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Monday, September 20, 2010

Phil Flynn: Ding Dong The Well Is Dead, Finally!

The BP Macondo Well has been officially declared dead over the weekend. The Financial Times says that US authorities pronounced BP’s blown out Macondo well in the Gulf of Mexico “effectively dead” on Sunday, 152 days after the explosion on the Deepwater Horizon drilling rig that caused the world’s largest accidental offshore. The announcement ends the 5m barrel leak, which sparked fury among the US public and politicians, but may eventually be seen to have had only a marginal effect on the global oil industry.” Marginal?

BP opponents of drilling will a rallying point. Yet at the same time the industry has learned a lot and will be better prepared to respond to this type of disaster in the future. So there will be some bad and good that will come from this disaster. Oil is rallying a bit on a weak dollar. Of course the main factor for oil and most other markets will be the impact from this week’s FOMC meeting. If I have said it once I think I have said it a thousand times that the Fed is one of the major driver of oil prices as well as other commodities.....Read the entire article.

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