Dudley Calls US Oil Industry "Market Without a Brain"

(edited)

Why the heck BP is even allowed to operate anywhere near the US is beyond me. Our government is far too forgiving.

However, he's not far off point.

Edited by Justin Hicks
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12 hours ago, Marina Schwarz said:

BP chief likens U.S. oil sector to 'market without brain'

Well, I didn't know markets had brains but if Dudley says they do, he must be right.

BP chief is trying to prop up prices. If at 53 a bbl say, and making a profit, I say "Drill baby Drill"/ and enjoy letting shareholders earn a little. He is wanting massive profits so he can retire in style I suppose. Crude too high, demand drops, it's been proven time and again. @Justin Hicks  BP isn't just a drilling company or crude producer. Massive refinery down Houston way Texas City Tx. Not just gasoline, diesel refined there, it's a petrochemical refinery. https://www.bp.com/en_us/bp-us/what-we-do/petrochemicals/texas-city.html a 10 minute looksee at what is made there. Just some info. 

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He meant it as a compliment but it does sound stupid and it's also inaccurate. Shale drillers drill even when there's too much in storage. That's because they can't very well stop drilling and wait out the price slump. Unless those that go bankrupt, of course.

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22 hours ago, Marina Schwarz said:

BP chief likens U.S. oil sector to 'market without brain'

Well, I didn't know markets had brains but if Dudley says they do, he must be right.

 

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And since we are on the topic of brainless but well-meaning cartoon characters...

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On 2/26/2019 at 10:39 AM, Justin Hicks said:

Why the heck BP is even allowed to operate anywhere near the US is beyond me. Our government is far too forgiving.

However, he's not far off point.

You missed a huge point which your comment is insinuating that being that Macondo was ran by BP USA and Transocean both out of Houston Texas.

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(edited)

On 2/27/2019 at 9:31 AM, James Regan said:

You missed a huge point which your comment is insinuating that being that Macondo was ran by BP USA and Transocean both out of Houston Texas.

Nope never said anything of the sort. When I say BP I mean British Petroleum, the entity as a whole. BP and TransOcean both are known to cut corners to save costs, most companies do, however this one bit them in the ass hard and cost some very good men their lives.

 

https://www.nola.com/news/gulf-oil-spill/2010/09/5_key_human_errors_colossal_me.html

Edited by Justin Hicks
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On 2/27/2019 at 12:43 AM, Marina Schwarz said:

He meant it as a compliment but it does sound stupid and it's also inaccurate. Shale drillers drill even when there's too much in storage. That's because they can't very well stop drilling and wait out the price slump. Unless those that go bankrupt, of course.

In some cases they have to drill or they will lose their concessions. 

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he is right in every way

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On 2/28/2019 at 11:34 PM, Justin Hicks said:

Nope never said anything of the sort. When I say BP I mean British Petroleum, the entity as a whole. BP and TransOcean both are known to cut corners to save costs, most companies do, however this one bit them in the ass hard and cost some very good men their lives.

 

https://www.nola.com/news/gulf-oil-spill/2010/09/5_key_human_errors_colossal_me.html

Justin, no worries not here to meme but your comment or as I mistakenly read it is the view of many from the USA, ie British Petroleum and the English Idiot they put in front of the camera portrayed it all as being at fault of a non American. By the by I was onboard on of the TO drillships involved in the immediate response plan two days after the incident. I was there as a specialist to oversee and immediate intervention ie to cap the stack this was months before they went out with the cone set up and subsequent capping stack. We were in a position to attempt a cap but it was called off due to the intense media that was damming BP, if the media mainly CNN who were showing live pictures on split screen from the ROV at the Riser Adapter of oil spewing out would have kept out of the initial response we may have seen a much shorter time line and we could have stopped the well spewing oil for months. A lot about the incident was not captured correctly by the press but I can assure you the press made this horrible event worse by the way they covered it during the initial first weeks. They forced all involved into a corner which most definitely had a negative reaction on how the blowout was dealt with. This is fact not just MO. Nothing we see is what it seems. 

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Yes sir, and I fully understand your position and appreciate your expertise in the matter. My big deal with BP and any company( Patterson UTI comes immediately to mind) is the unnecessary loss of life due to cutting corners. Granted there's not a company in the world that hasn't cut corners to save costs or had inexperienced personnel in positions they had no business being in, however I believe they should be held fully accountable, and in my personal book that includes revocation of drilling privileges. Heavy handed? Perhaps.. But in my 25 years in the field I've seen firsthand to much maiming and death due to greed.

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