ENVIRONMENT - With the cost of crude oil at $74 per barrel entrepreneurs in the Gulf of Mexico have clued in to an opportunity. Collect the oil and sell it.
1 oil barrel is 159 litres and since the BP Oil Spill started over 800,000 litres were spilling into the Gulf of Mexico every day. Most of it has stayed in a giant oil slick that is now roughly the size of the state of Vermont.
That initial estimate of 800,000 litres per day is now being touted as wrong. BP announced today its been semi-successful in managing to halt some of the flow from the burst oil well, claiming it is now collecting 15,000 barrels of oil a day and hopes to boost that to 28,000 barrels a day in the next several days.
The admission that the spill was bigger than they originally claimed has the US government now looking to correct its estimates on the size of the spill. The new estimate is 100,000 barrels per day (16 million litres).
The burst well has been gushing oil since April 20th, a total of 50 days thus far... 5 million barrels worth approx. $370 million on the open market. BP cannot possibly hope to recoup their financial losses through the collection of this oil.
But that is not stopping cash starved people in Louisiana from recognizing an opportunity to make money and clean up the environment in the process.
In related news BP has purchased a number of Google ads in an effort to save its reputation and appear more transparent to the general public.
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