Obama and BP at Risk Over Oil Spill

From Business Week:

As the Gulf spill threatens to sink BP and damage a Presidency, it's time for Obama to rally the U.S. around tough, fair regulation—for the good of capitalism

With failure heaped upon failure in the Gulf of Mexico, the environmental disaster now threatens the viability of not only a vast corporation but also a U.S. Presidency. The buck stops with both—one financially, the other politically. Can either recover?

The markets sent ominous signals about BP's future once it became clear over the Memorial Day Weekend that the top-kill plugging maneuver had not worked. In the Gulf, hurricane season has arrived, bringing with it the prospect of fierce storms chasing rescue ships to shore and spreading the sickening oil slick farther along the southern coast. A long, grim summer seems all but certain.

Its shares sharply depleted, BP, the largest oil and gas producer in the U.S., suddenly seems vulnerable to a breakup or takeover. In Washington, the Obama team appears to be flailing. Trying to assert some form of authority, the President vowed to bring wrongdoers to justice. The promise seemed mostly like a distraction from frustrating reality: In the short term, President Obama can do little, if anything, to stanch the gushing well.

As much as any other challenge—Wall Street, health care, Afghanistan—the oil spill may define Obama as a leader. He either will find a way to rise to this occasion and make some broader use of the crisis in the Gulf, or it will permanently taint him.

...Takeover Prospects

Profit-minded investors, meanwhile, have soured on BP. "We are very negative on the prospects for BP, and this situation has a real possibility of breaking the company," London-based investment bank Arbuthnot Securities said in a June 1 research note. That day the British energy giant's shares dropped as much as 17 percent in London, their biggest one-day decline in 18 years. The company's stock flattened on June 2, closing down 34 percent since the Deepwater Horizon exploded Apr. 20. That erased more than $58 billion (40 billion pounds) from BP's value.

Full article:
Obama and BP at Risk Over Oil Spill - BusinessWeek

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The share price is certainly worth watching...

...if goes even lower, which I would expect it to. If you have some spare money could prove an interesting gamble!

On the serious side, moving forward there needs to be wider understanding of how these repairs can be made. Many of the pipes must be getting very old now and we could potentially be having more of these sort of incidents happening.

Which brings me onto the lack of investment in other technologies. Solar power, wind farms etc. have to be the way forward surely?

Obama - invest in renewable technologies and move away from the over reliance on oil companies. Then the USA (& the world) would be a better place.

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It's strange, to feel sorry for one of the most powerful men on the planet. Healthcare system - yes, he is responsible for and can do stuff about that. Oil spills? Possibly just a tad outside his capabilities...

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The Bhopal disaster 15000 dead or this oil spill,Barack Obama should look at what happend at that plant in 1984, In June 2010, seven ex-employees, including the former chairman of UCIL, were convicted in Bhopal of causing death by negligence and sentenced to two years imprisonment and a fine of about $2,000 each, the maximum punishment allowed by law. An eighth former employee was also convicted but had died before judgment was passed.
And do you rememberThe Three Mile Island accident....

Hmmm it is interesting, especially with the Obama rhetoric starting to move to anti British sentiment.

I wondered how the US would cope with a liberal President, and he has some admirable aims, healthcare being one, but I question some of his decisons (or lack of - Iraq/Afganistan), and this personal involvement with BP is starting to have dangerous overtones.

Its a sad fact about Bhopal, and 2 years imprisonment is shocking, but there are numerous other travesties of justice around the world and throughout history, many of which the UK should hold its head in shame.

I just hope that the UK doesn't get dragged too heavily into this debate. This mess needs and is being resolved by an Anglo US Corporation, it may need political monitoring, but not the level of intervention and added pressure currently being seen.

Well thats my £2.50 worth anyway

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I think every country has done vile things,least we forget that the British were the first to use concentration camp in the Boer war.
Has i have said all countrys have their dark past,the trouble is that when you think your country is perfect that is when you get the shock of your life.
Britain and America have been allies for a long time,this oil spill was not done with any indent.
If a USA company had done this of the coast of the UK,and us Brits were burning the American flag and shouting anti American obscenity.And then find
our PM wants to kick ass(preferably American ass)
Obana did not back us in the talks about the Falkland islands perhaps it would be better if he said it has it is, I DO NOT LIKE YOU BRITS, and i want to make the most of this oil spill to show my contempt for you Brits.
If Obana was the Fire Chief he would be pouring more fuel on the fire, fix the problem then find out what happend.Do not bame a whole nation because this oil spill happend.

Forgive me if im missing the point here - Yep BP is British owned, but wasnt the platform in question manned, run & managed by Americans? Well so ive read anyway

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