BP Permanently Seals Gulf Oil Well

Posted by Soulskill on Monday September 20, 2010 @07:30AM from the for-sufficiently-termporary-values-of-permanent dept.

rexjoec writes "BP has finally plugged the Macondo well. This announcement came yesterday after $9.5 billion (through September 17) in expenditures and five months of continuous effort." From the LA Times: "Of the estimated 4.9 million barrels of oil that gushed from the well, 25% was burned, skimmed or piped to tanker ships. A second 25% has evaporated or dissolved, according to government estimates. Another 25%, classified by the government as 'residual oil,' consisted of light sheens on the water, thick goo on the shore and tar balls. The tar balls, though not harmful to humans, are likely to wash up on shore for some time."

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Re:You know what I find hilarious? by Americano · 2010-09-20 08:20 · Score: 0, Redundant

The potential for conflict in (or involving) a major oil producer, sure. That's because they are already producing, and actively pumping that oil into refineries and industry.
The Macondo well was not yet producing, they were wrapping up the exploration phase when the blowout occurred, so the only effect it would have had on the commodity markets would be a rise in prices of oil futures, not current production prices. If the well had blown up while in production, this might have moved the prices more.