Best of the Week
Most Popular
1. Gold Final Warning: Here Are the Stunning Implications of Plunging Gold Price - P_Radomski_CFA
2.Fed Balance Sheet QE4EVER - Stock Market Trend Forecast Analysis - Nadeem_Walayat
3.UK House Prices, Immigration, and Population Growth Mega Trend Forecast - Part1 - Nadeem_Walayat
4.Gold and Silver Precious Metals Pot Pourri - Rambus_Chartology
5.The Exponential Stocks Bull Market - Nadeem_Walayat
6.Yield Curve Inversion and the Stock Market 2019 - Nadeem_Walayat
7.America's 30 Blocks of Holes - James_Quinn
8.US Presidential Cycle and Stock Market Trend 2019 - Nadeem_Walayat
9.Dear Stocks Bull Market: Happy 10 Year Anniversary! - Troy_Bombardia
10.Britain's Demographic Time Bomb Has Gone Off! - Nadeem_Walayat
Last 7 days
Can We Lock Up Rachel Maddow Now? - 25th Mar 19
Real US National Debt Might Be $230 Trillion - 25th Mar 19
Friday's Stock Market Sell-Off - New Downtrend or Just Correction? - 25th Mar 19
20 Days Left to Find Buying Opportunities In Gold - 25th Mar 19
Will the Historic Imbalance in Gold Stocks to Gold Price Resolve ? - 25th Mar 19
EasySMX Wireless Games Controllers Review - 25th Mar 19
Stock Market Short-term Top - 25th Mar 19
UK Population Growth - Latest ONS Immigration Statistics and Consequences - 24th Mar 19
The Fed Follows Trump's Tweets, And Does The Right Thing - 24th Mar 19
Yield Curves, 2yr Yield, SPX Stocks and a Crack Up Boom? - 24th Mar 19
Risk/Reward in Silver Favors Buying Now, Not Waiting for Big Moves - 23rd Mar 19
Similarities Between Stock Market Today and Previous Bull Market Tops - 23rd Mar 19
Stock Market DOW Seasonal Trend Analysis - 23rd Mar 19
US Dollar Breakdown on Fed Was Much Worse Than It Looks - 23rd Mar 19
Gold Mid-Tier GDXJ Stocks Fundamentals - 23rd Mar 19
Which Currency Pairs Stand to Benefit from Prevailing Risk Aversion? - 23rd Mar 19
If You Get These 3 Things Right, You’ll Never Have to Worry About Money - 22nd Mar 19
March 2019 Cryptocurrency Technical Analysis - 22nd Mar 19
Turkey Tourist Fakes Market Bargains Haggling Top Tips - 22nd Mar 19
Next Recession: Finding A 48% Yield Amid The Ruins - 22nd Mar 19
Your Future Stock Returns Might Unpleasantly Surprise You - 22nd Mar 19
Fed Acknowledges “Recession Risks”. Run for the Hills! - 22nd Mar 19
Will Bridging Loans Grow in Demand and Usage in 2019? - 22nd Mar 19
Does Fed Know Something Gold Investors Do Not Know? - 21st Mar 19
Gold …Some Confirmations to Watch For - 21st Mar 19
UKIP No Longer About BrExit, Becomes BNP 2.0, Muslim Hate Party - 21st Mar 19
A Message to the Gold Bulls: Relying on the CoT Gives You A False Sense of Security - 20th Mar 19
The Secret to Funding a Green New Deal - 20th Mar 19
Vietnam, Part I: Colonialism and National Liberation - 20th Mar 19
Will the Fed Cut its Interest Rate Forecast, Pushing Gold Higher? - 20th Mar 19
Dow Jones Stock Market Topping Pattern - 20th Mar 19
Gold Stocks Outperform Gold but Not Stocks - 20th Mar 19
Here’s What You’re Not Hearing About the US - China Trade War - 20th Mar 19
US Overdosing on Debt - 19th Mar 19
Looking at the Economic Winter Season Ahead - 19th Mar 19
Will the Stock Market Crash Like 1937? - 19th Mar 19
Stock Market VIX Volaility Analysis - 19th Mar 19
FREE Access to Stock and Finanacial Markets Trading Analysis Worth $1229! - 19th Mar 19
US Stock Markets Price Anomaly Setup Continues - 19th Mar 19

Market Oracle FREE Newsletter

Stock Market Trend Forecast March to September 2019

The Oil Slick Cover-up: BP's Crude Politics and the Looming Environmental Mega-Disaster

Politics / Corporate News May 06, 2010 - 04:25 PM GMT

By: OilPrice_Com

Politics Best Financial Markets Analysis ArticleWe have been informed by sources in the US Army Corps of Engineers, Federal Emergency Management Agency (FEMA), and Florida Department of Environmental Protection that the Obama White House and British Petroleum (BP), which pumped $71,000 into Barack Obama's 2008 presidential campaign -- more than John McCain or Hillary Clinton, are covering up the magnitude of the volcanic-level oil disaster in the Gulf of Mexico and working together to limit BP's liability for damage caused by what can be called a "mega-disaster."


Obama and his senior White House staff, as well as Interior Secretary Ken Salazar, are working with BP's chief executive officer Tony Hayward on legislation that would raise the cap on liability for damage claims from those affected by the oil disaster from $75 million to $10 billion. However, WMR's federal and Gulf state sources are reporting the disaster has the real potential cost of at least $1 trillion. Critics of the deal being worked out between Obama and Hayward point out that $10 billion is a mere drop in the bucket for a trillion dollar disaster but also note that BP, if its assets were nationalized, could fetch almost a trillion dollars for compensation purposes. There is talk in some government circles, including FEMA, of the need to nationalize BP in order to compensate those who will ultimately be affected by the worst oil disaster in the history of the world.

Plans by BP to sink a 4-story containment dome over the oil gushing from a gaping chasm one kilometer below the surface of the Gulf, where the oil rig Deepwater Horizon exploded and killed 11 workers on April 20, and reports that one of the leaks has been contained is pure public relations disinformation designed to avoid panic and demands for greater action by the Obama administration, according to FEMA and Corps of Engineers sources. Sources within these agencies say the White House has been resisting releasing any "damaging information" about the oil disaster. They add that if the ocean oil geyser is not stopped within 90 days, there will be irreversible damage to the marine eco-systems of the Gulf of Mexico, north Atlantic Ocean, and beyond. At best, some Corps of Engineers experts say it could take two years to cement the chasm on the floor of the Gulf.

Only after the magnitude of the disaster became evident did Obama order Homeland Security Secretary Janet Napolitano to declare the oil disaster a "national security issue." Although the Coast Guard and FEMA are part of her department, Napolitano's actual reasoning for invoking national security was to block media coverage of the immensity of the disaster that is unfolding for the Gulf of Mexico and Atlantic Ocean and their coastlines.

From the Corps of Engineers, FEMA, the Environmental Protection Agency, Coast Guard, and Gulf state environmental protection agencies, the message is the same: "we've never dealt with anything like this before."

The Obama administration also conspired with BP to fudge the extent of the oil leak, according to our federal and state sources. After the oil rig exploded and sank, the government stated that 42,000 gallons per day was gushing from the seabed chasm. Five days later, the federal government upped the leakage to 210,000 gallons a day.

However, WMR has been informed that submersibles that are monitoring the escaping oil from the Gulf seabed are viewing television pictures of what is a "volcanic-like" eruption of oil. Moreover, when the Army Corps of Engineers first attempted to obtain NASA imagery of the Gulf oil slick -- which is larger than that being reported by the media -- it was turned down. However, National Geographic managed to obtain the satellite imagery shots of the extent of the disaster and posted them on their web site.

There is other satellite imagery being withheld by the Obama administration that shows what lies under the gaping chasm spewing oil at an ever-alarming rate is a cavern estimated to be around the size of Mount Everest. This information has been given an almost national security-level classification to keep it from the public, according to our sources.

The Corps and Engineers and FEMA are quietly critical of the lack of support for quick action after the oil disaster by the Obama White House and the US Coast Guard. Only recently, has the Coast Guard understood the magnitude of the disaster, dispatching nearly 70 vessels to the affected area. WMR has also learned that inspections of off-shore rigs' shut-off valves by the Minerals Management Service during the Bush administration were merely rubber-stamp operations, resulting from criminal collusion between Halliburton and the Interior Department's service, and that the potential for similar disasters exists with the other 30,000 off-shore rigs that use the same shut-off valves.

The impact of the disaster became known to the Corps of Engineers and FEMA even before the White House began to take the magnitude of the impending catastrophe seriously. The first casualty of the disaster is the seafood industy, with not just fishermen, oystermen, crabbers, and shrimpers losing their jobs, but all those involved in the restaurant industry, from truckers to waitresses, facing lay-offs.

The invasion of crude oil into estuaries like the oyster-rich Apalachicola Bay in Florida spell disaster for the seafood industry. However, the biggest threat is to Florida's Everglades, which federal and state experts fear will be turned into a "dead zone" if the oil continues to gush forth from the Gulf chasm. There are also expectations that the oil slick will be caught up in the Gulf stream off the eastern seaboard of the United States, fouling beaches and estuaries like the Chesapeake Bay, and ultimately target the rich fishing grounds of the Grand Banks off Newfoundland.

WMR has also learned that 36 urban areas on the Gulf of Mexico are expecting to be confronted with a major disaster from the oil volcano in the next few days. Although protective water surface boons are being laid to protect such sensitive areas as Alabama's Dauphin Island, the mouth of the Mississippi River, and Florida's Apalachicola Bay, Florida, there is only 16 miles of boons available for the protection of 2,276 miles of tidal shoreline in the state of Florida.

Emergency preparations in dealing with the expanding oil menace are now being made for cities and towns from Corpus Christi, Texas, to Houston, New Orleans, Gulfport, Mobile, Pensacola, Tampa-St.Petersburg-Clearwater, Sarasota-Bradenton, Naples, and Key West. Some 36 FEMA-funded contracts between cities, towns, and counties and emergency workers are due to be invoked within days, if not hours, according to WMR's FEMA sources.

There are plans to evacuate people with respiratory problems, especially those among the retired senior population along the west coast of Florida, before officials begin burning surface oil as it begins to near the coastline.

There is another major threat looming for inland towns and cities. With hurricane season in effect, there is a potential for ocean oil to be picked up by hurricane-driven rains and dropped into fresh water lakes and rivers, far from the ocean, thus adding to the pollution of water supplies and eco-systems.

Source: http://oilprice.com/..

The Wayne Madsen Report for OilPrice.com who focus on Fossil Fuels, Alternative Energy, Metals, Crude Oil Prices and Geopolitics To find out more visit their website at: http://www.oilprice.com

© 2010 Copyright OilPrice.com- All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules