June 02, 2010

Failure of BP Could Also Hurt British Pensions
— Monty

Via Zerohedge.

The Telegraph article makes a good point about the BP-bashing currently going on in our government and media right now. Back in 1988, an Occidental Petroleum rig exploded in the North Sea and killed 167 people. You heard no rhetoric from Margaret Thatcher about having her "boot on the throat" of Occidental, or of driving the company to ruin.

It may be that there was some gross negligence on BP's part. But the fact remains that deepwater drilling is a dangerous and risky business. Putting BP out of business to "punish" the company for the accident will have the undesirable side-effect of hurting one of our best allies: Britain. Many British pensions hold large shares of BP stock, and if BP goes under, then British pensions suffer. Which means that British citizens suffer. And many of them may blame the Americans for their financial pain, whatever BP's liability may have been.

Everything is connected in this brave new world. Rather than scoring points on a company all the lefties love to hate, Obama might consider what effect his actions and rhetoric are having on a valued ally.

Posted by: Monty at 04:42 AM | Comments (73)
Post contains 205 words, total size 2 kb.

1

great so if obama tries to nationalize BP, that just means we will have more pensions to pay off. throw'em on the pile with the UAW pensions.

just take what you need from my IRA obama

Posted by: Ben at June 02, 2010 04:48 AM (wuv1c)

2 Obama might consider what effect his actions and rhetoric are having on a valued ally.

Maybe he could give them all DVD sets.  Seriously, I don't think Obama cares one whit about anyone besides himself.

Posted by: BeckoningChasm at June 02, 2010 04:50 AM (eNxMU)

3 Putting BP out of business to "punish" the company for the accident will have the undesirable side-effect of hurting one of our best allies: Britain. A feature, not a bug.

Posted by: Barack Hussein Obama at June 02, 2010 04:50 AM (AZGON)

4 Alinsky would be proud!

Posted by: NJConservative at June 02, 2010 04:50 AM (LH6ir)

5 You're making the incorrect assumption that Obama thinks of Britain as an ally.

Posted by: GMan at June 02, 2010 04:50 AM (sxq57)

6 1 great so if obama tries to nationalize BP, that just means we will have more pensions to pay off. throw'em on the pile with the UAW pensions.

I don't think Obama can nationalize BP, as it's a British company, but he can certainly make things difficult for BP stock-holders.

Posted by: Kratos (missing from the side of Mt Olympus) at June 02, 2010 04:52 AM (9hSKh)

7 It may be that there was some gross negligence on BP's part. But the fact remains that deepwater drilling is a dangerous and risky business.

We have the normal business of the idiot liberals jumping on the bash BP bandwagon before ANY investigation is done at all to determine what went wrong and why.

We have the usual BS from the commie politicians who's only objective is to not let a good (manufactured) crisis go to waste.

But all of that is expected. What saddens me is that we have some "conservative" Morons jumping on the same bandwagon.

I asked yesterday and never got any response. I'll ask again today. We have "news" videos that focus in close on oil slicks making them appear to be really bad. Do we have any gulf States morons who have seen ocean side oil slicks and who can testify how bad they really are?  

Posted by: Vic at June 02, 2010 04:54 AM (6taRI)

8 You're making the incorrect assumption that Obama thinks of Britain as an ally. Obama is letting his personal animus towards the British (which could not be more clear if he tattooed ENGLAND SUCKS on his forehead) damage a relationship with our closest ally. And our cousins. Come what may, we are the children of England; their legacy is also ours. They are family. I'm not saying that we should just let BP off the hook if there was negligence involved. What I do object to is the rhetoric that the Obama administration is using against a foreign company doing business in the US. If BP is driven out of the US, or goes out of business altogether, it will be seen as America's fault -- and another wedge between us and the mother country.

Posted by: Monty at June 02, 2010 04:55 AM (4Pleu)

9 What about Anadarko and Halliburton, and U.S. investors and their families?  Every time President Dickhead attacks BP, or sends Steadman Eric Holder to threaten them with civil and criminal investigations, it causes our American oilfield service company stocks to crater.  I truly hate that man.

Posted by: An Inconvenient Development at June 02, 2010 04:55 AM (+iMgO)

10 Obama might consider what effect his actions and rhetoric are having on a valued ally.

They are only valued by normal people. Wookies and jug-ears have different values.

Posted by: Vic at June 02, 2010 04:56 AM (6taRI)

11 Obama might consider what effect his actions and rhetoric are having on a valued ally.

Valued by who?  Not this cat.

Posted by: Barry Sotero at June 02, 2010 04:58 AM (rSoCo)

12 I asked yesterday and never got any response. I'll ask again today. We have "news" videos that focus in close on oil slicks making them appear to be really bad. Do we have any gulf States morons who have seen ocean side oil slicks and who can testify how bad they really are? The same criticism applies to the hysteria over the "floating garbage island" supposedly twice the size of Texas. It would be easily visible on ordinary satellite photos if it were truly an "island" upon which you could land, beach a boat, plant a flag... Not much discussion of the methodology used to measure either one. How thick? How dense? How consistent in size?

Posted by: George Orwell at June 02, 2010 05:00 AM (AZGON)

13 Screw Britain. Twice.

Posted by: Michael Collins at June 02, 2010 05:01 AM (I+7Zv)

14 Alinsky would be proud!

If what's going on is a cooperative venture between the admin and BP to establish a rhetorical space in which BP's nationalization (or quasi-nationalization) is What Must Be Done, and only opposed by Shills For Big Oil, he would (be proud).

If it's just Obama shit-talking BP because some poll says it shores up his base, and that's his rhetorical instinct anyway, he wouldn't.

His Rules are rules for expanding power while acting like you're doing something else, and especially for obscuring who's on whose side, not for winning news cycles, or even elections.

Posted by: oblig. at June 02, 2010 05:04 AM (x7Ao8)

15 Come what may, we are the children of England; their legacy is also ours.

Monty, do you ever read Theodore Dalrymple?

Posted by: NerdRadish at June 02, 2010 05:04 AM (mR7mk)

16

I actually only use BP gas, they make some of the best gas you can buy.

I continue to frequent BP, and will likely continue to do so.

 

Posted by: Ben at June 02, 2010 05:05 AM (wuv1c)

17 Obama is letting his personal animus towards the British (which could not be more clear if he tattooed ENGLAND SUCKS on his forehead) damage a relationship with our closest ally. And our cousins. Come what may, we are the children of England; their legacy is also ours. They are family.

Monty,  I agree with you.  I think though, that there's nothing we can do about this situation until the elections.  Unfortunately he's really straining our relationship with Britain, but hopefully it can recover after he's gone.

Posted by: GMan at June 02, 2010 05:06 AM (sxq57)

18 I suspect that if they had been left to their own devices, the experts, B-P and Halliburton and Transocean, could have rectified that situation within a couple of weeks. As you might recall, though, the Obama Administration sent a whole flock of attorneys and environmentalists down there at the very outset, even before they had any engineers assess the situation, the effect of which was that those attorneys were the ones who gummed up the works. Funny, the media has conveniently forgotten that chain of events.

Posted by: Just a thought, or two at June 02, 2010 05:08 AM (sYrWB)

19

What about Anadarko and Halliburton, and U.S. investors and their families?  Every time President Dickhead attacks BP, or sends Steadman Eric Holder to threaten them with civil and criminal investigations, it causes our American oilfield service company stocks to crater.  I truly hate that man.

or the entire city of Las Vegas.

Obama seems intent on doing as much damage as he can, and i don't think he knows exactly what he is doing. I honestly believe the man is a little naive and doesn't realize what he says as the president is a lot different than the same thing said by a private citizen.

I do think he is a Social Democrat of the European type, however i don't think he totally understands all the aspects of power that come with the office of the presidency in modern america.

 

On a related note, does anyone else have buy order in for BP at around the 29 dollar range? If I could get it for that it would be a steal. Once this leak is plugged, they will take a hit financially and maybe even a trial or two, but everyone will forget in a couple of years and they will be back to high profits and dividends again.

 

Posted by: Ben at June 02, 2010 05:09 AM (wuv1c)

20 I continue to frequent BP, and will likely continue to do so.

Back when some on the right made some noise about boycotting Citgo, the "contemporary wisdom" was that it would only hurt the American gas station owners and their employees.  There will always be a customer for the crude oil.

I've noticed this wisdom has gone away now that it's an oil company not controlled by a Marxist dictator.

Posted by: HeatherRadish at June 02, 2010 05:09 AM (mR7mk)

21 Monty, do you ever read Theodore Dalrymple? All the time. He is a very wise and perceptive man.

Posted by: Monty at June 02, 2010 05:09 AM (4Pleu)

22 You know its really a lot easier to understand if you just come to terms with the fact that this dickhead is a suicide bomber on his run. His every action is calculated to destroy America ,make whitey pay, and turn us into a 3rd world shithole..you know like the one HE was born in. He don't give a fuck, he made a ton of cash and got to where he is by gaming the system  his entire life. He'll take his money and go make himself king of kenya for all he gives a shit. What matters is he hates america, and every fucking thing this asshat does is geared to make America and her friends pay.

Posted by: Berserker at June 02, 2010 05:11 AM (gWHrG)

23 Truly a Pezzydency ruled by magical thinking and a craving for attention and glamor. So Barry has asked prize wanker and movie director James "I'm the king of the world" Cameron to advise him on how to stop the BP oil spill. 'Cause, like, hiring professional underwater photographers 'n' making movies about blue smurfs in 3D 'n' winning Oscars 'n' stuff makes you an expert on stanching oil well disasters a mile underwater. This has to be one of the most transparently idiotic and pandering things Barry has done since bowing to the Emperor of Japan.

Posted by: George Orwell at June 02, 2010 05:11 AM (AZGON)

24

Rather than scoring points on a company all the lefties love to hate, Obama might consider what effect his actions and rhetoric are having on a valued ally.

That is simply asking too much of this assclown president.  Why do that when he can score points in the short term until November?

Posted by: EC at June 02, 2010 05:11 AM (mAhn3)

25 What has frustrated me recently is a local (well, state wide, but by local I mean not national) radio show here in Mississippi.  One of the hosts, generally a very conservative guy, is having the same reaction as Obama: "plug the damn hole!"

I'm tired of this crap.  With every drop of oil that leaks into the Gulf, BP is losing money.  Do people honestly think they're dilly-dallying on purpose?  Makes no sense to me.  If they'd put about 2 seconds of thought into it, they'd realize that stopping an oil leak located a mile under water ain't exactly child's play.

Posted by: Joseph at June 02, 2010 05:13 AM (gyt8t)

26 I'm more cynical. I thnk Zero knows exactly what he is doing...or his handlers do, anyway.

Posted by: Luca Brasi at June 02, 2010 05:14 AM (YmPwQ)

27 "Obama might consider what effect his actions and rhetoric are having on a valued ally." The problem with this analysis is that Obama does not value any of our allies. There is certainly no indication that he values Great Britain.

Posted by: Tommy V at June 02, 2010 05:14 AM (gkc1e)

28 "Obama might consider what effect his actions and rhetoric are having on a valued ally."

Part of me thinks the next time Obama does this will be the first time.  Another part of me thinks he always considers this and that's why he says what he says...he's getting the ''desired" effect.  It's the same question that's been discussed here for the last 18 months...is he this brilliantly leftist or this brilliantly incompetent. 

Personally I think he is as incompetent as he can be and the leftism naturally benefits from incompetence when someone has this much power. 

Finally, I have said for the last couple of weeks, this will doom BP and frankly, if the market decides it, I'm ok with it. 


Posted by: The Hammer at June 02, 2010 05:15 AM (YBTwf)

29

Obama is letting his personal animus towards the British (which could not be more clear if he tattooed ENGLAND SUCKS on his forehead) damage a relationship with our closest ally. And our cousins. Come what may, we are the children of England; their legacy is also ours. They are family.

Monty,  I agree with you.  I think though, that there's nothing we can do about this situation until the elections.  Unfortunately he's really straining our relationship with Britain, but hopefully it can recover after he's gone.

It makes sense. People often hold historical grudges. Look at Europe now. The failing countries that are the benefactors of Germany's largess were quick to bring up Nazism when Germany was unsure whether or not to bail them out. The Finns, Poles, and Czechs still hate the Russians. The French still hate England.  Why would it suprise us that the son of a Kenyan hates the British? I would think the son of a someone from Congo would still hate the Belgians, or South African the Dutch.

People hold historical grudges based on their personal history. It may not be entirely true of fourth or fifth generation americans, but certainly of first or second generation.

I know i am not supposed to say "germany" when at events with my polish jew side of the family.  I actually had a grand uncle(not sure of the proper term for that lineage), who ran a tool and die factory and went out of his way to never do business with a german. That is an amazlingly hard feat considering the Germans presence in heavy industry.

So why should it suprise us that a first generation america, son of a communist mother and Kenyan official, hates the face of Colonialism in Africa and Imperialism around the Globe, and simply over look the more imporant aspect of its history which was as the face of modern democracy across the globe.

Posted by: Ben at June 02, 2010 05:15 AM (wuv1c)

30 dye not die.

Posted by: Ben at June 02, 2010 05:17 AM (wuv1c)

31 With every drop of oil that leaks into the Gulf, BP is losing money. True, but no one really gives a shit about BP's profits right now. I have to confess I'm one of these. It's their accident, and it's their responsibility to fix it and clean up the mess. It may drive them from the US; it may even drive them into a takeover. This is all business -- that's how it works. My complaint has more to do with the tone and rhetoric coming out of the Administration, and the disproportionate treatment given to BP compared to how Britain treated Occidental Petroleum in similar circumstances. I'm saying that the Administration should walk softly and heed the feelings of the Brits: this is a calamity for them as much as it is for us.

Posted by: Monty at June 02, 2010 05:17 AM (4Pleu)

32

Rather than scoring points on a company all the lefties love to hate, Obama might consider what effect his actions and rhetoric are having on a valued ally

What?  Those crackers with the fucked up teeth that talk funny?  They can kiss my ass.

Posted by: Barack the Unifier at June 02, 2010 05:18 AM (VdLbt)

33 dye not die.

Die was correct, Ben.

Posted by: Additional Blond Agent at June 02, 2010 05:19 AM (SHKl9)

34 26...I know what you're saying, but actually, there may come a point where BP says, F-it.  We can't fix it, it's costing us millions to try, and we're going out of biz anyway, so what's the point.

This is the perfect scenario for a strong conservative to stand up and make the case for a role for the federal government to remove barriers and provide assistance to the local and state level.  Get the people along the coast all the help their local leaders believe is necessary, including international help.  Then get out of the way.  The feds could do this much more effectively than even a state governor.  Of course, they will want to own the situation in a much different fashion and no national R's have made the case I've laid out. 




Posted by: The Hammer at June 02, 2010 05:22 AM (YBTwf)

35

dye not die.

Die was correct, Ben.

thanks. I am unfamiliar with the spelling of that word in that context. thanks.

Posted by: Ben at June 02, 2010 05:23 AM (wuv1c)

36 Has Obama given back the BP campaign contributions yet? Such a small gesture wouldn't hurt his warchest.

Posted by: Jean at June 02, 2010 05:31 AM (6Njk9)

37 Thinking about the Brits -You know Teh Won must be torn apart about the upcoming US/England World Cup match.  I mean think about it:

1) It's a sporting event, and he loves paying attention to trivialities instead of doing his job (see five hour golf rounds, ESPN production of him filling out his NCAA Tournament bracket, etc);

2) It's soccer, so America hates it and the rest of the world loves it (see, everything about his foreign policy...and his domestic policy, actually);

3) Soccer players get the full-on tabloid treatment around most of the world (more cowbell!);

4) Other countries are better than America at it (we're not special!)

BUT

5) If America and England play, one of us might win, and we know that would gnaw at him.  I get the feeling Barry is going to be rooting for a tie.

Posted by: Rick at June 02, 2010 05:32 AM (L/O45)

38 In Obamaworld, Britain is now an Enemy, as is Canada, Poland, Germany etc.

Our Allies include Palestinians, Iran and North Korea.

Did you not get the memo?

Posted by: shibumi at June 02, 2010 05:32 AM (OKZrE)

39 We think Barry should hire us to help BP. We have extensive experience with drama at sea.

Posted by: The Gazan Flotilla of Peace Terrorists at June 02, 2010 05:34 AM (AZGON)

40

undesirable side-effect of hurting one of our best allies: Britain

I agree with the other commenters.  Ordinary Americans of good will may believe this, but I don't think the adminsitration, especially Barry, gives a crap. 

Posted by: Insomniac at June 02, 2010 05:34 AM (DrWcr)

41 He isn't bringing in the Hollywood clowns to help stop the leak - but to help dramatize the accident and pick the visuals he needs to sell the crisis. Without miles of ruined bayou and magnificent white cranes covered in black oil to get the American people to defocus from American Idol, he's got nothing and the bully pulpit is powerless. His actual legal and technical power is essentially useless as well.

Posted by: Jean at June 02, 2010 05:37 AM (tJF9l)

42 Miss Me Yet?

          -Amoco  (a/k/a Standard Oil (Indiana) )

Posted by: tmitsss at June 02, 2010 05:37 AM (V4Pya)

43 Is it November yet?

Posted by: Jean at June 02, 2010 05:41 AM (vb5IK)

44 He isn't bringing in the Hollywood clowns to help stop the leak - but to help dramatize the accident and pick the visuals he needs to sell the crisis. Exactly my point. It's a combination of magical thinking and plain propaganda to agitate the community. It's what a community organizer does.

Posted by: George Orwell at June 02, 2010 05:43 AM (AZGON)

45 32 With every drop of oil that leaks into the Gulf, BP is losing money.

True, but no one really gives a shit about BP's profits right now. I have to confess I'm one of these. It's their accident, and it's their responsibility to fix it and clean up the mess. It may drive them from the US; it may even drive them into a takeover. This is all business -- that's how it works.

Can't argue with you there, Monty.  I'm just saying it's unnecessary for people to act like little children and stomp their feet and pout.  My point is that BP has no incentive (at least, none that I can see) to let more and more oil out into the Gulf.   

Posted by: Joseph at June 02, 2010 05:45 AM (gyt8t)

46 I'm sure glad Barry did the logical thing and conclude that all new US offshore drilling should stop indefinitely and for good measure, he made sure to avoid replacing the production shortfall by permitting increased extraction elsewhere. Like ANWAR. We certainly don't want more oil. It's evil and gooey and makes kittens cry. Except when it fuels Air Flotilla One.

Posted by: George Orwell at June 02, 2010 05:49 AM (AZGON)

47 Gasoline here in Sacramento just dropped $ .11 to $2.99 what's up with that?  If there is such a problem with this BP thing, then why did gas go down?

Posted by: TimothyJ at June 02, 2010 05:53 AM (IKKIf)

48

Come what may, we are the children of England; their legacy is also ours. They are family.

Monty, not Obama's family.

Posted by: Decaf at June 02, 2010 05:53 AM (NooBZ)

49 We certainly don't want more oil. It's evil and gooey and makes kittens cry. Except when it fuels Air Flotilla One.

...and all the Spandex keeping FKOTUS' flesh in her horrible outfits.

Posted by: HeatherRadish at June 02, 2010 05:57 AM (mR7mk)

50 All of Britain cheered when brack got elected so feck 'em!

Posted by: steve at June 02, 2010 05:57 AM (2iVD6)

51 TimothyJ - demand is low. By product of a slow global economy.

Posted by: Jean at June 02, 2010 05:57 AM (PjevJ)

52 Monty: "I'm not saying that we should just let BP off the hook if there was negligence involved."

Plus, "negligence" is a two-way street here. What of the role of the current government oversight and personnel who failed for reasons of negligence, incompetance, and/or corruption? This bites Team Obama and the Federales, including Congress, for not overseeing their own regulations. I'd say the case against Barry O'Bumbles is equally compelling regardless of after event politicization, grandstanding, and stagnation. Team Obama is the pot calling the kettle black (and I consider myself denounced so you don't have to).

Posted by: AnonymousDrivel at June 02, 2010 06:02 AM (EnE4+)

53 Jean for the win.

Posted by: Mr. Dave at June 02, 2010 06:03 AM (Lai66)

54 I think almost all of President Saystuff's actions can be reasonably explained by keeping 5 things in mind.

1. He's quite stupid, at least as compared to other presidents.
2. Everything is always all about him.
3. He's thin-skinned, undisciplined and lazy.
4. He hates western civilization.
5. He's a community agitator whose first instinct is to pick at scabs and encourage anger and division.

That's all you really need to know about the guy.

Posted by: Warden at June 02, 2010 06:20 AM (fE6tn)

55 "Rather than scoring points on a company all the lefties love to hate, Obama might consider what effect his actions and rhetoric are having on a valued ally."

Now that there is some funny shit.

Posted by: kansas at June 02, 2010 07:27 AM (mka2b)

56 48 Gasoline here in Sacramento just dropped $ .11 to $2.99 what's up with that?  If there is such a problem with this BP thing, then why did gas go down?

I have BP stock. There is a problem. I think the oil companies are dropping the price to avoid pissing us off.

Posted by: kansas at June 02, 2010 07:29 AM (mka2b)

57

Everything is connected in this brave new world. Rather than scoring points on a company all the lefties love to hate, Obama might consider what effect his actions and rhetoric are having on a valued ally.

He doesn't care what his actions might do to the Brits, since he loathes the Brits because of what they did to his terrorist grandpa.

 

Posted by: Gray Wolf at June 02, 2010 07:39 AM (y1gF7)

58

Why can't we change the name of "July 2010" to "November 2012" and just get rid of this guy right now?

 

Posted by: Musket Guy at June 02, 2010 07:39 AM (BFOTs)

59 "Rather than scoring points on a company all the lefties love to hate, Obama might consider what effect his actions and rhetoric are having on a valued ally."

Reflect?  The same man who did a "Thanks But No Thanks" on that bust of Winston Churchill not long ago?  That man?  Remember that bust?   It was given back to the Brits.  Why? 

Very simple.

Obama is the son of a Kenyan Marxist.  A Kenyan - Frigging - Marxist.  Kenyan Marxists hate Britain and its alliance with the United States.  Obama is only acting what comes naturally.  Obama Doesn't Care. 

Let's drill this into our heads so we will remember what's at stake here.

Obama Doesn't Care!

Posted by: newton at June 02, 2010 07:40 AM (q5ZJk)

60

I do risk analysis for the nuclear power industry.  That works really well for items that are under your control like training, maintenance, equipment design, etc.  Probably the same for the oil and gas industry since they would use the same analytical tools.

The weakness for risk analysis is the outside world.  A nuke needs only sit in one carefully chosen place with a fence around it so our issues are pretty minor, like earthquakes and bad storms.  But we can and do make sure our design and operations bounds that as best we can but even then, the world is more complicated then human knowledge.

The issue is far more complicated and risky with an offshore drilling rig.  Not only are you floating in a huge body of water but you're sticking a pipe down thousands of feet into the planet.  Surprises abound, sometime lethally, as we saw.

Cut the oil and gas guys some slack.  This is difficult work on the frontier of human knowledge.

Posted by: Whitehall at June 02, 2010 07:50 AM (htrmr)

61 Somebody on another thread today whined that Obama isn't deliberately hurting the country. But the poster didn't say what country he or she lives in. So maybe he or she was serious and not necessarily a Democrat or an idiot. < Was that redundant?

Posted by: Just a thought, or two at June 02, 2010 07:53 AM (sYrWB)

62 Putting BP out of business to "punish" the company for the accident will have the undesirable side-effect of hurting one of our best allies: Britain.



Didn't that nice Irish lad, Barry O'Bama already through Britain under the bus.  Like ages ago?

Posted by: DngrMse at June 02, 2010 08:06 AM (wMWCO)

63 This assumes that BP shouldn't go out of business. Poke into their history a bit, and you'll discover one of the worst safety records out there.

That British pensions invest so heavily in BP is also part of the problem -- active investors have been trying to get BP to change its policies (since at least the Texas City fire of 2005), but the pensions aren't active investors, so it's difficult (some say impossible) to get any traction changing the board.

Posted by: Meiczyslaw at June 02, 2010 10:13 AM (vEhUz)

64

It's not that the British are our "cousins."

It's that our republic and its original principles were based upon English LAW.

 

 

Posted by: Victory 2012 at June 02, 2010 10:17 AM (GkYyh)

65 Out here on the west coast, of the major gasoline retailers ARCO's prices are typically among the lowest, and ARCO is owned by BP.

Any legal action taken against BP by Obie's henchmen is going to result in US paying for it one way or another.

Posted by: Blacque Jacques Shellacque at June 02, 2010 12:19 PM (gjUVx)

66 Miss Me Yet? -Amoco (a/k/a Standard Oil (Indiana) ) What about me? -Sohio/Boron

Posted by: cheshirecat at June 02, 2010 06:33 PM (XMu2g)

67 Gasoline here in Sacramento just dropped $ .11 to $2.99 what's up with that? If there is such a problem with this BP thing, then why did gas go down? Because the petrol you purchased today was bought 6 months ago at those prices. Ask again around, say, November.

Posted by: cheshirecat at June 02, 2010 06:35 PM (XMu2g)

68 Putting BP out of business to "punish" the company for the accident will have the undesirable side-effect of hurting one of our best allies: Britain. That's not the only problem. Think it through: Which country do we get most of our oil imports from? Saudi Arabia? BZZZ. Wrong. Mexico. Now, Mexico's major oil company Pemex is owned by the government. Much of the company's outlays go to fund their various social programmes there. Pemex is also losing money hand over fist since the oil reserves are starting to dry up. At some point, Mexico isn't going to be able to afford to ship oil out of it's company. Furthermore, if Pemex goes belly-up, so do all those lovely social welfare schemes the Mexicans enjoy. Two things happen: 1. Prices skyrocket on oil here. 2. More mexicans head north for more social money goodies...of course they have to bust through are impenetrable border first (/snark) Feel better folks?

Posted by: cheshirecat at June 02, 2010 06:41 PM (XMu2g)

69 Pemex is also losing money hand over fist since the oil reserves are starting to dry up.

They're also not doing the necessary exploration to find and exploit untapped reserves in their territory.

Posted by: Blacque Jacques Shellacque at June 03, 2010 11:47 AM (gjUVx)

70  

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