Thread: I guess BP stands for "Broken Promises"

I don't know about the rest of you, but I'm tired of this mess in the gulf. As a Floridian, this hits home for me. I can't believe Oil companies like BP have no contingency plans for situations like this. You mean to tell me no ever brought up, "Well, What if"? I really feel sorry for the people of Louisiana. They've really been through enough, now this?

All the technology we have today, and we can't stop an oil leak. I realize it's a mile below the sea, but something must be done. The cap is obviously not working. I've heard that this has happened in Russia and they successfully sealed the well with explosives. Why isn't this an option?
Someone tell me?

I have no answers Zib, but one thing I do know. I sincerely hope someone has the balls to make BP foot the entire bill for this when it is all over. With any luck it might just send them bankrupt.

James.

10 to 1 they do go bankrupt and leave the US citizens holding the bag. Then they reorganize under a different corporate name and begin raking in the billions as if nothing ever happened.

It will be interesting to see what happens in the end with this oil leak. I do hope that BP will be held fully accountable for ALL damages that result from this incident, but I am not holding my breath. I am glad that BP is being investigated for criminal activity in this instance as well. I want to know if this issue was the result of honest mistakes and misfortune or if it was due to gross negligence.

That said, the solution to this oil leak is creating relief wells, and it always has been. These other intermediate steps BP has been doing most likely have been either to reduce the output or to try to satisfy the public that something is being done. However, relief wells are probably the only ticket with this one.

I wonder what this incident spells for offshore oil drilling in the future. Hopefully, the lessons learned in this case can be applied in the future. This incident could be major setback for realizing an energy independent America, though. Again, I wonder what the future will hold.

Originally Posted by JimmyHAD

10 to 1 they do go bankrupt and leave the US citizens holding the bag. Then they reorganize under a different corporate name and begin raking in the billions as if nothing ever happened.

Most likely scenario, God help us.

What? Aren't we all to blame? Aren't we the ones who need all the things the oil provides. Weren't there people sounding alarm bells telling us how dumb these ideas are?

Originally Posted by kevint

What? Aren't we all to blame? Aren't we the ones who need all the things the oil provides. Weren't there people sounding alarm bells telling us how dumb these ideas are?

I came into this world and had to take it as I found it. Trying to survive with whatever resources the Lord and the government provided.

Simply put, it's all about regulations and cost cutting...implementing preventive measures requires $$ and capital and political will power (that's a loaded one these days as polls dictate what policies and regulations are cool or not cool)...that translates into higher prices for consumers down the road. You think we should have learned something from the Exxon Valdez incident of the late 80's.

The "what if" questions are logical and I can bet you my year's salary that they HAVE thought about it.

But the way they have thought about it is in the context of: What if there's a disaster and we had to pay for it? can we get away with it long enough to make enough from the way things are before settling/paying?

If they can long enough, the profit margins are astronomical and payout pale in comparison.


What they do though is the following:

They have a team of attorneys/risk analysts sit around the table and think of the worst case scenarios and the costs that they will be required to pay by government.

They also assess how much profit they will rake in for how many years before a disaster like this came to fruition and it's likelihood

The balance of the equation will dictate profits (after penalties) that co will keep

Having been in the drug business (and NO, not the illegal kind - I mean pharmaceuticals, biologicals), I can tell you that this is not much different to what happened with VIOX (Merck)...if you remember, the drug that caused heart attacks and death... Even though Merck ended up settling a class action law suit, they knew the risks full well...even some of their scientists (some, my good friends) sounded the bells saying that Viox needs further testing, they were ignored or canned...Money, not science was in the driver's sit.

-Robert

Originally Posted by zib

I don't know about the rest of you, but I'm tired of this mess in the gulf. As a Floridian, this hits home for me. I can't believe Oil companies like BP have no contingency plans for situations like this. You mean to tell me no ever brought up, "Well, What if"? I really feel sorry for the people of Louisiana. They've really been through enough, now this?

All the technology we have today, and we can't stop an oil leak. I realize it's a mile below the sea, but something must be done. The cap is obviously not working. I've heard that this has happened in Russia and they successfully sealed the well with explosives. Why isn't this an option?
Someone tell me?

I personally am scouring the news channels for the vid of Kayne West saying...
"Barack Obama Hates Gulf Coast People"

Yeah I KNOW it is out there someplace, anyone have the link????

I was wondering when this will show up on SRP

I agree with BladeRunner001. Hindsight is always 20/20, but if you look at the economy and the politics before April it's a whole different story.

It's not a straightforward problem either - what kind of events do you plan for? There is a cost to benefit analysis that the both ends of the spectrum are avoiding.

But as usual it is a lot more exciting to talk politics than policy.