Morning Must Reads: Oil, Gaza and the Perils of Incumbency

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Oil:

-Plans to syphone off the oil from Deepwater Horizon are stalling after a saw got stuck in the pipe.

-BP’s shares rebounded slightly in morning trading after one of the company’s worst days ever yesterday. Credit Suisse estimates the Deepwater Horizon spill could cost the company $37 billion.

-Rep. Charlie Melancon, who broke down talking about the spill in a congressional hearing, says BP CEO Tony Hayward should resign.

-Attorney General Eric Holder is investigating.

Abroad:

-Israel begins to send home some of the 480 flotilla activists as experts try to decipher dueling activist and Israeli videos for what really happened.

-Japan’s Prime Minister Yukio Hatoyama announced last night on live tv that he will step down. Four out of five Japanese said in recent polls they disapproved of Hatoyama who has lost popularity since failing to relocate the U.S. military base on Okinawa. Hatoyama was Japan’s fourth Prime Minister in four years.

2010:

-Two Alabama Democrats who ran to the right — Parker Griffith who switched parties in a bid to keep his House seat and Artur Davis’s attempt at the governor’s mansion — mistook this year’s anti-establishment wave for an anti-Democratic one. Both lost their primaries last night.

In other news:

-The former car czar lands in a bit of a pickle with the SEC.

-David Herszenhorn of The New York Times finds that Scott Brown really is the 60th vote.

-And President Obama will give a speech on the economy in Pittsburgh today.