BP Oil Spill: No Solution on the Horizon notes Hiroyuka Maruyama, CEO at Oppenheimer Lloyd.

June 16, 2010 - PRLog -- President Obama is scheduled to be along the Gulf Coast Monday and Tuesday and plans to address the nation on the government's response to the catastrophe after his trip. This is his fourth visit to the Gulf since the Deepwater Horizon drilling rig exploded April 20, killing 11 people and causing one of the worst environmental disasters in U.S. history.

Hiroyuka Maruyama, Global markets CEO at Oppenheimer Lloyd in Tokyo continued “The board of BP is discussing the U.S. government's demand that it suspend dividend payments to shareholders until the British company pays for the cleanup and damages caused by the spill.” “Meanwhile, angry protesters have been organizing demonstrations and boycotts across the nation. According to a recent news release from the company, the cost of responding to the spill has risen to $1.6 billion.”

Hiroyuka Maruyama, Global markets CEO at Oppenheimer Lloyd in Tokyo added, “What troubles me is the absence of any clear course of action for getting the situation under control.” “Besides the issues of who will pay for the havoc the spill has caused and how this incident will impact offshore drilling in the future, there's the more pressing matter of how tens of thousands of barrels of oil will be stopped from leaking into the water every day.”

“Again no solution on the horizon other then we'll keep doing this, Obama will keep going down, and maybe he'll stand on the ship and look at a monitor.” “I’m not sure what good that's doing. It would be great to hear a plan of how this is going to be solved over the long haul.”

It seems that every time the estimate of how much oil can be captured each day rises, so does the assessment of how much is leaking. During the first month, the estimate was 5,000 barrels of oil spilling a day. The newest assessments have that number at between 25,000 and 40,000 barrels a day.

“It would be great to hear some long-term plan for how you shut it off completely.”

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