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On Monday BP(BP) engineers will start a procedure know as "static kill" to permanently plug the leaking Maconda oil well in the Gulf of Mexico. This is a two-pronged procedure. Within five to seven days, mud and cement will be pumped directly into the well and via a relief well that has been dug deep in the seabed. Retired U.S. Coast Guard Admiral Thad Allen will oversee the procedure. He indicated that he would know within hours if the first phase has been successful.BP has suffered a devastating blow to its image from the spill, which has lasted 104 days and, so far, cost billions of dollars. The market value of BP's stock has fallen by 40%. The damage is great enough for BP to consider changing its station name to Amoco. BP bought Amoco several years ago. The government response to the Gulf disaster has eroded President Obama's approval ratings.
BP has been using huge amounts of chemical dispersant to break up the oil both under and on the surface of the water. It has been criticized for using too much of the chemicals. U.S. Representative Ed Markey has written a letter accusing BP of using excessive dispersant chemicals. The Environmental Protection Agency (EPA) says that BP has cut usage of dispersants by 75%.
Let's hope that this will be the beginning of the end of the BP Gulf oil spill. What is next is the cleanup phase. How long this will take is unknown. The cost is also unknown. BP has set aside a slush fund of $20 billion for cleanup. Whether it will exceed this amount remains to be seen.
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