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BP Oil Spill August update

By admin On August 6, 2010 Under Reports

Recent events have lead BP to attempt a new cap on the well. It seems this cap is holding the oil back. BP has pumped mud, an industry term for a heavy brownish liquid that, well, that looks like mud. It’s heaver than oil and wtih pressure behind it pushing, it aides in holding back the oil. Once this occurs, today BP is ready to begin pouring concrete into the well to provide for a more secure stopage of the leak.

While the relief well is only hundres of feet away from meeting its goal/ Within a week or two we should know more about that relief well tapping into the pipe of the original well that spewed more that 250 million gallons of oil into the Gulf of Mexico since the explosion April 20, 2010.

BP stock price has climbed from around $36 to over $40 the past few weeks and is expected to continue rising, my estimate will be in mid to upper $50’s.

Larry

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