Friday, August 27, 2010

BP (NYSE:BP) Questions Government Oil Spill Figures

The grandstanding Democrat, Rep. Edward Markey, from Massachusetts, is evidently outraged that BP (NYSE:BP) is actually questioning the very high figures put forth by the Government as to how much oil spilled into the ocean.

In an attempt to make it look like he's taking the high road, Markey said, "I continue to urge BP to accept these numbers in order to move on to the vital task of Gulf restoration, instead of endless litigation."

But why should BP simply accept the numbers? When the numbers first came out, I thought they were very high, and with billions at stake dependent upon those numbers, there's no reason in the world to simply accept them as fact and go forward.

BP attorney Douglas Curtis responded to Markey saying, "Without addressing the letter's premises, BP agrees with you that it is important to determine the amount of oil that was discharged from the MC 252 well in the Gulf of Mexico."

Government scientists claim 53,000 barrels a day escaped the well into the Gulf of Mexico, while 62,000 a day escaped leaked at the beginning of the spill. That results in the estimate of 4.9 million barrels being released into the Gulf.

Of that, about 800,000 barrels were captured by BP before the well was finally capped.

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