Update 3:47 PM: The White House just confirmed that there is a leak from the well BP had previously capped.
BP’s shares, now down over 6%.
As questions linger about the seep that’s away from the Macondo well, shares of BP are selling off, and are currently down nearly 5%.
Photo: Yahoo Finance
James Howard Kunstler wonders: what if Matthew Simmons is right that the Gulf seafloor is horribly damaged?
Matt Simmons is taking a position so “out there” that even the radical peak oil website TheOilDrum.com won’t comment on his remarks (at least not as of early Monday morning July 19). I don’t know how to evaluate Simmons’s contentions myself, except to say that I don’t believe Simmons is a nut, or that he’s lost his marbles. We also must suppose that someone in his position is able to talk with an awful lot of the best people in the oil industry. Simmons has put his reputation on the line. A lot of bystanders and commentators are treating him as a fool. Simmons himself is painfully aware of his lonely stance and seems, in his public appearances, to be a very regretful messenger.
In the past 20-four hours, BP has reported some possible leaks coming out of the seabed some distance from the well-bore. Nobody has been able to confirm yet exactly what is happening down there. One other thing Simmons said is that BP should be barred from the media airwaves since, he says, they have lied consistently in order to cover up their criminal negligence and culpability. The company itself cannot be saved because the claims against it are much greater than the value of its assets – but the people running the company could be sent to jail, so the incentive to keep lying remains high.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.