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
Stocks, Crypto and Housing Market Waiting for Trump to Shut His Mouth! - 27th Feb 25
PepeCoin (PEPE): Anticipating Crypto Reversals using Elliott Waves - 27th Feb 25
Audit the Fed, Audit Fort Knox, Audit Everything - 27th Feb 25
There Are Some Bullish Indicators in the Silver Market - 27th Feb 25
These Metrics Identify Only 10 AI Related Stocks That Are Undervalued - 27th Feb 25
Stocks, Bitcoin, Gold and Silver Markets Brief - 18th Feb 25
Harnessing Market Insights to Drive Financial Success - 18th Feb 25
Stock Market Bubble 2025 - 11th Feb 25
Fed Interest Rate Cut Probability - 11th Feb 25
Global Liquidity Prepares to Fire Bull Market Booster Rockets - 11th Feb 25
Stock Market Sentiment Speaks: A Long-Term Bear Market Is Simply Impossible Today - 11th Feb 25
A Stock Market Chart That’s Out of This World - 11th Feb 25
These Are The Banks The Fed Believes Will Fail - 11th Feb 25
S&P 500: Dangerous Fragility Near Record High - 11th Feb 25
Stocks, Bitcoin and Crypto Markets Get High on Donald Trump Pump - 10th Feb 25
Bitcoin Break Out, MSTR Rocket to the Moon! AI Tech Stocks Earnings Season - 10th Feb 25
Liquidity and Inflation - 10th Feb 25
Gold Stocks Valuation Anomaly - 10th Feb 25
Stocks, Bitcoin and Crypto's Under President Donald Pump - 8th Feb 25
Transition to a New Global Monetary System - 8th Feb 25
Betting On Outliers: Yuri Milner and the Art of the Power Law - 8th Feb 25

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