Matthew Simmons: The Relief Well Will Fail, And An Undersea Oil Lake May Be Covering 40% Of The Gulf

The Business Insider ^ | 6-15-2010 | Joe Weisenthal

[blam]

Matthew Simmons: The Relief Well Will Fail, And An Undersea Oil Lake May Be Covering 40% Of The Gulf

Joe Weisenthal
Jun. 15, 2010, 2:21 PM

Image: AP

Matthew Simmons is on Bloomberg, living up to his moniker as the "Dr. Doom" of the oil spill.

He confidently predicts that the relief well will fail (due to structural problems with the pipe) and that unless we're content with having 100K+ barrels spill each day, then we have no choice to nuke the well.

Beyond that, he suspects that a giant undersea oil lake may already be covering 40% of the Gulf.(500 feet thick and on the bottom of the gulf)

Update: And he just said he's embarrassed by his old firm, Simmons & Co, for upgrading shares of BP, which he think will go to 0.

Click here to see these amazing pictures of the rig explosion >

[snip]

[blam]

I'm thinking maybe I ought to seek out some breathing assistance equipment, in case a hurricane stirs up all that oil. Boy O Boy.

[NVDave]

He really has a stiffy for using a nuke, doesn’t he?

This is one of those times that I’m happy we no longer have a draft. A guy like this drafted into the USAF could turn into a regular General Ripper.

[paul51]

Beyond that, he suspects that a giant undersea oil lake may already be covering 40% of the Gulf.(500 feet thick and on the bottom of the gulf)

wouldn't that make it easier to recover than drilling into the seabed several thousand ft?

[colorado tanker]

If there’s a “lake” on the bottom, couldn’t it be pumped up topside?

[donna]

America, it’s time to get right with God!

[himno hero]

so.... lets just pump the lake dry!

[edcoil]

PMA

[Drill Thrawl]

Moron.

[Constitution Day]

That’s true. But didn’t God put the lake of oil there?

[Jim Robinson]

How about just drilling a hole a couple hundred feet down parallel to the well, pack some explosives into it and blam! Closed well.

[Constitution Day]

Sounds reasonable to me.

[Marty62]

My thoughts too.

What are the Hurricaines going to do with the oil?

[blam]

"If there’s a “lake” on the bottom, couldn’t it be pumped up topside?"

He says we should be using every tanker available to do just that... pump it into the tanker ship.

[cripplecreek]

Personally I think we need to drain it off as fast as possible and dispose of it on the open market.

[Freddd]

No, he put it under the lake.

[roses of sharon]

# Update: BP says fire on drill ship quickly extinguished; containment operation expected to resume later today http://bit.ly/cXCpXy 15 minutes ago via breakingnews.com

# BP says lightning strike and fire on ship halts containment of oil leaking from Gulf - AP 28 minutes ago via breakingnews.com

[GonzoGOP]

America, it’s time to get right with God!

The ship pumping up the spilled oil just got hit by lightning. I think God has already weighed in on this and he isn't happy.

[Blueflag]

I am thinking we ought to get DEBKA’s opinion on this. IT might be better than this guy’s ...

[PGR88]

Is Simmons now on Al Gore’s payroll?

[Pessimist]

Actually, I read a post on an oil site somewhere earlier today (the poster “sounded” knowledgeable, FWIW) and he basically said the same thing.

The entire deposit is going to come out.

The problem is that the well is eroding and diminishing it’s support for the BOP. He went through the entire known list of things they’ve done so far and they seemed to support his prognosis.

He believes that BP knows this too, they’re just not saying yet in case they get lucky somehow.

I believe the deposit is something like 2 Billion barrels. :(