Andrew Burton/GettyBarclays would like to clarify a few things about crude oil production.
In a note to clients on Wednesday, Michael Cohen, the head of energy commodities research, wrote that the central story of the oil market right now is misunderstood. That's the market's rebalancing, or a reduction in supply to come closer to demand levels, which would lift prices.
Everyone has bad days. Some just last longer or happen with greater frequency. If it appears I am having a bad day I generally hope for all the coming terrible news to flood me now. Why screw up another perfectly good day? Then I can put the horrible one behind and move on.
An expert testified that when something goes wrong with a well, the fail-safe device's shears are supposed to clamp down, cut and seal the drill pipe, preventing the oil from escaping. But in the case of the Deepwater Horizon rig in the Gulf of Mexico, it didn't work quite right.» E-Mail This » Add to Del.icio.us
With a key piece of evidence raised from the depths of the Gulf of Mexico and BP's Macondo well ruled a threat no longer, the focus shifts to what went wrong and who is to blame.Had it functioned properly, the blowout preventer would have sealed off the well after the explosion that ripped through it in April and the biggest maritime oil spill in history would never have happened.