BP claims the new leak is natural seepage? A BP spokesman said the seepage was detected by its engineers but it was unclear whether the source was the blown-out well, adding that seepage was a natural phenomenon in the Gulf. The “BP spokesman says seepage nearly 2 miles from its ruptured Macondo well in the Gulf of Mexico is natural and is unrelated to the oil leak.” Bruce Bullock, director of the Maguire Energy Institute at Southern Methodist University, said additional leaks are a possible source of deep-sea plumes of oil detected by research vessels. But this part of the gulf is pocked with natural seeps, he noted. Conceivably the drilling of the well, and/or the subsequent blowout, could have affected the seeps, he said. ”Once you started disturbing the underground geology, you may have made one of those seeps even worse,” he said.

Because BP would like to minimize leak estimates to minimize the damages it has to pay under the Clean Water Act, BP would undoubtedly try to pretend that the nearby natural seeps always had the same volume. In other words, the owner of the oil drilling prospect where the spill is occurring – BP – may be the only party to have mapped out the nearby seeps …. So don’t be surprised if – when formerly tiny seeps become gushers. This news event caused the sell off late in the day and could proved to be an event that moves the market temporarily over the next few days. Something smells like this story is not over by a long shot.

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