NEW YORK, April 30 (Reuters) - Containment and cleanup costs of a massive oil spill in the Gulf of Mexico could top $3 billion, but financial impacts on BP Plc will be limited by the oil company's insurance, Fitch Ratings said on Friday
Here's link and excerpt on BP self insurance.
BP confirmed Friday that it is self-insured for any costs related to the spill, so the company will have to absorb its full share of spending currently running about $6 million a day plus $100 million which it expects will be spent bringing in another rig to drill a relief well.
STOKRULER, BP is self insured. They will foot the cost for this entire bill. if the US government gets involved, BP could end up being "THE US Oil Company". Remember the bank bail outs ? That's what could happen here.
StokRuler, The sad part is it could have been prevented with an emergency shut off valve. Some countries REQUIRE the valves to be put in place. Evidently it appears as though BP chose not to add the precaution. Was it the additional cost ? If so then BP could be in a heap of trouble if the spill keeps spreading. Not only will it effect the US Gulf states but Mexican shores too. It will depend on the currents. If not contained, this could be the biggest man made disaster known in our life time. Get ready for BILLIONS in cleanup and lawsuits because it is bound to happen. No company known to me that is self insured could possibly survive the economic costs if this isn't stopped VERY soon. The fishing industry in the gulf region is in major trouble already. Better buy some shrimp now because the costs are going to sky rocket.
Excuse me, but the damn thing blew up, you know explosion! Bam wham! Could it have been terrirism???? Lets see who would bebefit from us not having a real energy program???? Obama's green supporters, those who want to buy and sell Carbon Credits...thank you Al Gore! Oh yeah those pesky Terrorists that have vowed to kill America. But the media is screaming BP BP BP. You know- who would have profitted from this not BP!
"The sad part is it could have been prevented with an emergency shut off valve. Some countries REQUIRE the valves to be put in place".
Oh God - you simpletons. You have no idea what you are talking about. Try asking questions and not pretending like you know anything about this. It's like saying they weren't wearing a seat belt. They didn't have a drain in place for the toilets! They put the wrong batteries in the smoke alarm! Wrong remote control code!
There are multiple protections supposed to be in place and the Blow Out Preventer was definitely in place. But it didn't work. They don't know why yet.
You probably didn't learn anything about this in high school or during your liberal arts degree.
But I note you all can predict the future.