Thursday, April 29, 2010

BP (NYSE:BP) Drops About $26 Billion After Oil Rig Explosion

It's hard to tell at this time what the ultimate damage to BP (LON:BP) (NYSE:BP) will be, but it has already lost close to $26 billion in market value just since last week when their offshore oil rig exploded,

The cost in human life is presumed to be 11, oil continues to drain from the seabed at an estimated 5,000 barrels a day, and the news will continue to remind everyone that it is happening day after day until they control of the situaton.

With BP to be responsible for the costs of the cleanup, the public relations disaster along with that could punish them for some time to come.

The problem is no one knows how bad it'll get before things turn around in the cleanup, so that keeps a cloud dangling over the head of BP until that is figured out.

It's scary to think of the market value loss already experienced in a few days and what it may end up being.


Anonymous said...

Interesting how this happens just after Obama announces intention to drill offshore.

Conspiracy, Cost & Calculated Risk:

Mike C. said...

Anonymous is an idiot and a coward.

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