BP Stock Upgraded To BUY After BP Tells Congress Spill Could Be 60,000 Barrels!

BP /quotes/comstock/13*!bp/quotes/nls/bp (BP 51.52, +0.32, +0.62%) rose 1.4% to $51.08 after the company reportedly told members of Congress in a closed-door meeting that the Gulf of Mexico oil spill could amount to as much as 60,000 barrels a day, in a worse-case scenario, according to a report in The New York Times.

Meanwhile, the oil major drew an upgrade to buy from sell at U.K. broker Panmure Gordon, which said the market reaction to the oil spill in the Gulf of Mexico is overdone.

www.marketwatch.com...

Could GREED rear it's ugly green head any higher.

Maybe this is the beast that rises out of the ocean. The Great Green Beast of Greed, or the GGBG.

Rise in stock can only mean fuel prices are going to skyrocket. Perfect timing. As Europe begins the domino effect, the US is being whittled away at the foundation.

Well, what else are they going to do with the oil besides sell it? Bury it in the sand? I don't think it's greed. It's smart business.

Could this be BP lying in order to get their shares back on track?

I thought they were saying 200 000 barrels a day a day or so ago.
I guess they know its hard to measure the true amount,and can give any number they want.

What on earth are you on about?

Greed??

Their stocks are merely starting to show signs of recovery.

Go here:

www.marketwatch.com...

Then zoom out the the 3 month chart.

They're well below what they were running at before the accident.

[edit on 5/5/10 by Chadwickus]

Originally posted by Silcone Synapse
I thought they were saying 200 000 barrels a day a day or so ago.

I'm sure someone reported it that way, but I suspect that what's happening is that people are mixing up their gallons and barrels. Note that the earlier 5,000 barrel estimate just happens to be about 200,000 gallons.

I doubt even BP really knows how much oil is flowing, to be quite honest. They just know its a lot.

reply to post by vor78


Ah,OK thanks, I thought that may be the deal.
It must be impossible to measure the amount of leaking oil.

The diameter of the hole in the ocean bottom is a known factor
as well as the pressure within the hole and the friction with regard
to the length of the drill hole (6 km ?).

It should be an easy task for an engineer in that field to calculate
the volume of the spill.

reply to post by Udo Hohnekamp Lux.
they go by the color of the sheen in relation to the size of it and they know what the dispersement of one gallon of oil is in sea water...etc...