Posts Tagged ‘White House



05
Aug
10

BP begins to seal runaway well in Gulf of Mexico

NEWS
BP begins to seal runaway well in Gulf of Mexico

Thursday, August 5, 2010

BP has begun sealing its runaway oil well in the Gulf of Mexico with cement, one of the final steps to plug the gusher at the center of the worst U.S. environmental disaster on record.

Some 15 weeks after the well ruptured and 21 days after the flow was stemmed with a temporary cap, the massive slick which once stretched for hundreds of miles is rapidly disappearing from the Gulf.

But officials cautioned that a great deal of clean-up work remained and that the long-term impact of the disaster could be felt for years, even decades.

In a long-awaited breakthrough, BP brought the well under control on Wednesday after pumping heavy drilling fluid into the busted Macondo well for eight hours, forcing the oil back down into the reservoir miles beneath the seabed.

The British energy giant then began pumping cement at 09.15 CDT on Thursday after the procedure was approved by U.S. officials.

‘The aim of the procedure is to assist with the strategy to kill and isolate the well,’ BP said in a statement. ‘This procedure will complement the ongoing relief well operation.’

In giving the green light, spill response chief Thad Allen emphasised that the cementing should ‘in no way delay the completion of the relief well,’ expected to be finished in mid-August to seal the well permanently.
‘So, the long battle to stop the leak and contain the oil is finally close to coming to an end. And we are very pleased with that,’ U.S. President Barack Obama said. ‘Our recovery efforts, though, will continue. We have to reverse the damage that’s been done.’

It took 106 days to shut the well down in the wake of a devastating explosion on April 20 that killed 11 workers and sank the BP-leased Deepwater Horizon rig, unleashing a torrent of oil into the Gulf.

At 4.9 million barrels – or enough oil to fill 311 Olympic-sized swimming pools – the disaster is the biggest maritime spill on record.

It threatened the fish and wildlife-rich U.S. Gulf coast with environmental ruin and plunged residents of coastal communities into months of anguish over their livelihoods and the region’s future.

A government report released on Wednesday found that a third of the oil was captured or mitigated through burning, skimming, chemical dispersion and direct recovery from the wellhead.

Heat from the sun helped some of the chemicals in the crude evaporate. Waves and currents broke the slick up into smaller patches. Then the microbes which feed on natural oil seeping in the Gulf got to work, it said.

‘At least 50 percent of the oil that was released is now completely gone from the system,’ said Jane Lubchenco, head of the National Oceanic and Atmospheric Administration.

‘And most of the remainder is degrading rapidly, or is being removed from the beaches.’
But Lubchenco was quick to stress that scientists will not be able to determine for a long time the full extent of the damage.

‘The oil that was released and has already impacted wildlife at the surface, young juvenile stages and eggs beneath the surface, will likely have very considerable impacts for years and possibly decades to come,’ she told reporters at the White House briefing.

The problem, she explained, is that oil is still toxic even when it has been broken down into very small droplets.

About 24 percent of the Gulf’s federal waters remain closed to fishing, and even when fishermen are able to fill their nets they fear consumers might not believe the seafood is safe to eat.

With tourists likely to avoid Gulf beaches for years and oil industry jobs under threat from Obama’s moratorium on new deep sea drilling permits, the future remains bleak for many coastal communities.

BP, meanwhile, is hoping to rebuild its shattered reputation but must also meet the claims of thousands of individuals and businesses whose livelihoods have been washed away, while a mammoth civil trial looms.

BP senior vice president Kent Wells expressed relief that 20 days after the flow of oil in the sea was stemmed with a temporary cap ‘it’s very difficult for us to find any oil anywhere on the surface.’

He refused, however, to declare victory until the well is permanently sealed.
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04
Aug
10

President Obama at AFL-CIO on the Economy: “Made In America”

NEWS
President Obama at AFL-CIO on the Economy: “Made In America”
Making the Right Choice for the Economy

Wednesday, August 04, 2010

Speaking at the AFL-CIO Executive Council Meeting here in DC, the President thanked “all my brothers and sisters in the AFL-CIO” who have worked so hard to help get America’s economy back on track. He spoke of the progress that’s been made, with millions of people at work now because of the Recovery Act, and the length left to go until the millions still out of work find their jobs.
As for his plans going forward, he summed it up in “three powerful words”:

Together, we’re jumpstarting a new American clean energy industry – an industry with the potential to generate perhaps millions of jobs building wind turbines and solar panels, and manufacturing the batteries for the cars of the future, building nuclear plants, developing clean coal technology. There are other countries that are fighting for those jobs, in China and India and in Germany and other parts of Europe. But the United States doesn’t play for second place. As long as I’m President, I’m going to keep fighting night and day to make sure that we win those jobs, that those are jobs that are created right here in the United States of America and that your members are put to work. (Applause.)

So the message I want to deliver to our competitors – and to those in Washington who’ve tried to block our progress at every step of the way – is that we are going to rebuild this economy stronger than before, and at the heart of it are going to be three powerful words: Made in America. Made in America. (Applause.)

That’s why we’re finally enforcing our trade laws – in some cases for the very first time. That’s why we’re fighting for tax breaks for companies that invest here in the United States as opposed to companies that are investing overseas or that keep their profits offshore. Because it is my belief – and I know it’s the belief of this room – that there are no better workers than U.S. workers. There are no better workers than your members. (Applause.) And they are absolutely committed to making sure that America is on the rise again. And we are going to keep moving forward with them – not moving backwards but moving forward with them.

As we rebuild our economy, we’re going to rebuild America as well. Over the last 20 months, bulldozers and backhoes have been whirring in communities across the country, as construction crews from local companies repair roads and bridges, railways and ports. That was part of our plan, and it’s put hundreds of thousands of folks to work. But there’s a lot more to do to rebuild our infrastructure for the 21st century, and a lot more Americans who are ready and willing to do that work. So that, too, is an area where we’ve got to keep moving forward.


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04
Aug
10

BP says “static kill” operation at ruptured U.S. oil well

NEWS
BP says “static kill” operation at ruptured U.S. oil well
Obama says long battle in Gulf close to end
New Report: 74% of Oil in BP Deepwater Horizon Oil Spill has been Contained or Mitigated

Wednesday, August 04, 2010

About three-quarters of the oil spilled from the ruptured BP well in the Gulf of Mexico has disappeared, a top U.S. official said Wednesday.

‘The scientists are telling us about 25 percent was not captured or evaporated or taken care of by mother nature,’ said Carol Browner, a top energy adviser to U.S. President Barack Obama, on the ABC network’s Good Morning America program.

‘This is an initial assessment by our scientists in the government and outside the government. We think it’s important to make this available to the public. That’s what we’ll be doing today.’

Browner said the report to be released later on Wednesday was ‘encouraging’ but that more clean-up will be needed.

‘Mother nature will continue to break it down,’ she said.

‘But some of it may come onshore, as weathered tar balls. And those will be cleaned up. They can be cleaned up. And we will make sure they are cleaned up.’

An estimated 4.9 million barrels of oil leaked into the Gulf of Mexico over a period of 87 days after an explosion on a BP-leased offshore rig on April 20.

The leak was capped on July 15, and on Wednesday BP said it succeeded in controlling the pressure in the ruptured well through a procedure called a ‘static kill.’

The New York Times said the report from the National Oceanic and Atmospheric Administration, indicated that fears that a huge underwater glob of oil would surface at some point to tar Gulf beaches looked increasingly unlikely.

‘There’s absolutely no evidence that there’s any significant concentration of oil that’s out there that we haven’t accounted for,’ Jane Lubchenco, head of the agency, was quoted as saying.

Today, a panel of government scientists released a report which said that the vast majority of the oil from the Deepwater Horizon oil spill has either evaporated or been burned, skimmed, recovered from the wellhead or dispersed much of which is in the process of being degraded. A significant amount of this is the direct result of the federal government’s aggressive response to the spill.

The chart below outlines the breakdown of what has happened to the oil released into the Gulf of Mexico since the oil spill began in April:

These interagency findings were generated using a scientific tool called the Oil Budget Calculator, which employs a combination of direct measurements and the best scientific estimates available. The calculator is based on 4.9 million barrels of oil released into the Gulf, the government’s latest estimates of the flow rate from Monday. More than 25 of the best government and independent scientists contributed to or reviewed the calculator and its calculation methods. Scientists from the National Oceanic and Atmospheric Administration (NOAA), the Environmental Protection Agency (EPA) and the Department of Energy (DOE), as well as academic scientists are continuing to work to refine these calculations.

While we welcome the news contained in this report, we continue to be extremely concerned about what this oil spill means for the health of the Gulf ecosystem and the millions of people who depend on the Gulf for their livelihoods and enjoyment. To that end, our response effort will continue until the well is killed, the oil is cleaned up and until all of the people are made whole again.

For more information about the ongoing Administration-wide response to BP Oil Spill, visit RestoreTheGulf.gov.
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04
Aug
10

MasterCard 2Q profit jumps 31 percent, tops view

NEWS
MasterCard 2Q profit jumps 31 percent, tops view

Wednesday, August 04, 2010

••• Anaemic consumer spending in the U.S. was offset by strong international growth to help boost MasterCard Inc’s second-quarter profit by 31 percent.

The gain topped Wall Street profit expectations, but fell short of the 38 percent leap in operating income posted by the company’s larger rival, Visa Inc., last week.

MasterCard shares slipped $1.76, to $200.70 in midday trading as the broader market sputtered.

MasterCard’s gains showed the Purchase, NY-based payment processor’s reliance on overseas use of its cards and networks. Worldwide purchasing volume rose eight per cent, while U.S. purchasing volume eked out a gain of less than 1 percent.

Worldwide, credit card use rose 10 percent, while debit card use leaped 29 percent.

Chief Financial Officer Martina Hund-Mejean said in an interview that card use was particularly strong in Latin America and Asia Pacific, which both saw double-digit growth rates.

‘Even in Europe,’ she said, alluding to the economic turmoil on the Continent in recent months. ‘We do not see any significant impact on our numbers in terms of the Europeans not spending.’

U.S. credit card use edged down 1.5 percent, continuing a two-year decline, but showing the smallest drop since the third quarter of 2008.

Debit card use edged up less than 1 percent. That reflects more frequent use of debit cards, but was held down by MasterCard’s loss of several debit card deals with banks, most notably the former Washington Mutual, which was bought by JPMorgan Chase in 2008. Hund-Mejean said US debit growth was closer to 20 percent if the banks winding down their MasterCard programs are stripped out.

U.S. spending, particularly with credit cards, picked up in April but was less robust later in the quarter, Hund-Mejean said. ‘People still feel a little careful and cautious, and I think that’s what we saw in May and June,’ she said.

Analysts noted the growth compared with a weak quarter last year. Thomas McCrohan from Janney Capital Marketssaid it is hard to read into the results to say whether they indicate any real improvement in the economy. But there was ‘nothing alarming’ in the results.

‘There’s nothing that would support a double dip’ of the recession, McCrohan said.

The number of transactions MasterCard handled was basically flat at 5.6 billion. Cross-border volume jumped 15.2 percent.

Net income rose to $458 million, or $3.49 per share, compared with $349 million, or $2.67 per share, a year ago.

Revenue rose 7 percent to $1.37 billion from $1.28 billion in the 2009 second quarter. MasterCard said the revenue increase reflected the higher cross-border volumes, higher gross dollar volume of the transactions it processed and the impact of price increases of 4 percent.

Wall Street expected earnings of $3.33 per share on revenue of $1.38 billion.

Total operating expences dropped 10 percent to $648 million. The decrease was led by a drop in severance and compensation costs as a result of layoffs in 2009.

President and CEO Ajay Banga said it is too early to tell what results MasterCard will feel from the limits on debit card fees included in the financial overhaul bill signed by President Barack Obama last month.

‘I know that everybody is eager to fully understand the impact on our business, but the truth is we just have to wait for the (Federal Reserve) to develop the regulations, and for our customers to react, before we will know the full implications both for the industry and for our company,’ he said during a conference call.

Banga noted there are a number of options for implementing the new rules, and quipped that MasterCard benefits in this case from having a smaller market share of U.S. debit than Visa.

Regardless of the new regulations, Banga said he doesn’t see the shift from cash and checks to electronic payments slowing down. He spoke enthusiastically about a number of pilot projects and overseas ventures MasterCard has to expand its network beyond card payments. Deals the company struck on mobile payments in Latin America, money transfer services in China and contactless payments in the U.S. position MasterCard for continued growth as the payments market evolves, he said.

David Parker, an analyst with Lazard Capital Markets, said it will be a few years before ‘electronic wallets’ are a reality, and there are some challenges in terms of customer and merchant adoption, but it is clear the market is moving in that direction.

MasterCard’s investments in this area could help it overcome its disadvantage in debit cards.

‘I think there is an opportunity there with mobile commerce,’ he said.
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03
Aug
10

BP gears up to plug ‘world’s biggest’ oil spill

NEWS
BP gears up to plug ‘world’s biggest’ oil spill
A deadly addiction: figures confirm BP spill is biggest in history

Tuesday, August 03, 2010

The U.S. government says BP’s ruptured well in the Gulf of Mexico gushed an estimated 4.9 million barrels of oil, making it the largest accidental spill ever.

‘Overall, the scientific teams estimate that approximately 4.9 million barrels of oil have been released from the well,’ the joint response command that includes BP and the U.S. government said in a statement describing the new estimate.

‘Not all of this oil and gas flowed into the ocean; containment activities conducted by BP under US direction captured approximately 800,000 barrels of oil prior to the capping of the well,’ they said.

The 4.9 million barrels is at the upper end of an earlier official estimate, which said that between 3 million and 5.3 million barrels had spewed from the well between April 20, when the BP-leased Deepwater Horizon rig exploded, and July 15, when a cap placed over the wellhead was finally sealed.

The refined estimates ‘are the most accurate to date and have an uncertainty of plus or minus 10 per cent’, according to the statement.

The 4.1 million uncontained barrels estimated to have spewed into the water make the spill the biggest accidental oil disaster in the history of the petroleum industry, and second only to the intentional release of crude by Iraqi forces during the 1991 Gulf War.

The previous largest accidental spill was a 1979 disaster – also in the Gulf of Mexico – in which 3.3 million barrels gushed from the Ixtoc-1 well after an explosion on a rig operated by Mexican state oil company Pemex.
The BP spill revision was based on ‘new pressure readings, data and analysis’ of oil reservoir modeling studied by teams comprised of federal and independent U.S. scientists, including a Department of Energy team of scientists led by President Barack Obama’s energy secretary, Steven Chu, the statement said.

‘The revised estimates are part of this administration’s ongoing commitment to ensuring that we have the most accurate information possible,’ Chu said.

When the well first ruptured, ‘62,000 barrels of oil per day were leaking from the well’, beyond the 35,000 to 60,000 barrels most recently estimated by U.S. authorities, but the flow rate decreased to 53,000 barrels per day just before the well was capped, the statement said.

‘As a result of depletion of the hydrocarbon reservoir, the daily flow rate decreased over the 87 days prior to the well’s closure,’ according to the statement.

The new figures are based in part on analysis of high-resolution videos taken by remotely operated underwater vehicles, acoustic technologies, measurements of oil collected by vessels on the surface, and readings of pressure measurements inside the containment cap.

‘Government scientists will continue to analyse data and may in time be able to further refine this estimate,’ the statement said.
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02
Aug
10

BP begins ‘static kill’ operation in bid to finally seal Gulf of Mexico oil well

NEWS
BP begins ‘static kill’ operation in bid to finally seal Gulf of Mexico oil well
The key lesson of the BP oil spill? Don’t panic spiked’s prediction that this was not ‘the worst environmental disaster’ in U.S. history has been proven right.

Monday, August 02, 2010

BP will know within hours on Tuesday whether its attempt to plug the Macondo well in the Gulf of Mexico has worked.

Company engineers are preparing to pump heavy drilling mud and cement into the well in a procedure known as “static kill”.

Retired coast guard admiral Thad Allen, the U.S. official overseeing the federal spill response, said that the operation would begin either Monday night or early Tuesday morning.

A week later, mud and cement will be pumped in from below, via a relief well that has been dug deep into the earth, to seal the leak permanently.

Oil has stopped gushing from the well for the past two weeks after a temporary cap was placed on top of it. BP’s Deepwater Horizon rig exploded and sank on 20 April, causing what is thought to be the U.S.’s worst environmental disaster in history.
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02
Aug
10

Doug Suttles happy to eat Gulf seafood

NEWS
Doug Suttles happy to eat Gulf seafood
BP executive ‘absolutely’ would eat Gulf seafood

Monday, August 02, 2010

Earth

One of BP’s top executives said that not only would he eat Gulf seafood, but he would feed it to his family too. While many fear that the unprecedented amount of chemical dispersants, such as Corexit, in the water has turned it into a toxic soup, more water has been opened.
Fears run high, but many in the seafood industry give a different point of view. While acknowledging the amount of toxic chemicals (over 1 million gallons of Corexit) is unprecedented and unlike anything ever seen before; the rigorous testing by the EPA, NOAA and U.S. Fish and Wildlife fisheries have caused some to conclude that seafood is safer than it has ever been.
Water tests, air quality samples and soil tests have been conducted regularly and the data is used to determine which federal and state waters would be closed or opened. With the high amount of testing, some feel the seafood is the safest it’s been.
Others disagree. They want to know exactly what is being tested. What byproducts result from Corexit and oil and are they being tested in the seafood?
Though NOAA has opened more federal waters and people are returning to beaches, there are many who will not eat Gulf Coast seafood, regardless of what Doug Suttles chooses to feed his family.
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