A Charging Elephant
written by Jim Campbell
Friday June 18, 2010
The time line and issues not adding up on the BP pipeline disaster.
Many troubling details are beginning to come out about the explosion and sinking of the oil platform Deepwater Horizon, which oil giant BP was leasing from Transocean, the world’s largest offshore drilling contractor. The platform exploded on April 20 and sank two days later, leaving 11 workers dead, and produced the largest oil spills in history in U.S. water.
Obama is the criminal in this. Oil Pollution Act of 1990 gives POTUS complete responsibility for immediate action in cleaning up an oil spill, The Ocean Protection act OPA, among other things, amended Section 311 of the federal Clean Water Act spells it out perfectly.
How would he act in a moment of nuclear terror?
Here is the hidden story behind Obama’s bungling of the disaster.
Iraq’s government has held several bidding rounds for the right to develop Iraq’s prolific reserves of oil. The first round was held in June 2009, and only one contract was awarded initially. BP, Inc. (NYSE:BP) and the China National Petroleum Corp. were awarded the development rights to the Ramallah oil field.
The two companies and their Iraqi partners will invest $15 billion over the next 20 years in an attempt to boost production from 1 million to 2.85 million barrels per day.
BP’s financial status at the end of 2009 was $8.3 billion in cash, $5 billion in securities, and $29 billion in accounts receivable. Is it possible this administration will deem B.P. “too big to fail” nationalizing the company, thereby controlling the billions of dollars from the Ramallah oil fields?
Obama’s failure to act has resulted in a chain of events that will likely bankrupt the company. What will he then do with the money? Help those in need or siphon it off to numerous Democratic causes. Remember; ‘never let a crisis go to waste!’
Certainly nobody watching Obama’s Oval office charade believed that the $20 billion trust fund will be held by an independent third party. Factually it will be administered by the, “Independent Claims Facility” would be managed by Kenneth Feinberg, who ran the fund for the Sept. 11 terror attack victims. More recently, he acted as pay czar to investigate compensation of executives at banks that received money under the government’s Troubled Asset Relief Program.
The Obama administration claims it has been on top of the Gulf oil spill disaster since “day one.” Here’s a look at what the president and administration have been doing every day since the Deepwater Horizon rig exploded April 20
- First person interviewed said he reported to the Coast Guard an initial explosion three hours before the rig went up in flames in a second, larger explosion.
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