Saturday, June 5, 2010

BP (NYSE:BP) Cap Won't Stop All Oil from Leaking

The first progress in BP's (NYSE:BP) battle against the oil leak in the Gulf is only partially successful at this time, although any headway is welcome.

BP successfully cut the riser pipe and placed a cap on it in order to siphon oil to tankers on the surface. There is an estimated 1,000 barrels of oil a day being brought to the ships at this time, only a portion of the approximate 12,000 to 19,000 barrels released into the ocean.

According to BP, it'll take a unspecified number of days before they are able to bring the procedure to its highest level and give a better estimate as to how much they're capturing, and possibly a very accurate total as measured by what the ships are taking in.

Until that happens, the current levels of oil will continue to flow, albeit at a slightly smaller rate than before.

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