BP originally planned to cap the oil leak in the Gulf of Mexico in mid-August, but they now plan to do so by the end of July.

• BP claims that the clean-up efforts are ahead of schedule.
• July 27 – the target cap date – is also the day 2nd quarter earnings are reported.
• BP states that they have several back up plans in case primary capping efforts fail.
• BP was encouraged by the Environmental Protection Agency to create a new device – an “autonomous subsea dispersant system”– to monitor and measure chemicals used underwater to break up the oil.

Facts and Figures

• BP has lost almost half of its market capitalization since the spill in April.
• BP is currently drilling 2 relief wells.
• Hurricane season – which directly affects the Gulf – is imminent and worrisome.

Best Quote

“Force yourself to think each one will fail. We’re in new territory full of perils, and nothing is a slam dunk.” – Steve Chu, United States Secretary of Energy

Tags: BP, gulf of mexico, oil cap, oil spill