08/04/10 Baltimore, Maryland – Despite headlines screaming “the worst oil spill in history,” it turns out the BP blowout disaster wasn’t really as big a deal as you’d have thought.
Oh, well…sorry.
According to the feds, 74% of all the oil leaked into the Gulf has already been removed. “Much of the rest,” The New York Times summarizes a government report released today, “is so diluted that it does not seem to pose much additional risk of harm.”
Nearly half – 41% – of the oil simply “evaporated, dissolved or dispersed” – taken care of by Mother Nature herself. That’s a larger share of spill containment than all of BP’s burning, skimming, recovery, dispersing and plugging efforts…combined.
The report estimates about a million barrels of crude oil remains floating in the Gulf.
“Of course, it’s not good to blow out your oil wells,” Byron King explains. “But we can be thankful that nature has oil-eating bacteria out there. Add oil to the seawater, with heat from the sun, and sunlight, and stir it up with wind and wave and you see that the oil is going away faster than many people expected.
“In a normal environment, oil-eating bacteria are in equilibrium with their surroundings. If there’s not much oil in the water, the bacteria are few and far between. But if you add oil to the mix, the bacteria bloom.
“As the bloom progresses, more bacteria eat more and more of the oil. They eat the oil until it’s mostly gone. When the ‘oil food’ is gone, the bacteria die off. The result is much less oil, and much more microscopic biomass in the water.”
According to Marcio Mello, who regaled the masses at Vancouver last week, biomass is another way of describing “fish food.”
“In perhaps two years time,” Marcio predicts, “the Gulf fishing industry will recover in such a way as will be spectacular. Just wait. You can tell me if I’m wrong.”
Meanwhile, the media hype and protests over the spill, complete with political posturing, have created what we believe could be the investment opportunity of a lifetime.
Addison Wiggin
for The Daily Reckoning
Addison Wiggin
Addison Wiggin is the executive publisher of Agora Financial, LLC, a fiercely independent economic forecasting and financial research firm. He’s the creator and editorial director of Agora Financial’s daily 5 Min. Forecast and editorial director of The Daily Reckoning. Wiggin is the founder of Agora Entertainment, executive producer and co-writer of I.O.U.S.A., which was nominated for the Grand Jury Prize at the 2008 Sundance Film Festival, the 2009 Critics Choice Award for Best Documentary Feature, and was also shortlisted for a 2009 Academy Award. He is the author of the companion book of the film I.O.U.S.A.and his second edition of The Demise of the Dollar… and Why it’s Even Better for Your Investments was just fully revised and updated. Wiggin is a three-time New York Times best-selling author whose work has been recognized by The New York Times Magazine, The Economist, Worth, The New York Times, The Washington Post as well as major network news programs. He also co-authored international bestsellers Financial Reckoning Day and Empire of Debt with Bill Bonner.
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Tell me Mr. Obama, do you know what evaporation is? It is the process whereby water/liquid is gasified into the atmosphere. It (the planet) then “rains” that liquid down somewhere else. Texas perhaps or more hopefully the whitehouse lawn.
Also, dispering is not cleaning, it is diluting. Just because you cannot see it, does not mean it is cleaned up.
This mockery of a press release should really be enough to cause a revolution in the US protesting at the stupidity and bare faced lying of the gubmint that rules you.
I know for CERTAIN, I will be not eating anything out of the gulf again. EVER.
That corexit and dispersed oil is being eating by everything and assimilated into the flesh of the animals and the food chain that begins there…Yes, I will not even be eating Atlantic Tuna as most of them spawn there and then head out into the atlantic to cross over to the Med.
And to say oil eating bacteria has eaten more than they have cleaned up themselves is just too outrageous for words.
It is blatantly obvious to anyone with a brain that the corexit has just hidden/sunk the problem not solved it.
Obama should be lynched for saying this is over. That or made to eat gulf shrimp and crab for the next year or 10. And his kids and his wife.
It will be great when the oil-eating bacteria have finished the banquet.
Surely BP should be financially compensated for all the good they have done by letting oil leak into the sea.
So we should all be dumping our used crank cases and old car engines into the sea because it means more bacteria? Great, i might just go to the beach and grab a bucket of bacteria for my shower tonight. Those damn protestors and their environmental propaganda!
BP financially compensated…! That was a great laugh…
It warms your heart to know how stupid the government and their little corporate buddies think we are.
In another words, the more garbage and more toxic waste disposed in the sea means the merrier. Look ! there bacteria and garbage hungry little creatures will multiple and clean up the whole mass. Why waste valuable time and tax-payer’s money in cleaning up your environment?
hahaha!!!!
Um Um
Its genocide people, wait until those nice Chinese fellers come over and finish the job. Easy slaughter it will be Unless the Mexicans do it first
Damm us white folk only lasted 300 years.
Looooooooooooosers we are
US is being exterminated thats why he is on vacation.
Our lives have been sold out to a comapany.
Kiss your kids at night.
Its coming in ways you could not imagine.
We will be slaughtered