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On the u.s. economy. we want less prosperity. great way is replace oil. it would mean that three-quarters of the oil we use every day would have to be imported. we already import 64% of the oil. some may remember the oil shortages of 1973, long gasoline lines, skyrocketing prices. that occurred when opec held back 7% of the oil it had been sending. again, we currently get 10% of the crude from the gulf. clearly the b.p. spill is a disaster of the likes we have never seen, but to stop or significantly curtail drilling in the gulf could create an economic disaster. chris? chris: no easy answer here. thank you for that. mixed news from wholesalers today. inventory rose in may by half a percentage point but sales were down .3 of a point. stocks ended the week on a positive note. the dow gained 59. the s&p 500 added 7 3/4. ....
chris: b.p. engineers will try this weekend to put a new cap on the gulf oil spill that we re told could effectively contain all the oil. but the process of replacing the cap will let the crude flow freely into the water for a number of days. we have fox team coverage, senior correspondent brian wellson looks at whether the rewards of offshore drilling outweigh the risks but we begin with correspondent phil keating who shows us how technically challenging the next few weeks will be. for 11 weeks now, up to 60,000 barrels of oil a day and some estimate more than that have been spilling into the gulf of mexico. the oil collection and containment ships on the surface have been collecting about 25,000 barrels a day with a partial cap on the pipeline. ....
Collect oil and lay boom. in lake pontchartrain, near new orleans, men and women will absorbent towel wipe brown oil from the marshes, tediously cleaning blade after blade of bayou grass. it s frustrating. you want to see an end and do everything you can stop it. it s an everyday battle. admiral thad allen today restating his optimism if everything goes well and they have 7-10 days of good weather forecast by noaa ahead of them right now, if everything goes well, and the cap does work as snugly as they hope, that truly, if all of the oil gushing in the gulf of mexico could be captured, 100%, by the three surface ships on top. the helix producer being hooked up this weekend. updating you on the government s moratorium, which thefit circuit court of appeals ruled last night it denied the department of justice bid to keep moratorium in place pending the government full appeal ....
B.p. and the government are ready to seal it entirely. it involves removing the existing cap saturday which means for three or four days oil and gas will escape in the gulf unchecked. after the pipe is recut for a more snug fit, a new dome-like cap will be lowered to the well head to seal it shut. while oil collection shifts above, we ll be able to double the amount of oil captured each day, plugging b.p. s gusher permanently, to still rely on the relief well. intercepting the well at 18,000 feet down, cementing it shut and according to the plan, stopping the flow of oil in the gulf once and for all. it will be the middle of august until we actually cap the well. it could be sooner than that. we will be delighted if it would be. a new weapon is floating on the scene. delayed for days by storming weather, the air ship is now above alabama coastline, due to the slow speed and low altitude, eyes in the sky will better direct crews on the ground and in the water where to go to skim and ....
Existing cap saturday which means for three or four days oil and gas will escape in the gulf unchecked. after the pipe is recut for a more snug fit, a new dome-like cap will be lowered to the well head to seal it shut. while oil collection shifts above, we ll be able to double the amount of oil captured each day, plugging b.p. s gusher permanently, to still rely on the relief well. intercepting the well at 18,000 feet down, cementing it shut and according to the plan, stopping the flow of oil in the gulf once and for all. it will be the middle of august until we actually cap the well. it could be sooner than that. we will be delighted if it would be. a new weapon is floating on the scene. delayed for days by storming weather, the air ship is now above alabama coastline, due to the slow speed and low altitude, eyes in the sky will better direct crews on the ground and in the water where to go to skim and collect oil and lay boom. in lake pontchartrain, near new orleans, men and wome ....