Gulf Oil Crisis

[Vassago]

I really don't think protesting does anybody any good at this point.... I think people are already becoming more and more aware of who and how much is going to be impacted by this. I don't think many people are playing the blame game at this point, just wondering why it hasn't been able to be stopped by this point.

That's definitely the biggest question. The fail safes that were in place were obviously inadequate and there was no back up plan to prevent this sort of disaster. I think people are more curious as to why there wasn't more done to prevent this than who is to blame.

 

[boblarson]

BP is 39% owned by the U.S

So that means that it is 61% owned by the British, eh?

The last time I looked 61% was a much greater percentage thatn 39%. Now if it were the other way around...

 

[Brianwarnock]

So that means that it is 61% owned by the British, eh?

The last time I looked 61% was a much greater percentage thatn 39%. Now if it were the other way around...

I didn't realise that they were the only 2 nations that dealt in shares.

Brian

 

[boblarson]

I didn't realise that they were the only 2 nations that dealt in shares.

Brian

Well, I just wanted to use generalizations as it seems that certain people only work in those. No need to get specific or work under the assumption that not everyone in a country is different from anyone else.

 

[Rich]

Then why is the 61% left picking up 100% of the bill and where's Halliburton's share?

 

[boblarson]

Then why is the 61% left picking up 100% of the bill and where's Halliburton's share?

Well, that's up to them, the courts, etc. to straighten out. But whatever happens in regards to that, the cleanup AND the fix to block the oil needs to occur in the meantime. I believe that the U.S. will probably end up footing a lot of the bill and will end up probably giving BP extra money so they don't go under. That should not happen but it probably will. And as far as each player goes in it, I think the finger pointing is an attempt to try to keep from getting tagged with a larger proportion of the cost of cleanup. This is one of those situations which, while currently it affects the U.S. more locally, it is going to ripple through internationally and is a global issue. What this does show is that any oil drilling could have possible globally deadly effects and might result in a stronger push to get away from oil as much as possible.

I can only hope that is the case. And, yes, we know that Americans' use of oil is quite high to the rest of the world, but China is rapidly coming up on us and something has to be done to wean us from that dependency. It might happen and it might not. But hopefully this will give more ammunition to those who are fighting to get us OFF of oil.

 

[PNGBill]

On the Share Issue. Not sure how precise the statistics are but my "portfolio" includes International Shares and I am sure most medium size and up, in Countries outside of the US, would include a good proportion of International Shares.
When you have a global company like BP how well do the Statistics really show where the shareholders come from.

 

[Fifty2One]

If you google enough you might find that a company can not have a controlling amount of shares owned by foreigners... outside of 50% plus one share it is a free for all... except the shares have a monitary value... they are not free... yet...

 

[Adam Caramon]

I don't think USA will give BP any money at all. I saw a figure on the media here (once again, always suspect) that stated in the 50+ days since the spill, BP had paid 1.x Billon dollars towards the clean up. In that same time period, they had 3.x Billion dollars in profit. Now, assuming that "profit" means excess money after all the bills are paid (which is what it is supposed to mean), then BP is not going to need any help.

Obama got a lot of heat when he gave money to the auto companies. If he gave money to BP I could see impeachment process' starting.

I still get my gas at my local BP. Its close, convenient, and charges the same for cash or credit (one of my pet peeves). Yeah, they are partially responsible for what has happened, but it seems like they're doing a pretty good job of cleaning up (people living there will always want them to do more, no matter how much they actually do).

 

[boblarson]

I don't think USA will give BP any money at all. I saw a figure on the media here (once again, always suspect) that stated in the 50+ days since the spill, BP had paid 1.x Billon dollars towards the clean up. In that same time period, they had 3.x Billion dollars in profit. Now, assuming that "profit" means excess money after all the bills are paid (which is what it is supposed to mean), then BP is not going to need any help.

That is what SHOULD happen, but when politicians get involved, it isn't necessarily what DOES happen.

Obama got a lot of heat when he gave money to the auto companies. If he gave money to BP I could see impeachment process' starting.

What's new? He's got a lot of stupid stuff out there which is going to play against him come the next presidential elections, unless he does something spectacularly good. I don't see it as an impeachment process because there is nothing illegal or unethical about doing so. It may make a lot of people very angry but an impeachment would require him to be found guilty of something. And, with Democrats controlling the Senate, it is highly unlikely that would ever get started to begin with.

But anyway, I think the feds will ante up money for clean up with the intent of collecting later but I think BP may find itself at bankruptcy's door if the costs continue to climb like they are. And then the fed isn't going to get anything from them anyway.

 

[The_Doc_Man]

The blame game for the other partners in this venture besides BP has retreated to courts. There is a move afoot to get the disaster treated under Admiralty law, which would limit TransOcean's liability to the cost of the rig. I think Haliburton is getting some flak, too.

As I understand it, the Exxon Valdez spill caused the U.S. Congress to specifically craft a law regarding oil spills and other similar types of polluting disasters. The new law says that when negligence can be proven, Admiralty law cannot be applied. Here, it will be easy to demonstrate negligence because worker testimony has already been taken to show that testing of certain safety measures was somehow bypassed. Evidence of gas bubbles in greater than normal quantity was also ignored. The hydraulic ram cutoffs didn't work. Those could have been tested, too. There was a bore-hole inspection that was not performed.

Blame? The U.S. Government is passing around blame for everyone except itself. The Minerals Management Service (MMS) is responsible for testing and documentation of that testing. This is a screw-up with corrupt government inspectors. A friend of mine worked on an offshore rig for a few years as their computer operator before coming to work with the Dept. of Defense. He said he had personally seen folks coming around with briefcases full of cash to pay of inspectors and safety officers. If so, then bribery and malfeasance in office should be added to the mix.

I grieve for the joys that my grandsons will not have with their father, going fishing with him as I did with my father. Fishing at the edge of the Gulf or in some of the inland waterways with Gulf access used to be a great bonding experience. Not to mention that there is nothing quite like really fresh fish when you grill or fry them. And it is bonding with Nature, too. That activity will probably not happen often again in my lifetime. I hope it can eventually happen in their lifetimes.

 

[Alc]

Thanks for that I was wondering how intelligent Americans were seeing it.

Brian

According to BP's website, ownership is split as follows:
Institutions Individuals Total
UK 33% 7% 40%
US 25% 14% 39%
Rest of Europe 10% 0% 10%
Rest of World 7% 0% 7%
Miscellaneous 4% 0% 4%
------ ------- --------
79% 21% 100%

Source: http://www.bp.com/extendedsectiongenericarticle.do?categoryId=9010453&contentId=7019612

So even if these protestors somehow brought BP to its knees, thyey'd be harming the UK shareholders only marginally more than those in their own country.

Still find it a little suspicious that 4% of the company is owned by institutions that don't appear to be from this planet!

 

[Brianwarnock]

Still find it a little suspicious that 4% of the company is owned by institutions that don't appear to be from this planet!

The US and UK governments ?

Brian

 

[Alc]

The US and UK governments ?

Brian

Could be? I'd have counted a government as an institution, but perhaps they don't.

 

[dan-cat]

The US and UK governments ?

Brian

Michael Jackson?

 

[Alc]

Michael Jackson?

Like it or not, he was a US Individual.

 

[ajetrumpet]

Still find it a little suspicious that 4% of the company is owned by institutions that don't appear to be from this planet!

until the fraudulent cover-up that was used to produce this number is unvealed, they will remain from another planet

did anyone see the foul-mouthed Obama on tv the other day? apparently he's getting a little bit too frustrated with the company. I don't blame him either....he had the whole country in his pocket with his inspirational speeches during the election and now he's wondering if his second term is slipping into the background. I'm sure he wants to be remembered not only as the first black president, but the first black pres to serve successfully TWO terms.

 

[Alc]

did anyone see the foul-mouthed Obama on tv the other day?

Only caught a bit of it. What did he say that was foul-mouthed?

 

[ajetrumpet]

What did he say that was foul-mouthed?

on CNN it was "BLEEP BLEEP". anyone else hear any different?

 

[Alc]

on CNN it was "BLEEP BLEEP". anyone else hear any different?

Good grief, this guy must have been obscene