/ Oil Spills

  • Microbes Dissolving the Oil Spill Much Faster Than Anticipated

    What is the real story about the "missing oil"? One study shows that most of the oil is gone, while another shows that there is still a whole lot of it in a mid-depth plume not visible from the surface. The answer might have been found in research announced today by Lawrence Berkeley Lab of the US Department of Energy. They found the plume alright, but they also found that microbial activity, spearheaded by a new and unclassified species, degrades oil much faster than anticipated. This degradation appears to take place without a significant level of oxygen depletion. The study…

  • Media and Politics Impact on The Oil Spill Disaster that Isn’t

    The BP well blowout, fire, explosion and platform collapse, and the ensuing crude oil leak are without doubt the result of human failings.  Underestimating the quality of the reservoir is one reason, perhaps some engineering choices and safety oversights, inadequate equipment, testing that didn’t work out in the real world and all the rest only show that human planning can come up short. Now that its over this writer can recoil from the anger felt as the catastrophe unfolded.  Yes, the well getting away is cause No. 1 – something that has happened before and will happen again – hopefully…

  • Why Oceans Are So Resilient To Oil Spills

    A 2003 research paper by Kvenvolden and Cooper in Geo-Marine Letters estimated that natural seeps dump 140,000 metric tons of crude oil into the Gulf of Mexico each year – over one million barrels of crude per year. In fact, the authors estimate that 47% of all the petroleum found in the sea is from natural seeps – the largest single source, ahead of airborne pollution, ground runoff and drilling/shipping accidents. _EnergyTribune Worldwide seeps can add up to more that 14 million barrels a year, and in the Gulf of Mexico the NRC report suggests that the annual flow from…

  • Gulf Spill Has ‘Far Reaching’ Impact on Oil Company Credit – S&P

    The oil spill and subsequent suspension of drilling permits in the Gulf of Mexico will have a long-term impact on the creditworthiness of oil and gas companies, according to ratings agency Standard & Poors. “For oil and gas operators in the Gulf of Mexico, the business ramifications are likely to be far reaching and enduring. And regulatory oversight and safety restrictions … will in our view have cost and operational implications for all offshore operators in the US,” the firm said in its CreditWeek publication last week. Because of the accident, S&P cut ratings on BP, Anadarko, Mitsui & Co.…

  • The Greatest Manmade Oil Spill

    Take a good look at the graph below. It shows average annual oil spills into the ocean in thousands of metric tonnes. Nature spills more oil than man, but of all manmade oil spills, the greatest by far is the oil that leaks onto the highway or is intentionally poured out, which is carried downstream by rainfall, down to the sea. Consumption spills and leaks amount to almost 500,000 metric tonnes a year, which is about 3.5 million barrels a year, or roughly 150 million gallons a year of oil. You can see that the 1979 Ixtoc 1 spill off…

  • The BP Oil Spill: The Static Kill Process Has Started

    Progress on the relief well at the Deepwater Horizon well has now reached the point that BP have started the procedures for the top static kill of the well. There was a little delay in the installation of the casing for the relief well because, during the time that the well had been left untended during the last storm, the sides sloughed a little, and about 40 ft of debris accumulated in the bottom of the well. This was obviously more than had been expected, since the clearing run to remove this and condition the well took longer than originally…

  • BP Oil Spill Damages to Stretch Insurance Coverage

    BP and its partners on the Deepwater Horizon oil rig do not have enough insurance to cover the potential damages sought in litigation so far, according to an analysis by insurance information provider Advisen. Advisen maintains a database tracking significant lawsuits filed against companies and their directors and officers. A search of the database identified 158 unique cases related to the Deepwater Horizon oil rig which exploded in the Gulf of Mexico. But the firm believes that more than 400 individual cases have been filed so far, according to David Bradford, executive vice president for Advisen in New York. Of…

  • As Oil Rapidly Disappears, Crews Prepare to Kill the Well

    ...the pressure in the well has now risen to just over 6,900 psi, while the temperature at the BOP remains at 40 deg – suggesting no flow and that well integrity is apparent. The storm has, however, dispersed and moved the oil ..._BitToothEnergy It is becoming almost impossible for oil cleanup crews on the Gulf of Mexico to find any oil to clean up -- both onshore and offshore. It seems that nature is a lot better at cleaning up oil in the warm waters of the Gulf than academics, plaintiff's attorneys, and political activists have been claiming. Meanwhile crews…

  • As Tropical Storm Bonnie Breaks Apart Ships Return to the Deepwater Horizon Site

    Tropical Storm Bonnie broke up over Florida, and is now heading across the Gulf of Mexico as a tropical depression. Some of the mission-critical ships involved in drilling relief wells and in monitoring the seafloor, are hustling back to the Deepwater Horizon spill site so as to not lose any more time than is necessary. The Obama White House -- previously in full panic mode -- may now take a moment to relax and breathe deeply again. Some ships prepared to move back to the site of BP's broken oil well Saturday as the remnants of a weakening Tropical Storm…

  • As Hurricane Nears Oil Spill Site Obama Sidesteps Critical Decision

    BP workers in the Gulf of Mexico have stopped drilling a relief well and are preparing to evacuate the oil spill site as a tropical depression nears. There is a 20-30% chance of tropical storm force winds (39mph or more) at the spill site by Tuesday, the National Hurricane Center says. Because of the slow-moving vessels at the spill site, evacuation plans are already well under way. Work on the relief well could be suspended for up to two weeks. _BBC It is time to make critical decisions about the state of the Macondo wellhead. But decision making by government…

Commodity Prices

    PRICE CHG CHG%
Chart Chart Chart Chart Chart Chart

Click on chart icon for detailed price charts.