BP had previously insisted that the total rate of the oil leak was 5,000 barrels a day. But after installing a siphon, how to account for the fact that oil is still visibly escaping from a hole in the sea?
From a political standpoint, the Tea Party extremists are a godsend for Democratic politicians, since they offer up candidates like Rand Paul, who are the poster children for regressive, even racist, political ideologies.
The U.S. seems to have already begun its own "lost decade." Unlike Japan, the U.S. is expending its precious resources on fighting two debilitating wars and maintaining a declining empire. If we're lucky we will be "lost" only for a decade.
Transocean Limited, the company that owned the rig that now rests on the bottom of the ocean, has gone to court to invoke the aid of the Shipowner's Liability Act of 1851. That Act, it hopes, limits the liability of a company in Transocean's position.
When you hear dueling public statements like what we've heard from the White House and BP, watch your wallets. You can safely assume BP's lawyers are already at work to ensure that the firm pays not a cent more than $75 million.
Enron, Collateralized Debt Obligations, and BP. From my perspective the common link is that Congress abdicated its responsibilities for oversight to organizations and agencies that were hopelessly riddled with conflicts of interest.
The Gulf oil spill of 2010 is certain to change the oil industry forever -- but by how much? Oil company lobbyists are already busy working hard to mitigate future damage to their businesses by courting elected officials in response to this crisis.