Saturday, May 29, 2010

BP (NYSE:BP) "Top Kill" a Failure?

Hope is dimming for the attempt by BP (NYSE:BP) to quickly plug the oil leak at the bottom of the Gulf of Mexico through Top Kill, as BP Chief Operating Officer Doug Suttles confirms they haven't been able to stop the oil spill yet.

With maybe 24 hours left to determine whether it will succeed or not, Suttles added BP is already looking toward their contingency plan of attempting to put a cap over the well, something that has already failed once, but obviously is worth the attempt, as the only sure way to stop it will take probably till August before it's in place, which would be a disaster for everyone involved, and would bring incredible political pressure on Obama and the oil industry in general.

This isn't to say the Top Kill or Junk Shot has failed, but the longer they go on the less likely it'll be they will be successful.

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