Posted on 06/02/2010 9:18:46 AM PDT by mojito
Mark Reynolds of the UK Express reports, BP OIL DISASTER SINKS OUR PENSIONS:
Billions of pounds were wiped off the value of pension funds yesterday as shares in BP slumped dramatically because of the Gulf of Mexico oil spill.
One of Britain’s biggest companies and a key indicator of its economy, the oil giant suffered its worst one-day share fall for 18 years.
At its lowest point, the company’s share price was nearly 17 per cent down, although it recovered slightly by the close of trading. Even so, £12billion had been wiped off its market value.
Last night experts were warning that the company had “the smell of death about it” as fears grew that the disastrous leak off the Louisiana coast could continue for another two months after the latest attempt to stem it failed.
Market experts warned that the extraordinary decline of the City heavyweight – a key stock for many UK pension fund investments – would inevitably leave British pensioners poorer.
(Excerpt) Read more at zerohedge.com ...
Buy low. BP will recover.
SnakeDoc
I agree...I don’t think it’s hit its’ low yet...
Yep. Once they get this under control, the revenues from this field will pay for the damage.
So now the Brits have no health care OR pensions. That minus the already present dental issues. Do they still have pubs?
Buy now!
I’m looking at the live feed and it looks like they stopped it!!!
Lookee here ...
“Do they still have pubs?”
They still have Amy Winehouse!
I think it was O’Reilly yesterday talking with John Stossel. BOR took the attitude that oil companies are rich and can afford it, that they have to pay every penny, and will hardly feel the pain. Stossel tried to correct him, but once BOR has an idea he’s not about to change it. BOR of course wants more government, more laws, etc., etc., having bought into the whole ‘save the planet’ philosophy.
“..Buy low. BP will recover..”
It has (had?) a great divident, and BP can cover the costs of the spill through earnings elsewhere. BUT - I do believe that being the Marxist he is, and having been embarrassed by this, Obama has given the green light to DOJ, trial lawyers, and the States to criminalize and financially dismember BP, at least in the United States. We haven’t even begun to see the consequences of this for BP’s investors.
Did the saw blace turn into a gate valve?
Well since zerO took responsibility of the spill, I guess the US taxpayers will be on the hook for a British pension fund bailout
Did the leak stop? I am pro energy companies but with all the majors in the gulf they shoul dhave had a coordinated plan in case something like this happened.
better look again...
The $75m cap will limit the damage to BP’s finances. Any attempt to launch a witch hunt against BP will run up against EU retribution aimed at US corporations.
Yes, you’re right.
They had the camera focused on something else for a while. Looked like a pipe with something stuffed into it.
Was BP part of the deal the Brits made with Libya for the freeing of the Pan Am 103 killer?
The $75 million cap only applies to economic damages for others. For example a fishing charter that could not go out.
BP is still liable for 100% of cleanup, containment as well as securing the well.
On top of that, US penalties may exceed $1,000 per barrel spilled.
Once again the innocent pay the price for the corrupt leaders.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.