Posted on 07/12/2010 2:55:25 PM PDT by thisisthetime
The British Cabinet of Ministers gathered for a special meeting to discuss the future of one of the world's largest oil companies in the world, British Petroleum, in connection with the liquidation of the consequences of the ecological disaster in the Gulf of Mexico.
BP has been suffering enormous losses for three months in a row. Britain's financial and economic top officials conducted a special meeting to discuss possible actions, which the British authorities may have to take in the event the oil giant either collapses or goes bankrupt. The officials even considered a variant at which BP could be nationalized, The Times wrote (the company had been in state property before 1987).
All the efforts taken so far to contain the oil spill have brought no results. Tens of thousands of barrels of oil continue to spill from the ruptured pipe. It has been officially acknowledged that the ecological disaster had caused significant damage to all states on the coast of the Gulf of Mexico, The Associated press said. BP has been able to remove only 60 percent of the spilled crude in 77 days after the beginning of the disaster. The company originally said that it would be able to retrieve that amount of crude from the Gulf in only one day, The Washington Post said.
BP's market value halved to $64 billion after US President Barack Obama ordered the company's administration to establish a $20-billion foundation to compensate the damage caused as a result of the largest ecological disaster in US history. BP's financial liability is evaluated at $70 billion.
(Excerpt) Read more at thewoodwardreport.com ...
Who ever performed the risk analysis on going with the cheaper solution didn’t do their job.
It’s a given that BP will collapse. Besides halting drilling, I wonder what Obama will enact unilaterally when it does.
If BP can unload it’s assets to say Apache and declare bankruptcy letting B0 and the boys to split up a box of pencils, more power to them. B0 and his thugs have looked at this crisis as a way to fill their pockets at the expense of the entire gulf. This jackass led government has taken every opportunity to screw up this nation. An angry populous paying six bucks a gallon for ethanol degraded gasoline and looking for work might want to vote for real change and real freedom in a real big way.
And the person who wrote this sentence is considered a professional? It appears we should be more concerned with the collapse of our educational system.
CC
Really? It's stock price was up over 7% today.
Does the ‘bama have a contigency plan for the Gulf if BP goes belly up? (Of course not.)
Exxon is an interested buyer, as are others.......heard this on news today.
As BP sells off those assets the Obama Regime will be there to collect the proceeds.
In the end BP can't simply be sold off like a used car ~ the British government should probably prepare for covert actions.
Remember, this sucker USED to be state owned industry, not some pants store near Picadilly.
The other oil companies will not buy BP’s liabilities or buy assets that obama can seize
Why would they?
Unless they too are hustled by obama’s thugs so the obamites can continue milking “Big Oil” for their slush funds
The US Government already owns the land, the oil reserves, the drill sites, and so forth.
As long as BP "owns" those leaseholds they pay rent on them. If the wells are pumping BP pays royalties on each barrel taken.
If BP is kicked off the leases, Obama's people will lose the leasehold income and the royalties.
ADDITIONALLY!!
Obama, EPA, cuts one third of US refining capacity. A Dem candidate for Gov. is involved!!
“From the RPT:
President Obama’s EPA has decided to mess with Texas, and they may be doing it on Bill White’s behalf. News broke on Wednesday that the EPA is rejecting Texas’ flexible permit system, a system that been in place for 16 years, has enjoyed bipartisan support, and has actually worked to reduce NOX emissions in Texas better than the EPA’s own programs work in other states. Gov. Perry, Lt. Gov. Dewhurst, Attorney General Abbott, and indeed all of the Republican leadership in Texas are outraged by the EPA’s actions.
As usual, there’s more to the story. The Democrats’ nominee for governor, Bill White, is right in the middle of the EPA’s extreme and unnecessary move. According to an editorial by the Houston Chronicle, White met with EPA regional director Al Armendariz last fall, and that meeting apparently spurred the EPA’s drive to attack Texas.
Mayor White has also been critical of the Texas Commission on Environmental Quality as being too lax in enforcing state laws against polluters.....
After meeting with White, EPA officials announced that many of the TCEQ rules are in violation of the federal Clean Air Act.
Did the Democrat who wants to be Texas’ governor collude with the Obama EPA to hit Texas hard, putting Texas families and businesses at risk in the process, so he can play politics and blame it all on Gov. Rick Perry? Whatever one wants to call that, it certainly isn’t putting Texans first. Bill White needs to answer for this assault on our state.
As this move builds on the EPA’s decision to regulate CO2 without Congressional input, we seem to be looking at an agency that the Obama administration is using to command and control the US economy to further its far left statist agenda. The Obama administration wants to control everything - private industry, health care, everything - as part of President Obama’s campaign promise to “fundamentally transform America.” Even more appalling, these power grabs come at us while the Democrats in the White House and Congress show rank incompetence in their existing duties of securing the border and dealing with the oil spill that occurred in federal waters. And despite his recent rhetorical attempts to distance himself from his masters in the Democratic Party, Bill White is obviously arm in arm with them the whole way.”
AND, a TX Dem candidate for gov is involved in the EPA decision to shut down TX refineries, one third of the US capacity:
Rec’d as email:
“From the RPT:
President Obama’s EPA has decided to mess with Texas, and they may be doing it on Bill White’s behalf. News broke on Wednesday that the EPA is rejecting Texas’ flexible permit system, a system that been in place for 16 years, has enjoyed bipartisan support, and has actually worked to reduce NOX emissions in Texas better than the EPA’s own programs work in other states. Gov. Perry, Lt. Gov. Dewhurst, Attorney General Abbott, and indeed all of the Republican leadership in Texas are outraged by the EPA’s actions.
As usual, there’s more to the story. The Democrats’ nominee for governor, Bill White, is right in the middle of the EPA’s extreme and unnecessary move. According to an editorial by the Houston Chronicle, White met with EPA regional director Al Armendariz last fall, and that meeting apparently spurred the EPA’s drive to attack Texas.
Mayor White has also been critical of the Texas Commission on Environmental Quality as being too lax in enforcing state laws against polluters.....
After meeting with White, EPA officials announced that many of the TCEQ rules are in violation of the federal Clean Air Act.
Did the Democrat who wants to be Texas’ governor collude with the Obama EPA to hit Texas hard, putting Texas families and businesses at risk in the process, so he can play politics and blame it all on Gov. Rick Perry? Whatever one wants to call that, it certainly isn’t putting Texans first. Bill White needs to answer for this assault on our state.
As this move builds on the EPA’s decision to regulate CO2 without Congressional input, we seem to be looking at an agency that the Obama administration is using to command and control the US economy to further its far left statist agenda. The Obama administration wants to control everything - private industry, health care, everything - as part of President Obama’s campaign promise to “fundamentally transform America.” Even more appalling, these power grabs come at us while the Democrats in the White House and Congress show rank incompetence in their existing duties of securing the border and dealing with the oil spill that occurred in federal waters. And despite his recent rhetorical attempts to distance himself from his masters in the Democratic Party, Bill White is obviously arm in arm with them the whole way.”
Buy on the rumor, sell on the news.
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