We have all heard what will happen if BP fails to plug the gushing oil leak in the gulf: We will have to wait weeks or months for a relief well to be drilled, which will either intercept the oil flow or reduce the pressure to where the leak can be plugged.
Now what would happen if BP SUCCEEDS in capping the leak? With the crisis resolved, there would no longer be any urgency to drill the relief well, would there? Would BP be permitted to complete drilling of the relief well in this scenario?
What would be the economic cost to BP of losing access to this massive oil deposit for an indefinite amount of time, perhaps forever?
Is this paranoia, or is it likely that the decision analysis folks at BP have factored the economic value of the oil and gas that remains to be extracted into their plans?