It’s totally reasonable and inevitable that the share price of BP would suffer mercilessly from the company’s gargantuan liability in the Gulf of Mexico. Earlier this week I created the following chart of BP’s daily closing share price for it’s U.S.-listed shares.
When Interior Secretary Ken Salazar opined publicly that the company ought to be responsible for all unemployment claims related to the federal government’s six month moratorium on offshore Gulf drilling, BP’s stock took an especially nasty dive to a 14-year low on Wednesday. I hope that the Obama Administration’s efforts to turn public opinion back in the president’s favor on this mess don’t backfire and kill what this country needs to be the proverbial “Golden Goose” for the next several years. A heavily-regulated and monitored BP – in a strong financial position – is the company that will be able to afford the tens of billions of dollars needed to make the people and environment of the Gulf Coast whole.
(Source: White House Press Office)
Over the past few days, I’ve been traveling through the Middle East and Europe working to renew our alliances, enhance our common security, and propose a new partnership between the United States and the Muslim world.
But even as I’m abroad, I’m firmly focused on the other pressing challenges we face – including the urgent need to reform our health care system. Even as we speak, Congress is preparing to introduce and debate health reform legislation that is the product of many months of effort and deliberation. And if you’re like any of the Americans I’ve met across this country who know all too well that the soaring costs of health care make our current course unsustainable, I imagine you’ll be watching their progress closely.
Over at the Pickens Plan they continue to release numbers every month regarding how much oil we import into the U.S. Go check out their Oil Imports page.