Friday, July 9, 2010
THE STATE OF PLANET EARTH AND HUMANITY ON 9JULY2010
This is Day 81 of the oil spill. Go to Oil Spill Today for coverage, understanding that a law firm puts this out. Apparently, BP is close to replacing the current cap, to more than double oil capture to 60,000 to 80,000 barrels/day, which conclusively proves that the leak is not 1,000 bbl/day, as originally announced by BP. The current best guess is from 30,000 to 60,000 bbl/day. For the size of the well at those bottomhole conditions, the maximum rate would be 100,000 bbl/day. Those two relief wells continue to be drilled, and BP's official position is that the leak should stop when put into operation. How often has BP been right so far? If this blowout did leak 60,000 barrels/day since Day 1, the total amount is just below 5 million barrels. While this is worth almost $400 million dollars, keep in mind that this reservoir has been estimated to be around 50 million barrels. Thus, the $20 billion escrowed fine to which they are obligated would be 5 times more than the maximum amount of oil they can ultimately recover from this reservoir.
How's this for a nightmare? The Gulf of Mexico has 27,000 abandoned oil and gas wells, many seriously deteriorating, and largely ignored by industry and government. Wonder why very little actual legislation surfaces in Congress to check them? The oil industry spends around $150 million/year on lobbyists. They, the Military-Industrial Complex and Farm Lobby pretty much run D.C. I know, I was there. They're good! Well, not good good, but they know how to spin the wheels of government. We do need a total makeover of our form of democracy. The only way this is going to happen is a monumental crisis, as, perhaps suggested in my recent Huffington Post article entitled, The 10% Simple Solution to Peace.
On the sports front, you know that LeBron James is joining Dwyane Wade and Chris Bosh in Miami. They were all on the recent USA Olympic Team. The Heat reportedly has sold out the next season.
My latest trip included Spain and the Netherlands. I loved Barcelona and really liked Amsterdam. However, Spain will win the World Cup because that is what Paul predicted. Paul? He is that octopus in Germany who has perfectly selected World Cup winners. See him do it on You Tube. This will only take a little more than a minute. If you really need to actually watch the game on TV, Sunday, 8:30AM in Hawaii.
The Dow Jones Industrials continued the streak, up 59 to 10,198, while world markets were also all up. Even gold increased, plus $14/toz to $1210, and so too oil to $76/barrel.
Hooray, no storms in the Pacific and Atlantic.