Saturday, June 5, 2010

BP (NYSE:BP) Relief Wells Ready in August is Best Case Scenario

Increasingly it looks like reports the relief wells being drilled by BP (NYSE:BP) are overly optimistic as to their being ready in the early part of August.

That's a best-case-scenario, and usually in those instances it's rare that it will be met.

Some are thinking it could extend all the way till Christmas before the relief wells are completed, which would result in the oil flowing around the Florida and up through the Atlantic coast.

Much of this will probably depend on the cap in place now, which while stemming oil, is uncertain as to how effective it'll be overall.

It's capturing an estimated 1,000 barrels a day now, but BP said it'll take several days at least to get it tightened up to its highest level of effectiveness.

At that time we'll have a better picture of how bad the oil leak will be after that.

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