Posted on 6/9/2010, 4:58:10 PM by Williams
BP should be responsible for every penny of clean up and containment, even criminal liability if appropriate. But we're seeing Obama and the democrats out to destroy the company, an effort which can only hurt BP's ability to pay for the cleanup, and which is devastating to investors, retirement funds, and the economy.
As Obama talks about "kicking ass" and now demands BP stop paying dividends, the company's share value is plummeting in a death spiral.
BP started this crisis with tens of billions in cash and a strong revenue stream. All the politicians are doing is destroying investors' savings and weakening the company that is needed to pay for all this. They're also threatening future oil production in the gulf.
I've read that BP may split off the operations that are responsible for the leak, meaning the responsible entity will be much smaller and much less capable of paying for the clean up and damages. That can't be good for America.
I understand the politics and anger behind this but let's remember we need the offshore oil for our energy, although Obama doesn't think so. We also need a strong oil industry for exploration and development. It makes no sense to destroy BP, and certainly not to do so until after the full bill is known and paid.
True of many companies since the Obama administration was sworn in!
BP owns and operates the 2nd largest refinery in the USA.
Not quite. They have 5th and 3rd.
BP Products North America Inc
Whiting, IN = 405,000 BPD
Citgo Petroleum Corp
Lake Charles, LA = 429,500 BPD
BP Products North America Inc
Texas City, TX = 455,790 BPD
ExxonMobil Refining & Supply Co
Baton Rouge = 503,000 BPD
ExxonMobil Refining & Supply Co
Baytown, TX = 572,500 BPD
BP Whiting is going through a large expansion right now, but the Motiva expansion is even larger.
When did they over take Aramco? (and some others)
vaudine
My reference is for public owned petroleum companies, not state owned. Aramco is still the #1 state owned petrol company. BP overtook Exxon last year as #1 publically traded company.
Actually, BP produced more oil than ExxonMobil before that I believe.
But yes, BP produces the most oil of the publicly traded companies. Several National oil companies produce more.
A total cashectomy...
a great term developed by the Monty Python crew.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.