Onshore Winds Push Spill Toward Land As Slick Increases, Obama Demands Escrow

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By Douglas A. McIntyre Updated Published
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The NOAA reports that winds are likely to push oil ashore for most of next week, affecting the Gulf Coast from West of New Orleans to the Florida Panhandle.

Onshore (SE/S/SW) winds are forecast to continue into next week at speeds less than 10 knots. Persistent onshore winds have resulted in northward movement of the slick towards the Mississippi/Alabama barrier islands and the Florida Panhandle. Coastal regions in Mississippi Sound west of Freeport may continue to experience shoreline contacts throughout this forecast period. Persistent southeasterly winds are also resulting in the movement of oil towards the Chandeleur Islands, Breton Sound, and the Mississippi Delta.

In the meantime, the BP containment device is collecting about 15,000 barrels a day, but the leak volume may be as high as 40,000 barrels a day.

On June 11, federal officials sent BP’s COO a letter warning that the company was too slow in its efforts to collect crude as it rises from the ocean floor, but the notice had no teeth.  Media reports say that Obama will demand BP establish an escrow account managed by an independent board to cover costs of the clean up when he meets with executives of the oil company on Wednesday.Neither did a letter from the attorney general of Florida, who is fighting a losing battle to become the state’s governor, which demanded that BP put $2.5 billion in escrow to cover the Sunshine State’s clean-up costs and other liabilities. It was nothing more than a ploy to help him in the polls. BP ignored it.

The most likely move by BP to relieve the speed of the lead is relief wells, two of which are being drilled now. If they do not work after their completion in about two months, the oil spill could last indefinitely.

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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