Puts are a sucker's game for the non-pro. Take your position...Stand or Fall. Worried? Eliminate the position...the "option insurance" salesman are from Goldman Sachs and they want to take your money by selling the puts to you.
i would hedge risk with some puts for your long position, of just sell tomorow and short the stock like the rest of us.
i believe it goes down tomorow, any misunderstanding between the goventment and bp is bad for both, cept BP has shares so.. it will show there.
Simple on open double down. BP will become an oil exploration co and it find tons on new oil and its price will double multiple times. Buy on bad news and hold for new discoveries!!!! Lawsuits will come and go and will die away over time notice Phillip Morris now pays a great dividend and has tons of cash-flow.... LONG & STRONG!!!!!