatload more for help, and there shouldn't be anyone having to "volunteer" to clean their shit up.

[Dyedinthewoolliberal]

9. Average American citizen says;

'tough shit' :mad:

[Jackpine Radical]

11. I predict BP stock will take a temporary dip

and will then surge within 3 months as 2 things happen:
1) They will find a way to shuffle cleanup costs onto the government
2) Gas prices will go through the ceiling as LOOP & other gulf coast oil facilities either shut down or drastically reduce production.

If ya wanna get rich, buy BP in the near future as people do panic dumps.

[Merlot]

12. $10 million sounds low to me

and considering their profits these past years, it's still a drip in their bucket.

I sincerely hope they go out of business and take haliburton with them.

[kestrel91316]

13. How long until the poor dears ask for a federal bailout to cover their

cleanup costs??

[ima_sinnic]

22. oh, man, you beat me to it. We The People will be paying for this, while

the CEOs enjoy their bonuses and perks (maybe even wined and dined at the White House!) and go on to business as usual. It's hard work destroying a planet!

[UpInArms]

15. bet they're wishing they had put that $500,000 safety device on their wellhead

$10 million per day - they better be ready to sink billions into cleaning up their mess.

[Not Me]

16. $350K for an acoustic shut off valve

seems like a small price doesn't it?

[AlinPA]

17. They are worried more about the loss of their goddamned oil than the cleanup.

[ConcernedCanuk]

18. "oil clean-up" is a misnomer

.
.
.

They will NEVER be able to repair the damage they've done

NEVER

[janx]

19. ...as if that is EVER going to make up for what they have done!

:cry:

[Haole Girl]

20. They're now going to use this as an excuse to drive up oil prices, even more. nt

[bemildred]

21. And that's peanuts. nt

[ima_sinnic]

23. ok, taxpayers, pony up! the corporate deadbeats will soon be looking for their welfare check

-- you didn't think those obscene profits and CEO bonuses would be touched for this, did you?

[newscott]

24. I guess they better get cracking then!