Asia-Pacific

BP: 24 hrs will tell if oil leak plug works

(Agencies)
Updated: 2010-05-27 11:09

Oil floats on the surface in Pass A Loutre near Venice, Louisiana on May 26, 2010. [Agencies]

Pivotal Days for Obama, BP

These days may be critical for BP and Obama.

BP's reputation and its big presence in the United States is at stake and investors, who have wiped $50 billion off BP's market value since the start of the spill, will watch closely to see whether the latest attempt to seal the well works.

BP shares seesawed in London trading on Wednesday, with investors boosting the share price about 2.6 percent at one point before it closed up 1.4 percent. BP's announcement that it had launched top kill came after London markets had closed.

Related readings:  BP pledges $500m for research into impact of Gulf oil spill  Official says US can't push BP aside on oil spill  Louisiana marshes hit by Gulf oil slick  Obama sets up presidential commission for oil spill probe

If the effort fails, Obama may have no choice but to take charge of the response. He has so far deflected calls for the government to take a more direct role and said BP has legal responsibility for fixing the mess.

What he can do is unclear because the government does not have its own deepwater tools and technology and will have to rely on BP.

But even with Obama applying constant pressure on the company, polls show that nearly half of Americans are unhappy with how he has handled it. That sentiment could play into the November elections that are widely expected to erode his Democratic Party's control of the US Congress.

Florida Democratic Senator Bill Nelson said if BP failed to plug the leak this week, Obama must seize personal control of the effort immediately.

"If this thing doesn't work then the president ought to turn this over to the military. It has the command structure to bring in all the civilian agencies," said Nelson.

Lost Coastline Exasperates Locals

BP has estimated that about 5,000 barrels (210,000 gallons/795,000 liters) have been leaking every day, although some scientists have given much higher numbers for the size of the leak -- up to 20 times more.

Residents of the Gulf region are particularly concerned about the impact of spreading oil on wildlife and area shorelines, home to a $6.5 billion seafood industry and lucrative fishing tourism.

Operation "top kill" was not putting them at ease.

"If I was a betting man I'd say the odds are better than last time, but I still don't think it is going to happen," a fishing guide who goes by the name of Captain Boola said at a marina at Venice, Louisiana.

He said he only fished with clients three days this month and had cancellations through to November.

Billy Nungesser, president of Plaquemines Parish, one of the worst affected Louisiana coastal districts so far, sharply criticized BP and the Coast Guard, saying they had no comprehensive plan to defend the coast from the oil.

"We will lose more coastline from this catastrophe than from all four hurricanes -- Katrina, Rita, Gustav and Ike," said Nungesser.

CNN reporter Anderson Cooper lays down on the bow of an air boat to take a picture as Governor Bobby Jindal (R) safely removes a fishing net from the oil contaminated water in Pass A Loutre near Venice, Louisiana May 26, 2010. [Agencies]