BP - BP PLC (NYSE) - Page 119

They are saying that they might not to drill anymore to stop this - the kill attempt might be all they need - very cool for us that got in when it was low

http://www.cnbc.com/id/38529210

sooooo glad I went to RIG today. That was the best move I've done! Straight up all day without the BP bounce!

BP longs will want to consider the impact of the revised (upward) spill amount estimates, and the resulting fine amounts that could ensue:

http://online.wsj.com/article/SB1000....html?mod=e2tw

Excerpt:

The scientists also calculated that 800,000 barrels of the 4.9 million barrels were dispensed with by siphoning and flaring by BP.

Under the Clean Water Act, BP might have to pay a fine of at least $1,100 per barrel of oil spilled. If the government determines that the spill was the result of gross negligence, the fine could spike to $4,300 per barrel of oil spilled.

Based on the new spill estimate, BP would face a fine of more than $4 billion on the low end.

It's already baked in the share price and BP has the cash to cover everything.

$39.96 HOD, once the well is permanently sealed this will go over $40 and stay there IMO.

BP Begins Kill Test on Gulf of Mexico Well
Published: Tuesday, 3 Aug 2010 | 2:48 PM ET Text Size
By: Reuters with AP

BP said it began a critical test at its blown-out Gulf of Mexico oil well on Tuesday afternoon in advance of a "static kill" intended to help permanently eradicate the leak.

The test will will gauge ability to pump heavy drilling mud and cement into the ruptured well. Based on its results, the static kill could start later on Tuesday, the company said in a statement.

Wednesday said its Macondo well in the Gulf of Mexico appears to have reached a "static condition" after the oil major stopped pumping heavy drilling fluid into it.

"The well pressure is now being controlled by the hydrostatic pressure of the drilling mud, which is the desired outcome of the static kill procedure carried out yesterday (Tuesday)," BP said in a statement.

$40.32 and rising baby! $$$$

BP up 55 cents. My Sept Calls for 50 bucks are looking gooooooood

boo hoo.... I spoke too soooooon

No worries, just a healthy mini-correction. It'll come back.

Could be one of the last chances for the late-comers to get in below $40 IMO.

That was a ballsy move - I would of gone to Oct calls - more of the hurricane season covered, good luck to you though, I hope it is 60 by Sept LOL

I use LEAPS - bought a bunch at 45 call due Jan 2012

fix the well and the stock dumps. makes perfect sense.

I guess next time there are profit earnings doubling the expected on a company, I should bail out.

What? Where's the dump? Volume is low but I don't see any dumping action.

CNN has a story that BP is offering it's distributors a 2 cent break per gallon on gas, good move

they've been doing that for a while in FL....hasn't really stopped the picketing

this is too funny

BP partners won't pay cleanup costs
http://articles.moneycentral.msn.com..._blg=1,1789473

Come on BP lets see a good day tomorrow.

I am so short all over 40. My earlier predictions of BP b/k at 12.00 this month may see a little revising- only to postpone the timeline a little; hurricanes are active through December in warm seasons, this is an extremely warm season. But no revisions yet! It's early in the busiest month of our hurricane season!

I am still of the belief that one powerful storm will be a 'crude awakening' for investors trying to summarize cleanup costs. To be honest, I'll be quick to cover if the pps rises, (wouldn't be surprised as BP and the White House want the sheeple to think this is over) and quick to short even higher still.

There's no more oil; it all evaporated (most was light) Pour gasoline in a churning hot gulf then try to find it after wards