Bob Cavnar interview describes the next attempt to control the flow of oil using a cap installed using underwater robots. Relief well, which won’t be ready until August, should stop the leak.
BP (NYSE:BP) shares are trading 12.57% lower at .55 following the companies failed attempt at pouring thousands of barrels of mud to plug its oil spill in the Gulf of Mexico. The decline wiped billion off of the company’s market capitalization, and the stock has lost about a third of its value since the Deepwater Horizon explosion that happened on April 20. BP said it is working on deploying a “lower marine riser package containment system.” However, this technique, like the other attempts the company has made, has never been attempted at 5000 feet under water. Drilling relief wells, which is one solution that is likely to work, will not be completed until August. CEO Tony Hayward said, “This planned multi-step containment strategy is our best option for achieving this as we work hard towards completing the relief wells that will kill this well completely.”
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