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Energy

BP Relief Wells Make Quick Progress

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By Douglas A. McIntyre Published
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With government estimates for daily oil leakage upped to as much as 40,000 barrels a day and BP plc (NYSE: BP) claims only capturing about 15,000 barrels, the rush to drill relief wells has become more important.

According to the NOAA,

Work on the first relief well continues and has currently reached a depth of 13,978 feet. The second relief well is at 8,576 feet. The target depth for the wells is around 18,000 ft which should be reached in August. The relief wells should stop any remaining oil and gas flow from the well into the Gulf of Mexico.

But, the slick is spreading rapidly and threatens a longer part of the coast of Florida.In the nearshore zone, onshore (SE/SSE) winds are forecast to continue through Friday at 10 knots or less. Persistent southwesterly winds last week resulted in northward movement of the oil towards the Mississippi/Alabama barrier islands and westward movement along the Florida Panhandle

BP’s chairman meets with Obama on the 16th and UK PM Cameron plans to talk with the US president to tell him to call off the bad PR dogs that have turned American public opinion against the huge oil. Good luck

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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