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Dave Beans

Bp Set To Face Us Operations Ban

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I don't think this is terribly sportsmanlike.

the US don't have a very good safety record as far as their rigs are concerned...besides,there is no guarantee that the corporation itself was entirely responsible.

given we've had quite a bit of seismic activity over the past mont or two,to go witch-hunting one particular corporation does seem a little harsh.

petrobras are considerably more rigourous,and BP work fairly well with them,even in deepwater wells.

Edited by oracle

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I doubt it.

Yes there will be furore with the average American, but, Obama and the political establishment in America do not have a very good history in biting the hand that feeds them.

A more likely situation will see BP splitting into a new entity, after an intense green-washing campaign.

Might even see a mid level exec get put before congress then jailed.

Obama biggest recipient of BP cash

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I don't think this is terribly sportsmanlike.

the US don't have a very good safety record as far as their rigs are concerned...besides,there is no guarantee that the corporation itself was entirely responsible.

given we've had quite a bit of seismic activity over the past mont or two,to go witch-hunting one particular corporation does seem a little harsh.

petrobras are considerably more rigourous,and BP work fairly well with them,even in deepwater wells.

BP's US operations are Amoco who they merged with in 1998. This ought to be a lesson - do not invest in US companies and certainly do not rename them to something beginning with another countries name. BP's best option is to sue the **** out of the operators (who are being wrecked as well it has to be said).

BP's demise is a potential loss of 1% of the UK tax income and 6% of pension payment dividends.

Edited by Peter Hun

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Ah I still go back to my Goldman Sachs and BP comparison.

One bailed out the other hung out.   Goldman has done as much damage to the economy as BP has the environment. Close down both the suckers.

Both have had 'light touch' regulation.

For the kind of deep water wells that BP was drilling, and other operators have been drilling recently, regulations in exactly this area have not been updated in line with the increasing technical difficulty - a contrast to Brazil and Norway where similar things are happening. Mostly because the Bush regime was not exactly interested in increasing 'red tape'.

And given the huge cost pressures involved in this kind of operation, you need strong regulation to stop corners getting cut.

Indeed, ANY industry that faces a danger of low-probability, extreme-cost events, the prevention of which costs time and money, needs strong regulation to prevent it self-destructing, since market forces just cannot handle this scenario. Nuclear operators, airlines, investment banks.. even the UK beef industry was almost destroyed by deregulation (via BSE).

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If the US gov bans BP AND opens them up to excessive fines, BP will have no incentive to stick around and will probably walk away, refuse to pay a cent over the $75m, refuse to finish the cleanup, and just abandon US operations until the Americans grow up and stop behaving like 6 year olds.

Deep water drilling was always high risk, but the US needs oil, and it needs oil from cheap, local, reliable sources.

You can't have your cake and eat it, if you want a cheap oil based economy you accept the risks.

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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