What have you always wondered about the economy? Tell Us

BP containing about half the Gulf oil leak

Marketplace Staff Jun 7, 2010
HTML EMBED:
COPY

BP containing about half the Gulf oil leak

Marketplace Staff Jun 7, 2010
HTML EMBED:
COPY

BP’s latest cap containing the Gulf oil leak is managing to siphone over 10,000 barrels a day to a surface tanker. While this marks some success, the company is still only containing about half the oil leaking out.

The latest cap method began over the weekend and is the latest in the oil giant’s string of failed attempts at plugging the leak. The company has also made its underwater camera taping the event public by live feed. BP hopes this cap, once sealed, will eventually capture as much as 90 percent of the oil.

BP says clean-up and containment has cost the company $1.25 billion, but investors are focused on the god news as BP shares rose today in Europe.

BP’s back-up plans

If this attempt fails, BP says its previously failed techniques might still come in handy. The company wants to try a revamped version of its “top kill” procedure, which previously failed to inject mud into the leaking pipe and stop it up. BP says within a couple weeks, it hopes it can actually use that failed hardware, which is still attached, to try to suck oil out instead. There are also more giant steel “top-hat” domes standing by. But the oil firm is warning the public that oil will probably still be leaking until August.

Marketplace is on a mission.

We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.

Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?

Your donation is critical to the future of public service journalism. Support our work today – for as little as $5 – and help us keep making people smarter.