May Last Until Christmas.

June 2 (Bloomberg) -- BP Plc’s failure since April to plug a Gulf of Mexico oil leak has prompted forecasts the crude may continue gushing into December in what President Barack Obama has called the greatest environmental disaster in U.S. history. BP’s attempts so far to cap the well and plug the leak on the seabed a mile below the surface haven’t worked, while the start of the Atlantic hurricane season this week indicates storms in the Gulf may disrupt other efforts.Link

Cycle of Debt Deflation.

One of the most famous quotations of Austrian economist Ludwig von Mises is that “There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency involved.”.Link

Feds Approve New Gulf Oil Well off La.

Federal regulators approved Wednesday the first new Gulf of Mexico oil well since President Barack Obama lifted a brief ban on drilling in shallow water, even while deepwater projects remain frozen after the massive BP spill. The Minerals Management Service granted a new drilling permit sought by Bandon Oil and Gas for a site about 50 miles off the coast of Louisiana and 115 feet below the ocean's surface. It's south of Rockefeller State Wildlife Refuge and Game Preserve, far to the west of the Deepwater Horizon oil rig that triggered the BP spill. Obama last week extended a moratorium on wells in deep water like the BP one that blew out a mile below the surface in April and is gushing millions of gallons of oil. But at the same time, the president quietly allowed a three-week-old ban on drilling in shallow water to expire."I'm outraged," said Kieran Suckling, executive director for the Tucson, Ariz.,-based Center for Biological Diversity, after a reporter told him of the new permit.Link

The Spilling Fields

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