Diverter Partially Working

This is not the latest info on the top hat containment device. However at least a small fraction of the oil is getting captured. Obviously all of it has to be captured and obviously the present level of damage is monstrous, incalculable, and still increasing in scope.

People talk about this being the time for a full out attempt to switch away from oil but I do not see how that can literally happen. We can mentally start thinking in this way but literally, that's another story.

I've written this several times here but it is still true. Just follow Wall Street for a short amount of time and you will clearly see that energy and in particular oil is central to Wall Street's fortunes. You might say big deal, but its a huge deal. This practically means that at the center of the world economy including all of our fortunes, its all revolving around oil.

That isn't something that is changed quickly, barring an economic collapse of such proportion that cars become rusted shells including your neighbor's new Prius. BP may or may not suffer solvency problems as a result of this leak. Last time I looked the stock was listed as a strong buy, meaning that investors encourage you to buy it. That could change, it does happen. Even if the company were to completely tank somehow, there are many many companies there to pick up the business.

McClatchy: BP device begins collecting oil, but too late for Florida coast

...Thursday, diverted 6,000 barrels of oil to a surface ship during its first full 24 hours of operation.


The government estimates that 12,000 to 25,000 barrels a day are flowing from the well, but some experts think the amount could be much higher.


A light sheen, about 100 yards by three miles wide, was confirmed about half a mile from Florida's Pensacola Beach...