Has US bloodlust at BP gone too far?

Guardian.Co.UK ^ | 06/10/2010 | Andrew Clark

[txlurker]

As each day goes by, the disastrous oil spill in the Gulf of Mexico becomes more gruesome. Oil-drenched birds and turtles wash up along the shoreline, pristine beaches are polluted by balls of tar and an oily slick laps at Louisiana's ecologically fragile marshland. Understandably, Americans are livid. But has the bloodlust directed at BP gone too far?

Egged on by catch-all protest coalitions, a "seize BP" campaign is organising demonstrations in major cities calling on the US government to snatch the British company's US assets. A "boycott BP" action group advocates shunning BP service stations. Placards abound with slogans such as "God bless America – go to hell BP" and "BP – billionaire polluters". The wife and children of BP's chief executive, Tony Hayward, are under police protection following threats.

Urged by political strategists to act more angrily, Barack Obama shed his uncharacteristic cool this week and declared that if it was up to him, BP's boss would be fired. The White House now wants BP to pay not only for cleaning up the Gulf, but also for the cost of jobs lost on 33 other oil rigs because of a government-imposed six-month moratorium on offshore drilling. And the US department of justice is threatening legal action to halt BP's dividend payouts to investors.

Anthony Weiner, a usually sensible Democratic congressman, declared: "Whenever you hear someone with a British accent talking about this on behalf of British Petroleum, they are not telling you the truth."

[DTogo]

Now go collect your purple shirt and await further instructions.

Indeed, could we have a bit more critical/independent thinking here, and not buy into everything the State Run Media is parroting from Gibbels about BP?

[MEGoody]

BP just paid out 2.63 billion in dividends. I would call BP an honest player if that money had been put into a restitution fund.

Hmmmm. . .maybe. But the stockholders generally receive dividends based on earnings. I don't think you want people not receiving dividends in their retirement fund. It isn't their fault this happened.

Of course BP should pay for the clean up and indemnify those who lost income directly as relates to the spill. That will ultimately impact the stockholders anyway, which is why everyone is selling their BP stock.

What US assets does BP have that the Feds could seize to pay out to Americans who have been harmed?

I don't think we want to go down that road. Next thing you know, the libs will be demanding that the feds seize assets from your local electric company because of the harm they've done to the environment through burning coal or something like that.

We all need to remember - this was an accident. It wasn't like BP did it on purpose. The reason this has been so difficult to fix is because they were forced to drill in such deep water instead of closer to the shoreline. I blame our government/the EPA for that.

[dennisw]

In my opinion, BP was quite honest about the whole thing. They're trying to fix it, promised to clean it up, and pay restitution to those who lost because of it. They did the right thing.

You actually believe them? lol....You must live thousands of miles away from the Gulf. If 0bama had an ounce of sense he would demand that BP set up at least a 2 billion dollar restitution fund right now. To fund cleanups and pay fishermen and tourist businesses

[JimSEA]

Internally BP should remove much of it's senior management but it won't happen laughingly because senior management would have to kick themselves out. The likely future for BP is either Chapter 11 or dissolution because they are toxic and no sane company will take them over.

As to Haliburton, Transocean, et. al. Time will tell but they are in big trouble. Massive government involvement is a given. Big oil may be doomed over time. This crisis may even help the progressives if no the current administration. Does anyone actually think the Feds could have done better? They were the regulator who failed here.

[rintense]

A trust. Right. So Obama and his shady crooks can raid it, tax it, etc.

[concerned about politics]

If 0bama had an ounce of sense he would demand that BP set up at least a 2 billion dollar restitution fund right now.

The Oil Spill Liability Trust Fund (OSLTF)

[txlurker]

In my opinion, BP was quite honest about the whole thing. They're trying to fix it, promised to clean it up, and pay restitution to those who lost because of it. They did the right thing.

.....BP wasn't given a chance. They're doing the best they can. There have been a few PR mistakes made I think. The CEO needs to find another spokesperson perhaps. Setting up the Wildlife Fund from the profits of this well is brilliant. Stuff like that will work wonders in improving their image here.

[Sudetenland]

Yep, hold them accountable, but don't destroy the company simply because you feel impotent.

It's like when the CEO said he'd like his life back and everyone was outraged. Why? He wasn't being unfeeling, he was attempting to explain that he and everyone around him was working as hard as the could to solve the problem. Being angry at him over a rational statement doesn't solve any problem. Doesn't make the spill go away.

Push them too hard and they will close down their American operations completely and then where will we be?

make them clean up the mess and pay for the damages resulting from their actions, but also hold the government oversight panel responsible for failing to do their jobs and for corruption (if any). Ranting and raving might make a person feel better, but it accomplishes nothing. We need cool heads working to solve the problem, not looking to lawyers as to how to cover the butts.

The time for punishment is after the crisis is over . . . but then again, that's what we get for putting an inexperienced community organizer and rabble-rouser in charge of our nation.

[dennisw]

wow...so you trust BP. Yeah, right.

[txlurker]

We all need to remember - this was an accident. It wasn't like BP did it on purpose.

Exactly...does anyone believe that BP would want this disaster? They made a business decision to cut corners and had it worked out for them it would have saved them millions. Now it is going to cost them billions.

[cripplecreek]

There’s a BP fuel terminal right near where I live. Gas comes in by way of an underground pipeline and trucks from many different companies fill up at the terminal for distribution across a fairly wide area.

[rintense]

I’m more comfortable trusting BP than trusting Obama. Seems you’d rather trust Obama.

[Las Vegas Ron]

Your post is a breath of fresh air, thanks.

[rintense]

That’s what gets me. The left (and some here on FR) play this off as though it was on purpose. There’s no doubt BP knows the seriously of this. Its unfortunate Obama doesn’t, and prefers to play golf and have BBQs.

[dennisw]

BP just paid out 2.63 billion in dividends. I would call BP an honest player if that money had been put into a restitution fund.

Hmmmm. . .maybe. But the stockholders generally receive dividends based on earnings. I don't think you want people not receiving dividends in their retirement fund. It isn't their fault this happened.

Yeah that is exactly what I want. For BP to set up a multi-billion dollar restitution fund before they pay out dividends to anyone. I thought BP had 10 billion in cash around anyway

[rintense]

That should be seriousness of this. Oy. Not enough coffee yet.

[txlurker]

To fund cleanups and pay fishermen and tourist businesses

They are paying....and paying and paying. Let's be a little reasonable here. Tell me, how do you quantify how much to pay a fisherman or a tourist business? This will take time to sort out. Unfortunately the lawyers are the ones who are going to profit the most.

[rintense]

You really need to drop the 'evil oil companies' crap. BP didn't stop all domestic drilling- Obama did!

Accidents happen. Yes, it sucks that so many are affected.

But can yo imagine what would happen if the entire airline industry was shut down because of one accident? Would you blame the airline carrier or the politician who made the call?

BP is responsible for BP and the accident. All the other political posturing is pure Obama- including shutting down drilling.

[dennisw]

What US assets does BP have that the Feds could seize to pay out to Americans who have been harmed?

I don't think we want to go down that road. 

I definitely want to go down that road. You have no idea how big this disaster is. If the relief wells succeed this is at least 10-20 billion in damages to citizens. If the relief wells fail make that 40 billion

Next thing you know, the libs will be demanding that the feds seize assets from your local electric company because of the harm they've done to the environment through burning coal or something like that.

We all need to remember - this was an accident. It wasn't like BP did it on purpose. The reason this has been so difficult to fix is because they were forced to drill in such deep water instead of closer to the shoreline. I blame our government/the EPA for tha

I don't care about the details you mention. I want everyone harmed by BP to get restitution from BP. I could care less if it was an accident or the role of the US Feds who seem to have cut BP a lot of slack

[concerned about politics]

Yeah that is exactly what I want. For BP to set up a multi-billion dollar restitution fund before they pay out dividends to anyone.

They already paid through extra taxes. The Oil Spill Liability Trust Fund (OSLTF)
"With the consolidation of these funds and the collection of a tax on the petroleum industry, the Fund increased to $1 billion. .......The Energy Policy Act of 2005 increased the maximum size of the Fund to $2.7 billion. "