You need to think bigger, longer term. Engineers and scientists have worked for years to locate drill sites for the mother lode oil & gas formations they've long known lay deep beneath the GOM seabed. Tragic mishap aside, this event represents milestone progress in exploration and development. The Chinese, with their mushrooming economy and demand for fossil fuels, are sure to want in on the production. And it could finally be the answer to U.S. "independence" from OPEC's extortion. In the long run it'll be good for the States on the GOM and good for U.S. consumers, industries, and transportation.
I don't know about how the overall market will respond on Monday. But in BP's case I think the way they are handling this mess in such a heroic way and if the dome works, it will be positive for BP.
Remember there are other parties involved here not just BP. But BP, from the beginning was taking full responsibility for this unfortunate situation.
For those of you who think the beaches and shorelines of the Gulf will be a wasteland due to this disaster off shore it won't be. If it reaches beaches there will be thousands of paid as well as volunteers to clean up the mess.
When I was a young man we would vacation in Pannama City Florida. Every hotel had a foot wash area due to tar balls from the gulf. All due to irrisponsible drillers and ships loaded with crude. The beaches have been clean for years due to regulations and fines for those who are not concerned with our environment.
Once the investigation is over and if the unfortunate methane burst from below is the probable cause BP will survive and be looked upon, not as an irresponsible driller, but a company that has changed since the disaster at their prosessing plant in Houston.
Looks like BP and I think alike.
Gulf spill oil will be sucked up and sold in Texas! From revenue outflow to inflow in one weekend!
"HOUSTON (AP) -- The oil that BP is hoping to funnel through a giant 100-ton box on top of a ruptured well will be shipped to a Texas refinery and likely end up in people's gas tanks if the deep-sea operation is successful."
It might help. Still ocean states and foreign countries with off shore oil wont be saying come on down. If Bp wants to drill in the arctic or off of say Brazil they will have a lot of explining to do. Brazil is re-evalutaing the risks and safety requirements. Bp makes me want to buy oil etf and mitigate this sort of thing.
What damage? No seriously. Right now the damage you have is a bunch of fisherman's paychecks to compensate for 1-2 weeks worth of lost pay and the clean up costs for a crapload of oil that is not even making landfall in any serious quantity and is being collected on the water's surface. That's it.
If the dome significantly stops the leak this weekend, then all those lofty claims of BP's damages being 12 Billion instantly become moot.
The lawsuits of the fishermen and coastal business become moot, the cleanup costs remain under 200 million, and BP also immediately begins GAINING REVENUE FROM THE WELL!
Right now you have only 2 groups who are hoping the leak doesn't stop, 1,000's of sh!thead loser attorneys who know BP capping the leak kills their case, and greedy BP shorts who were stupid enough to not take profits today.
Yeah, people seem to forget that BP is almost as big as Greece, from an economic standpoint. And in a whole lot better shape. Even if this whole Gulf fiasco ends up costing BP billions...that's a temporary setback.