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Crucial test on ruptured BP well in limbo
MarketWatch ^ | July 14, 2010, 4:21 p.m. EDT | Steve Gelsi, MarketWatch

Posted on 07/14/2010 1:45:39 PM PDT by Ernest_at_the_Beach

NEW YORK (MarketWatch) -- Investors pressured shares of BP PLC on Wednesday, with the company stuck in a holding pattern on a crucial test of a new containment system over its leaking oil well in the Gulf of Mexico.

An unnamed Obama administration official told the Associated Press that the government was acting with an "abundance of caution" on the test.

Officials had expressed some optimism that a tighter well cap installed over the weekend could have stopped the flow of oil from the well by now, but plans to deploy it remain in limbo, with more updates expected in the coming hours.

On Wall Street, investors fretted, sending BP shares down nearly 2% to close at $36.18.

The next update on the well from the government was expected at 4 p.m. Central time, with National Incident Commander Thad Allen scheduled to speak.

Is BP near a turning point?

With BP's testing and installation of a tighter-fitting cap aimed at halting the flow of oil, the U.S. predicted the spill would be contained this month.

Kent Wells, senior vice president of BP

said that experts are looking at technical analysis and procedures surrounding the pressure test, which will determine if the cap and tubing in the well will hold up to the enormous pressure from the flow of spewing oil.

Other leak-related activities also have been suspended, as BP ponders whether to deploy its new cap along with an attached valve system that can shut off the gusher.

BP said it delayed drilling of its first relief well as a precaution, since it's close enough to possibly weaken the core of the Macondo well. "We'll commence drilling and setting [of the relief well] when [the] test is over," ....

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; Government; News/Current Events; US: Louisiana
KEYWORDS: bp; deephorz; deepwaterhorizon; energy; offshore; oil; oilspill
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1 posted on 07/14/2010 1:45:46 PM PDT by Ernest_at_the_Beach
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To: Ernest_at_the_Beach

Can’t we just let Zer0 push the button?


2 posted on 07/14/2010 1:48:03 PM PDT by Paladin2
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To: Paladin2

Let Abdel Baset al-Megrahi do it


3 posted on 07/14/2010 1:49:21 PM PDT by al baby (Hi Mom sarc ;))
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To: Ernest_at_the_Beach

Allen briefs in about ten minutes. C-Span.org has it on their front page.


4 posted on 07/14/2010 1:54:48 PM PDT by ArmstedFragg (hoaxy dopey changey)
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To: Ernest_at_the_Beach

WTH? Too many cooks?
Leadership by committee?


5 posted on 07/14/2010 1:59:26 PM PDT by griswold3 ('Regulation and law without enforcement is no law at all)
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To: Ernest_at_the_Beach

Waiting for it to be politically advantageous. Cap and TAX may need a little push. Maybe a hero coronation just before the election coordinated to happen the day after he seizes BP. It makes you wonder if the original plan might have been sabotage. After all, didn’t Big Sis sent a swat team to the scene first. Maybe things didn’t go as planned and they are scrambling to make the best of it.


6 posted on 07/14/2010 2:02:16 PM PDT by Steamburg (The contents of your wallet is the only language Politicians understand.)
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To: Ernest_at_the_Beach

Who brought the cookies and milk?


7 posted on 07/14/2010 2:04:27 PM PDT by bray (Conservative Women Win Elections)
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To: ArmstedFragg

Thanks.


8 posted on 07/14/2010 2:04:43 PM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

Sure, just let it continue to spew!

Who cares, what’s another few hundred million gallons of oil?

Let’s not let a crisis go to waste.

So if the well blows up, that’s not worse than what is already going on?

Total BS!


9 posted on 07/14/2010 2:09:56 PM PDT by Noob1999
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To: ArmstedFragg; Marine_Uncle; thackney; Smokin' Joe
CNN has it live:

http://www.cnn.com/video/flashLive/live.html?stream=stream3&hpt=T2

I think Allen is now saying that the Test will commence after some paper work.

10 posted on 07/14/2010 2:12:58 PM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

Govt. crats gave the OK, tests are on.


11 posted on 07/14/2010 2:20:17 PM PDT by traderrob6
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To: Ernest_at_the_Beach

I can’t view the CNN video due to not being able to properly install Flash Player 10 on my system. I will be checking out a bit later, videos produced via. CSPAN.


12 posted on 07/14/2010 2:20:51 PM PDT by Marine_Uncle (Honor must be earned....)
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To: Ernest_at_the_Beach

HAVE YOU PLUGGED THE HOLE YET, SON?????

13 posted on 07/14/2010 2:25:53 PM PDT by JennysCool (My hypocrisy goes only so far)
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To: Marine_Uncle

allen just said that the close in Relief well was NOT Stopped...they are just being very deliberate .


14 posted on 07/14/2010 2:27:06 PM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: JennysCool

ROFL!


15 posted on 07/14/2010 2:27:43 PM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

My pop up blocker would not let me see the video. So have they finished cementing the last Relief Well casing run ?


16 posted on 07/14/2010 2:30:46 PM PDT by justa-hairyape
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To: Ernest_at_the_Beach

I don’t know what to think about this damned government, this administration or BP.

I’m actually beginning to wonder if there really IS something dreadful going on down there - above and beyond the spill.


17 posted on 07/14/2010 2:31:26 PM PDT by SE Mom (Proud mom of an Iraq war combat vet)
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To: Ernest_at_the_Beach

BP has essentially been put on hold. No relief well drilling. No cap to stop the flow of oil like they were doing last week. No test to run.

Maybe the test was the wrong thing to do, but if so, the government should just say NO and let BP move on to the cap. As it is, Obama is voting Present again, and just making the gulf more polluted while he plays around on vacation instead of making a decision.

I can’t imagine Bush letting this type of decision sit around for 2 days while he played golf. He might have made the wrong decision, but he would have made a decision.

If Russia launches an all-out nuclear attack, Obama will figure out how to respond about two days after we’ve been incinerated.


18 posted on 07/14/2010 2:35:48 PM PDT by CharlesWayneCT
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To: SE Mom

Read this! Something may be going on down there that NO ONE wants to happen!

http://www.helium.com/items/1864136-how-the-ultimate-bp-gulf-disaster-could-kill-millions

Don’t know how to do hot links, so you will have to copy and paste into your browser. sorry


19 posted on 07/14/2010 2:36:24 PM PDT by Circle_Hook (Hey Shabazz, I need some target practice. Come by my house!)
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To: Ernest_at_the_Beach

Yep, you have to have that paperwork in place.


20 posted on 07/14/2010 2:36:59 PM PDT by CharlesWayneCT
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