Wednesday, June 30, 2010

BP (NYSE:BP) Cleanup On Hold as Worst Waves of Hurricane Alex are Over

BP (NYSE:BP) said the worst of the waves, which were in some cases as high as 12 feet, have passed where the Gulf oil well is leaking, although they were on average smaller than that.

Even so, the waves were still in the seven foot to eight foot high range, which keeps the cleanup efforts on hold until they subside; at least in relationship to booming and skimming operations.

Other oil companies, including Exxon Mobil (NYSE:XOM) and ConocoPhillips (NYSE:COP) has also evacuated workers from the Gulf region. Approximately 25 percent of all oil production in the Gulf has been stopped, along with about 9 percent of natural gas production.

While Tropical Storm Alex should completely bypass the leaking oil well of BP, weather models show there's an over 40 percent chance that one will enter the area where the oil well is leaking by the end of August.

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