KLUGSTER

May 21, 2010

BP OIL SPILL SPELLS BANKRUPTCY

As the world waits to see if BP can contain the massive oil spilling into the Gulf of Mexico, in what will probably be the world’s worst oil disaster when it is all over. Everyone is also lining up to sue the oil giant for all the damage that is going to develop.

 Everything from personal injury for the workers that survived the explosion of the oil rig to the relatives of the 11 that died. The fisherman, that are now working for BP to help clean up the mess to the many business that are losing money from lost revenue.

 Then there is the various levels of the government that will be getting their hands greased from BP, as they level fines on the company for negligence for the hurt workers and the deaths of workers and of course the leak itself.

  Then there will be each individual state from Texas to Florida that will be looking to get their share of money for the cleanup costs and environmental issues that will arise for many years, after the leak is stopped.

 All of this of course will be after the leak is stopped. Just think about how much money BP is shelling out daily trying to stop the leak, and to contain the leak which has gotten so far out of hand, that astronauts in space can see the spill from space. Right now BP is spending so much money trying to stop the leak and contain the spill that their accounting department is working overtime writing the checks to everyone involved.

 Other factors that BP is now going to have to face is that many investors are going to want to cash out while they can, their stock is slowly starting to go south, also BP is going to see a backlash from the consumer at the pump as many will boycott the company.

 BP bank accounts are leaking so much money, just like the leaking oil well in the ocean. It will take time but the giant BP is slowly leaking in the Gulf with their fallen rig. Some people have already asked can BP survive this. It is hard to think or believe that any single company can handle the whole burden and survive this type of disaster.

 In about 2 years I will not be surprised when the pretty green BP signs around town come down and are replaced with another big oil giant of the world. It’s just a matter of time before their money well runs dry and they end up  going bankrupt or have to be bought out by someone else.

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