Twenty months after the financial meltdown of 2008, the U.S. congress is moving ahead with its financial system reform. In the following weeks, the Senate and House bills will be combined. While many details are still to be ironed out around issues like derivatives and consumer protection, it is clear that the legislation will not break up the massive banks that are blamed with the crisis. President Obama says the legislation will ensure the U.S. taxpayers never again bailout Wall Street, but Public Citizen’s David Arkush says that until the banks influence on Capitol Hill is broken up or countered, there is no way to guarantee an end to bailouts.

Energy expert: Nuking oil leak ‘only thing we can do’

Daniel Tencer, RawStory, Saturday, May 29th, 2010 — 7:18 pm

As the latest effort to plug the oil leak in the Gulf of Mexico meets with failure, the idea of nuking the immediate area to seal the oil underground is gaining steam among some energy experts and researchers.

One prominent energy expert known for predicting the oil price spike of 2008 says sending a small nuclear bomb down the leaking well is “probably the only thing we can do” to stop the leak.

Matt Simmons, founder of energy investment bank Simmons & Company, also says that there is evidence of a second oil leak about five to seven miles from the initial leak that BP has focused on fixing. That second leak, he says, is so large that the initial one is “minor” in comparison.

Simmons spoke to Bloomberg News on Friday, before BP announced that its latest effort to plug the leak, known as the “top kill” method, had failed.

“A week ago Sunday the first research vessel … was commissioned by NOAA to scour the area,” he said. They found “a gigantic plume” growing about five to seven miles from the site of the original leak, Simmons said.

Simmons said the US government should immediately take the effort to plug the leak out of the hands of BP and put the military in charge.

“Probably the only thing we can do is create a weapons system and send it down 18,000 feet and detonate it, hopefully encasing the oil,” he said.

[snip]

Asked by a Bloomberg reporter about the risks involved in setting off a nuclear bomb off the coast of Louisiana, Simmons argued that a nuclear explosion deep inside a well bore would have little effect on surrounding areas.

“If you’re 18,000 feet under the sea bed, it basically wont do anything [on the surface],” he said.

Joe Wiesenthal at Business Insider says the idea of using nukes will be getting a lot of attention now that the “top kill” procedure has failed.

Next, the so-called “nuclear option” is about to get a lot of attention. In this case, of course, nuclear option is not a euphemism. It’s the real idea that the best way to kill this thing is to stick a small nuke in there and bury the well under rubble. … By the middle of the coming week, it will be all over cable news, as pundits press The White House hard on whether it’s being considered and why not.

video broadcast on Bloomberg News, Friday May 28, 2010.

It now appears that BP while attempting to plug the gusher with their so called “top kill” operation, has moved to trying to blame the Deepwater Horizon platform explosion and the BP oil gusher in the Gulf on it’s employees who were on the platform at the time of the explosion.

In this short clip from CBS Wednesday, beginning at the 1:26 minute mark, you hear CBS News Correspondent Mark Strassman say that…

BP officials have told congressional investigators that right before the rig exploded, workers on it ignored strong warning signs – equipment readings that something was terribly wrong, including contaminated cement and leaking gas, signs that the rig could blow – and two hours later, it did.

Nice try, BP. Directly contradicting BP’s spin was BP’s Chief Electronics Technician Mike Williams who was on the rig at the time of the explosion.

You might remember Williams. He was the technician who appeared on CBS’ 60 Minutes a couple of weeks ago, in an interview by 60 Minutes’ Scott Pelley, and described the events leading up to the explosion…

Nassau Guardian Online, Wednesday afternoon:

The worst natural disaster to hit the Gulf Coast is likely to reach local coastlines by the weekend, according to Chief Climatological Officer Michael Stubbs, who said a shift in wind patterns is expected to propel the oil slick towards The Bahamas.

In an interview with The Nassau Guardian yesterday Stubbs said that in pervious weeks weather conditions have kept the oil slick contained in the Gulf of Mexico.

“As it stands now the wind is not supporting movement out of the Gulf. It’s keeping the oil particles that are floating along the surface in the Gulf of Mexico,” said Stubbs.

“However as Friday approaches we see the weather pattern changing and what would happen then is the winds in the area would be flowing clockwise, making it possible for oil floating on the surface to make it to the notorious loop current. So once the particles move into the loop current the chances are [higher] for it [the oil] to reach our area.”

[snip]

Stubbs, who heads a meteorological task force set up by the Ingraham administration to monitor the oil spill, said once the surface winds shift, oil sediments will most likely reach the Cay Sal Bank, Bimini, and western Grand Bahama – key fishing areas for the marine industry.

He said for this reason the government has already been warned to prepare for the likely arrival of oil in Bahamian waters.

[snip]

On Monday, Minister for the Environment Earl Deveaux told The Nassau Guardian that the government is doing all it can to tackle the issue which has persisted for more than a month.

However, just five days earlier in a press conference, Deveaux admitted that The Bahamas is not prepared for the level of calamity that the growing oil spill in the Gulf of Mexico could cause the country.

From Gale Mead:

CASUALTIES OF THE GULF OF MEXICO DISASTER: Beneath the Surface

Videography and song by Gale Mead www.galemead.com

Lead guitar: Eric McFadden. Tenor Sax: Federico Martinez.

Carpets of crinoids – cousins of the sea-star – stretched their long limbs languidly into the current for morsels of planktonic food. Colorful tropical fish drifted among gracefully spiraling wire corals. Somber-faced grouper hovered warily while jacks and sharks cruised by, curious about the submersibles lights. Fifty miles south of Mississippi, I was the first human ever to lay eyes on the teeming, thriving, dazzling undersea metropolis that was Salt Dome Mountain. As rich and diverse as Texas Flower Garden Banks National Marine Sanctuary to the west, or Floridas coral reefs to the south, but a little deeper, and totally unexplored.

It was July 29, 2002, and I was a submersible pilot with the Sustainable Seas Expeditions, a joint project of National Geographic and the National Oceanic and Atmospheric Administration, led by my mother, Dr. Sylvia Earle. Fishermen and oilmen have long known the Gulf of Mexico by what they could extract from it with their nets and their drilling rigs. We were there to study it from the inside out.

Salt Dome Mountain is an unexpectedly shallow seamount rising from the depths of the Gulf of Mexico to within 200 feet of the surface. Its just south of the Mississippi coast, just north of where a raging gusher of oil now spews death and destruction with no end in sight. And no beginning in sight either, as the vast majority of this catastrophe is occurring underwater, beyond the reach of television news cameras. The video below is a compilation of images from my dive eight years ago, posted with permission from Sustainable Seas Expeditions. You can find more videos of the undersea life near the blowout by using Google Ocean.

It remains to be seen when or even whether the raging torrent of oil can be stopped, but even in the best case scenario, the damage already done far exceeds what most of us can yet get our minds around. May it at least not pass unnoticed. And may we at long last consider that the consequences of our actions should be weighed before, and not after, the damage is done.