Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Micro Strategy Bubble Mania - 10th May 24
Biden's Bureau of Labor Statistics is Cooking Jobs Reports - 10th May 24
Bitcoin Price Swings Analysis - 9th May 24
Could Chinese Gold Be the Straw That Breaks the Dollar's Back? - 9th May 24
The Federal Reserve Is Broke! - 9th May 24
The Elliott Wave Crash Course - 9th May 24
Psychologically Prepared for Bitcoin Bull Market Bubble MANIA Rug Pull Corrections 2024 - 8th May 24
Why You Should Pay Attention to This Time-Tested Stock Market Indicator Now - 8th May 24
Copper: The India Factor - 8th May 24
Gold 2008 and 2022 All Over Again? Stocks, USDX - 8th May 24
Holocaust Survivor States Israel is Like Nazi Germany, The Fourth Reich - 8th May 24
Fourth Reich Invades Rafah Concentration Camp To Kill Palestinian Children - 8th May 24
THE GLOBAL WARMING CLIMATE CHANGE MEGA-TREND IS THE INFLATION MEGA-TREND! - 3rd May 24
Banxe Reviews: Revolutionising Financial Transactions with Innovative Solutions - 3rd May 24
MRNA - The beginning of the end of cancer? - 3rd May 24
The Future of Gaming: What's Coming Next? - 3rd May 24
What is A Split Capital Investment Trust? - 3rd May 24
AI Tech Stocks Earnings Season Stock Market Correction Opportunities - 29th Apr 24
The Federal Reserve's $34.5 Trillion Problem - 29th Apr 24
Inflation Still Runs Hot, Gold and Silver Prices Stabilize - 29th Apr 24
GOLD, OIL and WHEAT STOCKS - 29th Apr 24
Is Bitcoin Still an Asymmetric Opportunity? - 29th Apr 24
AI Tech Stocks Earnings Season Opportunities - 28th Apr 24
S&P Stock Market Detailed Trend Forecast Into End 2024 - 25th Apr 24
US Presidential Election Year Equity Performance in the Presence of an Inverted Yield Curve- 25th Apr 24
Stock Market "Bullish Buzz" Reaches Highest Level in 53 Years - 25th Apr 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

BP Gulf Oil Spill Day 76: A Whale Awaits EPA and Jones Waiver

Politics / Environmental Issues Jul 06, 2010 - 02:45 AM GMT

By: Dian_L_Chu

Politics

The world’s largest oil skimmer vessel arrived in the Gulf and has docked in Louisiana since June 30 awaiting U.S. official review and approval.

The Taiwanese-flagged vessel was originally commissioned as a conventional oil tanker earlier this year in South Korea. But the ship’s owner, Taiwan shipping giant –TMT (“Today Makes Tomorrow”) Shipping Offshore—modified it into an oil skimmer immediately after the BP Deepwater Horizon rig explosion.


A Whale's Big Gamble

TMT is making a pretty big gamble as the giant A Whalle has not gotten a contract from BP or the U.S. government.

According to the Associated Press (video below), the massive vessel—called "A Whale"-- is 3 1/2 football fields long and 10-story high. It's outfitted with 12 vents on either side of its bow.

Once deployed, the ship could vacuum about 21 million gallons of oil fouled water per day. The oil would then be moved to another tanker for disposal, and the water would be pumped back into the Gulf.

Awaiting EPA & Jones Waiver

That technology; however, has never been used or even tested, and requires the sign-off from the U.S. Environmental Protection Agency (EPA).

Furthermore, the vessel could have another hurdle. It may need a waiver of the Jones Act from the Administration, as reported by a news clip from ABC 13 News.  The Jones Act of the United States prohibits foreign-flagged vessel and non-U.S. crew working in the U.S. Gulf.  Many said the Jones Act has hindered oil cleanup assistance offered by the foreign governments and entities. 

As of this writing, the behemoth A Whale is not yet ready to attack the Gulf of Mexico oil spill after a weekend of testing proved inconclusive, mostly due to the rough sea state caused by Hurricane Alex, according to Nola, quoting a statement from TMT on Monday, July 5, 2010.

Testing is said to resume as soon as the water is calmer. But the National Weather Service indicated that the current spate of bad weather is likely to last for the next few days

Locals Remain Frustrated

Meanwhile, many local officials were anxious to get most of the smaller oil skimmers, halted last week by Alex, back on track and were frustrated that the “A Whale” can’t start working on the cleanup immediately.

And understandably, Louisiana Gov. Bobby Jindal said it was exasperating to have “A Whale” anchored offshore instead of being put to immediate use.

BP Relief Wells On Track

So, it seems A Whale may need a while to finally skim at the U.S. Gulf.  But fortunately, weather has not affected the two relief wells by BP meant to finally plug the oil gusher. BP said early to mid-August is still the timeframe for the completion of the drilling.

Dian L. Chu, M.B.A., C.P.M. and Chartered Economist, is a market analyst and financial writer regularly contributing to Seeking Alpha, Zero Hedge, and other major investment websites. Ms. Chu has been syndicated to Reuters, USA Today, NPR, and BusinessWeek. She blogs at Economic Forecasts & Opinions.

© 2010 Copyright Dian L. Chu - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in