Sunday morning, May 2nd, 2010. The Gulf of Mexico oil spill is spewing out 25,000 barrels a day into the Gulf waters. Initially, the government estimated 5,000-barrel/day leak on Wednesday April 28th. According to industry experts, this new estimate would be 5 times what the government thought. Once experts examined the extent of the leak more thoroughly, the estimates went up quickly. Experts now say it could take another 3 months to get the leak under control. At this rate, the BP Gulf spill will completely exceed the 1969 Santa Barbara, Calif., and 1989 Exxon Valdez spills. The question to be asked is, why did this occur? Louisiana and Alabama now have each declared a state of emergency. Mississippi and Florida are probably close behind.
Why did the oil spill take place? What we now know is this oil rig did not have a remote-control shut-off switch known as an acoustic switch, used as a last-resort protection against underwater leaks. Acoustic switches are now required by other major oil producing countries, but U.S. regulators don't mandate their use on offshore rigs. Norway has had acoustic switches on nearly all of its offshore rigs since 1993.
The U.S. Interior Department Minerals Management Service did consider mandating acoustic switches several years ago under the Bush administration. But with lobbyists controlling the country's Congress and White House, they lied and said that would not be
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Offshore oil rigs supposedly have a main switch for cutting off oil by closing the valve located on the ocean floor. Rigs also supposedly have automatic systems, called a "dead man" switch, as a backup that should close the valve when it senses a catastrophic failure.
How much does an acoustic switch installation cost? The answer is...just $500,000. BP is having to spend over $6 million each day to try and stop the spill that is raging out of control. All because they were cheap. The price of oil at the time the US was considering mandating acoustic swtiches was roughly $50/barrel. Let's say, just for argument sake, that BP gets half the oil price or about $25/barrel. How many barrels of oil would BP have to drill in order to pay for the switch? Roughly 20,000 barrels. If their rig pumps about 5,000 barrels per day, it would require only 5 days to pay for the switch, just 5 days of down time for BP. If BP has to pay $6 million / day to stop the oil from spreading onshore, and if it needs another 3 months for the spill to be completely cleaned up, BP will end up paying the handsome sum of $540 million. Oh and by the way,did BP notice that the rig is gone. The rig's replacement cost is $560 million. It will now require an additional 3 months of down time to clean up the mess. At $125,000 / day in lost revenue from no pumping, that is lots more millions lost. Who can say exactly how long it will require to replace the rig, get is certified, install the acoustic switch, get a new team of people, etc. This whole catastrophe, (not to mention the millions BP will spend in advertising to get customers believing they are environmentally aware again), will eventually cost BP well in excess of $2 billion.
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