I received this email from an acquaintance, so called forwarded 'news of interest'. In fact I think that these people are loving every minute that a company that BP plunges due to this nature destroying catastrophic event with the oil leakage. It is just human nature to gloat at other's expense, especially when they are jealous of those shareholders of BP. These are the type of people who LOVE it when markets fall, simply because they don't own any shares or stocks and they like to see other people suffer...

BP Plunges After Attempt to Plug Gulf Oil Leak Fails (Update1)
By Brian Swint and Eduard Gismatullin
2010-06-01 08:04:43.984 GMT


    (Updates with analyst comment in third paragraph. For more
on the Gulf oil spill, see {EXT4 <GO>}.)

    June 1 (Bloomberg) -- BP Plc fell the most in 18 years in
London after abandoning an attempt to plug a leaking oil well in
the Gulf of Mexico, the worst spill in U.S. history.
    BP plunged as much as 15 percent to 420 pence, the steepest
one-day drop since June 1992. The company said on May 29 a "top
kill" attempt to plug the leak using heavy fluids and debris
had failed. That rules out stopping the flow of oil from the
well until relief drilling is completed in August.
    "Until the flow of oil from this well can be halted, there
will remain considerable uncertainty over the potential
damages," said Peter Hitchens, an analyst at Panmure Gordon &
Co. in London. "Although we believe that the market has
overreacted to the bad news, we feel that there will be little
stimulus to the shares whilst this leak continues to pump oil
into the sea."
    The company will now try to contain the spill by fitting a
pipe over the leak later this week to bring the oil to a
drillship on the surface, it said in a  statement in London
today. The operation may temporarily increase the flow of oil
into the Gulf before a cap can seal the pipe. The cost of
responding to the spill has risen close to $1 billion, BP said.

                       Hurricane Season

    "All of these operations, including the cutting of the
riser, are complex, involve risks and uncertainties, and have to
be carried out by remote-operated vehicles at 5,000 feet under
water," BP said in the statement. The techniques "have never
before been deployed at these depths and conditions, and their
efficiency and ability to contain the oil and gas cannot be
assured."
    Chief Executive Officer Tony Hayward's effort to stop the
leak and clean up the spill is becoming more urgent as hurricane
season starts. The shares traded at 431.4 pence at 8:42 a.m.
London time.
    BP said today it has so far spent $990 million responding
to the explosion on the Deepwater Horizon rig on April 20 that
killed 11 workers, as well as the cleanup from the oil spill.
    Using robots at the mile-deep well, BP plans to shear away
most of the damaged pipe that once rose from the well to the
Deepwater Horizon. Then it will make a more precise cut with a
diamond-toothed band saw, BP Managing Director Robert Dudley
said in television interviews last weekend.
    That will make a clean junction for a gasket-lined cap
intended to catch most of the oil and route it to the surface
through a pipe, Dudley said.

                         Better Method

    Engineers expect the method to work better than a smaller
pipe used to capture 22,000 barrels of oil, he said.
    The well has spewed from 12,000 barrels to 19,000 barrels
of oil a day, a government panel estimated May 27. Government
experts estimate the spill will increase over the four to seven
days BP needs to fix the cap, White House Energy Adviser Carol
Browner said on May 30.
    The cutting will commence soon, BP spokesman Jon Pack said
yesterday.
    BP reiterated that the first relief well, which it began
drilling May 2, is now at 12,090 feet, two-thirds of the way to
completion. The drilling effort is "on track, even slightly
ahead," said BP's Pack.
    President Barack Obama ordered BP's cleanup efforts tripled
in oiled areas that encompass 107 miles (172 kilometers) of
shoreline and 30 acres of tidal marsh.
    "Every day that this leak continues is an assault on the
people of the Gulf Coast region, their livelihoods, and the
natural bounty that belongs to all of us," Obama said in a
statement May 29. "It is as enraging as it is heartbreaking."

For Related News and Information:
Top energy news: ETOP <GO>
BP results by region: BP/ LN <Equity> FA GEO CHART <GO>
BP income statement chart: BP/ LN <Equity> FA IS CHART <GO>
Risk profile: BP/ LN <EQUITY> RSKC <GO>
News sentiment: NRS <GO>

--With assistance from Jim Polson in New York. Editors: Will
Kennedy, Rob Verdonck.

To contact the reporter on this story:
Brian Swint in London at +44-20-7073-3444 or
bswint@bloomberg.net.
Eduard Gismatullin in London at +44-20-7673-2268 or
egismatullin@bloomberg.net

To contact the editor responsible for this story:
Will Kennedy at +44-20-7073-3603 or wkennedy3@bloomberg.net