Wednesday, June 23, 2010

UK, American Tensions Mount over BP (NYSE:BP)

Tensions are still seething below the surface over the inflammatory language used by Obama and his administration over the BP (NYSE:BP) oil spill.

British Prime Minister David Cameron and Obama will hold a bilateral meeting at the G8/G20 summit in Canada, signaling the pressure Cameron is under, who has been considered too soft on Obama when he was trashing the company, identifying it as British Petroleum, years after it shedded that name after becoming a multi-national oil company.

That made it highly personal for the British people, who took it as British-bashing and not anything constructive to handle the actual problem.

Cameron said, "BP itself wants to pay for the clean up. It wants to stop the gushing of oil into the Gulf. But we do want to make sure that it remains a strong and stable company for our benefits, but also for the benefits of the United States."

"It is in all our interests that this company is strong and secure," he added.

The British increasingly feel Obama has been far too harsh on BP, and in fact has needlessly added diplomatic tensions that never needed to be part of the picture.

Obama chastised the oil companies early in the process for pointing fingers at one another, yet he has in fact did the same thing with BP, by pointing the finger at the British, while giving the other oil companies involved a free ride.

No comments: