Dr. Doom Of the Oil Spill Calls BP's (BP) Relief Wells a "Sham", Says Nuclear Option Needed
Tweet
Share
E-mail
Up)
Matt Simmons of Simmons & Company discussed the nuclear option to stop BP's (NYSE: BP) runaway well in the Gulf on CNBC.
Simmons said due to the pressure form the blowout, the casing around the well is unlikely intact and therefore the relief wells will unlikely work. He calls the relief wells a "sham." Simmons said the only option that will work is a small nuclear bomb that can close off the well. Russians used nukes to stop runaway wells before, but only on land not underwater. Simmons claims testings has been done underwater.
Furthermore, Simmons claims there could be 120,000 barrels of oil spewing into the gulf per day, which is much higher than the 50,000-80,000 estimate. He said the spill could create a Gulf of Mexico that is 40% without oxygen (VIDEO BELOW).
Simmons has been the most outspoken critic of BP and has been called "Dr. Doom of the Gulf oil spill".
Shares of BP have come off the highs following comments from Simmons, although it is unclear if the stock's action is related to his comments.
BP has rallied 22% from its June 28th U.S. low as investor sentiment turns more positive.
Market Moving News and Intelligence - Free Sign-Up
http://www.streetinsider.com/premium_content.php
Simmons said due to the pressure form the blowout, the casing around the well is unlikely intact and therefore the relief wells will unlikely work. He calls the relief wells a "sham." Simmons said the only option that will work is a small nuclear bomb that can close off the well. Russians used nukes to stop runaway wells before, but only on land not underwater. Simmons claims testings has been done underwater.
Furthermore, Simmons claims there could be 120,000 barrels of oil spewing into the gulf per day, which is much higher than the 50,000-80,000 estimate. He said the spill could create a Gulf of Mexico that is 40% without oxygen (VIDEO BELOW).
Simmons has been the most outspoken critic of BP and has been called "Dr. Doom of the Gulf oil spill".
Shares of BP have come off the highs following comments from Simmons, although it is unclear if the stock's action is related to his comments.
BP has rallied 22% from its June 28th U.S. low as investor sentiment turns more positive.
Market Moving News and Intelligence - Free Sign-Up
http://www.streetinsider.com/premium_content.php
You May Also Be Interested In
- BP (BP) PT Raised to $43 at Piper Sandler
- Buy earnings selloff in this chip stock - Citi
- Buy earnings selloff in this chip stock - Citi
Create E-mail Alert Related Categories
Insiders' BlogSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
