Here's What You Need To Know TODAY About The Deepwater Horizon Oil Spill

oil

Estimates for the Deepwater Oil Spill are getting wilder by the day.

At the very least, it’s an environmental disaster that will ravage the fragile New Orleans marshlands. It’s a PR disaster and financial disaster for all companies involved.

At worst, oil is coming up the east coast, wrecking the market, and coming out of your tax dollar.

So, let’s learn where we are, and how we got there.

2001: Transocean (RIG) builds the state-of-the-art Deepwater rig.

2009: Deepwater drills the deepest well in history at another Gulf oil field

April 20, 2010: During the final stage of a drilling a well -- BEFORE ANY OIL WAS PRODUCED -- a pressure build up caused an explosion

Deepwater used a Cameron (CAM) blowout preventer to cut flow in the event of abnormal pressure. It did not work.

April 20 & 21: 115 workers escape by lifeboat and helicopter... another 17 are presumed dead

April 21: BP estimates oil leakage at 1,000 barrels per day

April 28: Louisiana shrimp farmers file suit against BP

April 29: Government experts increase their estimate to 5,000 barrels per day.

Louisiana Governor Bobby Jindal declares a state of national emergency. Barack Obama confirms.

Stocks in BP, Transocean, and Cameron take a big hit

Oil makes landfall in New Orleans

Read more.

April 30: Experts say the leakage could be much higher... estimates vary from 5,000 to 25,000 barrels per day

Source: WSJ

Latest estimates put BP cleanup costs at $3 billion

Source: Bloomberg

Obama suspends off-shore drilling plans pending a review of the Deepwater accident

Sarah Palin reaffirms her support of off-shore drilling

May 2: NOAA closes commercial and recreational fishing in a large part of the Gulf -- for at least 10 days

BP has been unable to close the leak using robotic vehicles. The next option involves putting a dome over the well head -- which could take weeks -- or introducing a second rig to siphon flow -- which could take months

At 5,000 bbl per day, it will take only 53 days for the spill to exceed Exxon-Valdez. If the leakage rate is higher...

Worst case scenario: oil could enter the gulf stream and spread up the east coast... and around the world

May 3: Before US markets open, BP is already bleeding another $4 billion

Here's why we need deep-ocean drilling...

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