BP will be Planning to Run Out of Money

  • GQjock

    Posts: 11649

    Jun 14, 2010 11:08 AM GMT
    BP stock has declined 40%
    Cash reserves are half of what they used to be
    What's going to happen when .... not if
    they claim bankruptcy?

    All those promises they made about paying for loses?
    Forget it icon_rolleyes.gif
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    Jun 14, 2010 12:21 PM GMT
    Remember the "boycott BP" thread? That's all I'm saying......
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    Jun 14, 2010 12:38 PM GMT
    StudlyScrewRite said Remember the "boycott BP" thread? That's all I'm saying......
    This isn't the only forum I saw a "boycott BP" thread on. icon_wink.gif
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    Jun 14, 2010 1:26 PM GMT
    StudlyScrewRite said Remember the "boycott BP" thread? That's all I'm saying......


    You are not making any sense. If we buy oil from BP, then it is our money that is paying for the cleanup, not BPs existing trove. You are implying that it is our duty to give money to BP to pay for the cleanup, so that their CEO can go back to playing golf and doesn't have to give up his nice bonus. I don't agree with that.

    BP has more money than God, and will for the forseeable future. In my opinion, the company should be at least partially liquidated now by government intervention and the money kept in escrow to prevent exactly the kind of shenanigans alluded to in the OP.
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    Jun 14, 2010 1:57 PM GMT
    southbeach1500 saidBP also has insurance policies for such disasters.


    thank god. honestly im done with the whole BP thing. I want the oil cleaned and i want to buy my gas where ever is most convieient when my needle hits E. Lets learn from the exspierience. make better regulations so it doesnt happen again and continue liveing our lives

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    Jun 14, 2010 1:59 PM GMT
    As sad as it is, I'm afraid BP will be just fine. I'd pay a hefty sum out of my own pocket to help see that company crash and burn, but the chances of that happening are slim to none.

    And not that I am planning to do such a thing, myself, because I go out of my way to make sure I have no investments even remotely linked to the oil and natural gas industry ... but those of you interested in a little gambling in the market may want to consider buying some BP shares while the gettin's good.
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    Jun 14, 2010 1:59 PM GMT
    I don't think that the boycott is going to prevent BP from the financial wherewithal to clean up the mess THEY made. Saying that it's our responsibility to buy BP gas so that they have the money to do so is a cop-out. Didn't these morons flourish under Dubya's reign like every other oil company? What happened to THAT cash? $1000 umbrella stands?
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    Jun 14, 2010 2:18 PM GMT
    southbeach1500 said
    SAHEM62896 saidI don't think that the boycott is going to prevent BP from the financial wherewithal to clean up the mess THEY made. Saying that it's our responsibility to buy BP gas so that they have the money to do so is a cop-out. Didn't these morons flourish under Dubya's reign like every other oil company? What happened to THAT cash? $1000 umbrella stands?
    Yep, it's all Cheney and Bush's fault.

    Just like 9/11 was. I mean, really, they had been in office for 9 whole months and they should have been able to thwart those attacks. It happened on THEIR watch.

    And the Obama admin had only been in power for a mere 15 months when the BP oil spill started. Can't possibly expect the Obama appointed administrator of MMS to have done anything to stop all the Bush/Cheney corruption in that time.

    There was a flood in Arkansas over the weekend and 19 people are dead. I suppose that was caused by Bush/Cheney too.

    Look, the point is, that from day 1, the people in Louisiana at the local / parish level have been begging the Federal government for containment booms, skimmer boats and most importantly, the permission to build protective sand berms so that the oil wouldn't hit the barrier islands.

    All they've gotten back from the Feds is "that's EPA's and the Army Corps job, don't build the berms, we will once the environmental impact studies come back."

    Everyone down there knew exactly what was going to happen, and some of the parish Presidents even got fed up with the delays by EPA and the Army Corps that they started building the berms on their own, in direct violation of the Feds wishes.

    But it's too little, too late.

    The point here is... the Federal government can't get things right no matter who is in power. So stop with the Bush/Cheney blame game.



    Thank You at last someone has their head on straight. There is only one thing the government can do right and that is the military. Other than that, everything they touch goes to shit.
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    Jun 14, 2010 2:25 PM GMT
    Not blaming Bush/Cheney... Blaming BP for this mess, and saying they should be fully financially responsible for cleaning it up. And with no government involvement which is what the conservatives seem to think is the solution to all this country's problems...
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    Jun 14, 2010 2:27 PM GMT
    Southbeach, there's no denying Bush and Cheney's role in this mess.

    http://www.nrdc.org/air/energy/taskforce/tfinx.asp

    http://www.citizen.org/cmep/article_redirect.cfm?ID=13980

    Whether it was exempting oil and gas producers from requirements of the Safe Drinking Water Act, or giving oil and gas co's massive subsidies, Bush and Cheney's history of sleeping with these co's is as rich as the Louisiana crude currently flowing in the Gulf of Mexico.
  • rnch

    Posts: 11524

    Jun 14, 2010 2:49 PM GMT
    reppaT saidSouthbeach, there's no denying Bush and Cheney's role in this mess.

    http://www.nrdc.org/air/energy/taskforce/tfinx.asp

    http://www.citizen.org/cmep/article_redirect.cfm?ID=13980

    Whether it was exempting oil and gas producers from requirements of the Safe Drinking Water Act, or giving oil and gas co's massive subsidies, Bush and Cheney's history of sleeping with these co's is as rich as the Louisiana crude currently flowing in the Gulf of Mexico.


    Quoted For Truth!!! icon_mad.gif
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    Jun 14, 2010 2:57 PM GMT
    BP like all large and powerful corporations are in business for one thing "market share", and the two prime directives are profits and power. Ultimately the CFO of BP will do what is his definition to prevent as much loss as possible while maintaining a 5 year recovery program. BP will not lose in sales as oil is traded as a commodity, we as the user of this commodity don't have a choice where we buy our oil from as gas stations all over the globe use oil from BP and other BIG OIL corporations. The only choice is if you refuse to fill up at one of the BP owned facilities...

    Over all our greed as humans from the powerful, rich, to the simple man has created this disaster and we all as humans who drive, or use and source of power generated from gas and oil are all to blame for our thirst for energy. The extreme devastation that is to come over the next 20 years is extraordinary, everyone play a roll in this problem so until the world decides to accept our ignorance and open new doors to safe energy we will continue to fight and point blame...

    I am disgusted by how BP is dealing with it, but the ideology this corporation has is exactly the same as the rest, protect the business and recover losses or exit and have the next in line to buy us out... Capitalism sometimes should not be in the best interest for humanity as greed always corrupts...
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    Jun 14, 2010 2:59 PM GMT
    southbeach1500 said
    They ALL are in bed with these companies, not just the Republicans.


    The parties have different rhetoric, but when push comes to shove, they end up protecting the same interests. This country is run by corporations - it stopped being a democracy long ago.

    The department of interior under Obama continued with the lax oversight that was going on under Bush. This problem started under Bush and Cheney but Obama's administration continued handing out waivers like candy. Even after Obama announced a moratorium after the accident, the NYT did an expose showing that the administration was ignoring its own announced moratorium and continuing to hand out permits like there was no tomorrow.
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    Jun 14, 2010 2:59 PM GMT
    southbeach1500 said
    This is a failure of the Washington DC bureaucracy.


    Wrong again..... this is a failure of BP. It's their oil spill and their inability to stop it that is messing up the climate and the economy in the Gulf. How exactly is that Washington's fault? What... do you think it's THEIR job to clean up BP's mess? Dude, you can't bitch about how there ought to be minimal government involvement in business and then cry about how the government isn't doing anything when Big Business makes a mess of colossal proportions like this, you hypocrite.
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    Jun 14, 2010 3:03 PM GMT
    SAHEM62896 said
    Wrong again..... this is a failure of BP. It's their oil spill and their inability to stop it that is messing up the climate and the economy in the Gulf. How exactly is that Washington's fault?


    Two words: Environmental waivers.
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    Jun 14, 2010 3:13 PM GMT
    southbeach1500 said
    SAHEM62896 saidWrong again..... this is a failure of BP. It's their oil spill and their inability to stop it that is messing up the climate and the economy in the Gulf. How exactly is that Washington's fault? What... do you think it's THEIR job to clean up BP's mess?


    Great emotional based appeal.

    Now, educate yourself about the facts. Yes, it is the Federal government's job to protect the coastline and clean up the spill:

    It's all spelled out in "The National Oil and Hazardous Substances Contingency Plan Act" which was signed into law in 1994.

    Of course, BP will be financially responsible for paying for the cleanup, but it is the job of the Federal government to "clean up BP's mess."



    Great... now back to the original question...
    When BP cries about having no money to fund the cleanup (because they will conveniently blame it on the people who are boycotting BP gas stations -- even though they privatized them a while ago, if memory serves), where are they going to get the money? Surely they should have plenty thanks to Dubya's 8-year-long hand job of a presidency, shouldn't they? Or, are they going to write out a bunch of worthless IOUs to the Federal Government whose responsibility, as you claim, it is to clean up this disaster? I'll eat the wings right off your uniform if they don't...

    And trust me, these insurance policies that you say BP has to cover their asses in such a disaster are hardly going to pay out. Insurance companies look for every loophole they can find to NOT have to do so. That's not frothy emotional appeal... that's a fact.
  • rnch

    Posts: 11524

    Jun 14, 2010 3:15 PM GMT
    viveutvivas said
    SAHEM62896 said
    Wrong again..... this is a failure of BP. It's their oil spill and their inability to stop it that is messing up the climate and the economy in the Gulf. How exactly is that Washington's fault?


    Two words: Environmental waivers.


    QFT!!

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    icon_sad.gif
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    Jun 14, 2010 3:22 PM GMT
    southbeach1500 said
    "When BP cries about having no money..." Corporations don't cry and become hysterical. That's the what liberals do.

    Yeah right... when the economy collapsed last year every corporation on Wall Street cried with their hand out for begging a piece of the government's money and got hysterical when they didn't get "enough."


    southbeach1500 said
    SAHEM62896 saidAnd trust me, these insurance policies that you say BP has to cover their asses in such a disaster are hardly going to pay out. Insurance companies look for every loophole they can find to NOT have to do so. That's not frothy emotional appeal... that's a fact.

    Since you seem to have such a clear picture into the future.... who is gonna win the World Series this year?


    Ummmm... uh... a baseball team? icon_lol.gif

    You know what... I really don't wanna do this anymore. It's sucking me dry.
    I'm walking away. You can continue look and sound like a fool if you'd like..... Better you than me.
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    Jun 14, 2010 3:31 PM GMT
    southbeach1500 said
    SAHEM62896 said
    You know what... I really don't wanna do this anymore. It's sucking me dry.
    I'm walking away. You can continue look and sound like a fool if you'd like..... Better you than me.

    And with that.... more liberal hysteria has been debunked and said liberal goes back where he came from....


    And note the fool's ignoring my comment about "corporations don't cry."
    Neatly evaded the truth to take a jab and then patted himself on the back for it... Typical head-up-his-ass conservative.

    {SAHEM62896 gets up from the circle and walks away... no point in having a discussion with someone who is often wrong but never uncertain}
  • CuriousJockAZ

    Posts: 19133

    Jun 14, 2010 3:33 PM GMT
    The blame game is such a huge waste of time. This was an accident - -plain and simple - caused by any number of things. It's horrible for everybody, and especially the environment, but at the end of the day they have to learn from this and try to prevent it from happening again. Sadly, it probably will. It kind of goes with the territory. The FAA would like to end plane crashes too, but accidents happen.
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    Jun 14, 2010 3:41 PM GMT
    southbeach1500 said
    rnch said
    reppaT saidSouthbeach, there's no denying Bush and Cheney's role in this mess.

    http://www.nrdc.org/air/energy/taskforce/tfinx.asp

    http://www.citizen.org/cmep/article_redirect.cfm?ID=13980

    Whether it was exempting oil and gas producers from requirements of the Safe Drinking Water Act, or giving oil and gas co's massive subsidies, Bush and Cheney's history of sleeping with these co's is as rich as the Louisiana crude currently flowing in the Gulf of Mexico.


    Quoted For Truth!!! icon_mad.gif

    Quoted for nonsense.

    How did "massive subsidies" cause this accident?


    I used these exemptions as examples of how the oil and gas industry was able to dance around everything, from taxes to regulations. It's all linked.

    http://videocafe.crooksandliars.com/heather/papantonio-thank-dick-cheney-and-his-meeti


    Timeline: How Dick Cheney Helped Cause the BP oil spill
    Why Dick Cheney and the GOP are to blame for the worst environmental disaster in U.S. history.

    2001:
    Cheney’s secret energy task force crafts national energy policy. The Bush administration released the National Energy Policy Report on May 16. President Bush appoints Dick Cheney, who was the Chief Financial Officer of Haliburton before taking the VP spot. But he was officially still on Haliburton’s payroll and kept about 430,000 shares in Haliburton stock.

    The task force report was based on recommendations provided to Cheney from coal, oil, and nuclear companies and related trade groups—many of which were major contributors to Bush’s presidential campaign and to the Republican Party. The Oil companies— including BP, the National Mining Association, and the American Petroleum Institute—secretly met with the Cheney and his staff.

    Only 7 of the 105 recommendations in the plan involved renewable energy. Cheney’s task force report proposed funding the development of “clean energy technologies” by opening up the Arctic National Wildlife Refuge for drilling and earmarking $1.2 billion of bid bonuses from leases in ANWR.

    2002:
    Renewable energy budget cuts. Bush released the fiscal year 2002 budget on April 9 and severly cut clean energy research and development. Solar and renewable energy R&D would drop by more than a third; nuclear energy R&D would be almost halved; and energy conservation R&D would fall by nearly 25 percent.

    House energy bill includes $33.5 billion in tax breaks for dirty energy. The House of Representatives on August 2 passed the Securing America’s Future Energy Act, H.R. 4. It included $33.5 billion in tax breaks and other incentives over 10 years for the power industry aimed at increasing oil and gas exploration.

    In 2002, Senate clean energy bill fails with a Republican-led Congress.

    2003:
    Republican-led Congress backs a House energy bill that includes $23.5 billion in tax breaks for big energy companies. The legislation would hand out $23.5 billion over 10 years in tax breaks to increase oil and gas production and $5.4 billion in subsidies and loan guarantees.

    Yet More renewable energy budget cuts. President Bush’s FY 2004 budget once again reduced funding for solar, wind, geothermal, and biomass totaling more than $25 million in cuts.

    In 2004, the Republican-led House passes a bill allowing companies to build oil refineries in minority communities. The United States Refinery Revitalization Act passed the House on June 16, but was never made into law.

    2005:
    Yet even more renewable energy budget cuts. President Bush’s FY 2006 budget once again cut energy efficiency and renewable energy programs at the Department of Energy by about 4 percent; cuts totaled nearly $50 million.

    Energy bill includes $27 billion for dirty energy. President Bush signed the Energy Policy Act of 2005 on August 8. The bill closely resembled Cheney’s 2001 plan and gave $27 billion to coal, oil and gas, and nuclear, and only $6.4 billion for renewable energy. Amendments in the House and Senate to raise fuel efficiency standards for vehicles failed.

    These regulations permit oil and gas industry to regulate itself!

    The Interior Department’s Minerals Management Service—the agency responsible for managing oil and gas resources on the Outer Continental Shelf and collecting royalties from companies—decided in 2005 that oil companies, rather than the government, were in the best position to determining their operations’ environmental impacts. This meant that there was no longer any need for an environmental impact analysis for deepwater drilling, though an earlier draft stated that such drilling experience was limited.

    2006:
    A House-passed bill allows drilling in Arctic Refuge. The House passed the American-Made Energy and Good Jobs Act on May 25, which would open oil leases on the coastal strip of the Arctic National Wildlife Refuge—an area of 1.5 million acres.
    More budget cuts for renewable energy. President Bush’s 2007 FY budget cut funding for energy conservation by 6.3 percent to $289 million and stopped funding for the geothermal program—although Congress later restored some of this geothermal funding.

    2007:
    Government agency failed to collect more than $865 million in revenues. Investigators from the Interior Department determined that a “top Interior Department official was told nearly three years ago about a legal blunder that allowed drilling companies to avoid billions of dollars in payments for oil and gas pumped from publicly owned waters.”

    Yet, still, more budget cuts for renewable energy. President Bush’s fiscal year 2008 budget proposed to cut research funds for efficiency and renewable energy by 16 percent, eliminate them for geothermal energy, and leave funding for solar stagnant.
    Bush administration opposes expansion of renewable energy.

    President Bush also threatened to veto the Energy Independence and Security Act because it included a renewable electricity standard and renewable energy tax credits funded by the elimination of many tax subsidies for major oil companies totaling approximately $13 billion.

    2008:
    More budget cuts for renewable energy. President Bush proposes a 27 percent cut for Department of Energy efficiency and renewable energy programs in the FY 2008 budget.

    Bush administration opposes expansion of renewable energy. President Bush opposed House passage of the Renewable Energy and Energy Conservation Tax Act, H.R. 5351, as advised on February 28.

    Bush lifts moratorium on offshore drilling. Bush lifted the executive moratorium on offshore drilling in the eastern Gulf of Mexico and off the Atlantic and Pacific coasts on July 14. This moratorium was put in place in 1990 by Pres. George H.W. Bush. Bush then called on Congress to lift its own annual ban on drilling, as John McCain embraced “drill, baby, drill” that year.

    Government agency accepted gifts and engaged in fraternizing and illicit activities. A June 2008 interior general report found that Minerals Management Service officials accepted gifts, engaged in drug use and illicit sex with employees from energy firms, and showed favoritism in handling contracts.
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    Jun 14, 2010 3:51 PM GMT
    southbeach1500 said
    The point here is... the Federal government can't get things right no matter who is in power. So stop with the Bush/Cheney blame game.


    Right.... the Federal government can't get anything right. There is grand irony that the Internet came from a really successful project and that people like you like to use this really successful government project as your main platform to bitch about how the government can't do anything right.
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    Jun 14, 2010 3:59 PM GMT
    southbeach1500 saidThat's wonderful research.

    Regrettably for you, it doesn't prove that the oil spill was anything more than an accident. In other words, nothing you pasted in caused the accident.




    icon_rolleyes.gif

    Cheney's energy task force is the one that decided the acoustic switches, which cost a mere $500K, were too much a burden on the industry.

    D-E-R-E-G-U-L-A-T-I-O-N
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    Jun 14, 2010 4:47 PM GMT
    "This is a great opportunity for me to deflect attention from my failed presidency. Besides, I've always hated the goddamn Brits anyway. That's why I have ordered the destruction of BP, and told all news outlets that I'm out to get BP. You ever seen a black man mad? Well, sheeeit, I'm gonna get medieval on yo limey asses," Mr Obama said at a press conference near the disaster site.

    The oil disaster in the Gulf of Mexico has worked wonders in creating anti-British sentiment across the whole of America. Many Americans are in the dark about who built the oil rig and who operated it.

    "This is great! We've completely deflected all the blame from the American owners of the rig, Transocean and Halliburton. This is now a British blame operation, and I have to say it's great for our share prices. Those Brits don't have pensions anymore because we've destroyed their biggest company," state department spokesman, Ollie Oyle, told ABC news yesterday.

    Ordinary Americans do not seem to understand that the oil rig was built by an American company and was supplying oil for America. They are being fed anti-British rhetoric every day sanctioned by the Obama administration.

    .
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    Jun 14, 2010 4:50 PM GMT
    SAHEM62896 said
    southbeach1500 said
    This is a failure of the Washington DC bureaucracy.


    Wrong again..... this is a failure of BP. It's their oil spill and their inability to stop it that is messing up the climate and the economy in the Gulf. How exactly is that Washington's fault? What... do you think it's THEIR job to clean up BP's mess? Dude, you can't bitch about how there ought to be minimal government involvement in business and then cry about how the government isn't doing anything when Big Business makes a mess of colossal proportions like this, you hypocrite.


    This is a failure of government bureaucracy.

    There are skimmers waiting to help out and several countries offered skimmers within 12 hrs of the leak and the government turned them down in deference to the Unions. The Jones act, nearly a century old, prevents any ships maned by crews that are not union from helping with the clean up. Bush suspended the Jones act after Katrina, this administration could as well, if it wern't wed to unions.

    There are people with equipment that is already in use for clean up in the extraction of natural gass waiting to help and the bureaucracy won't give the go ahead.

    A company in Maine has over a million feet of boom ready to be used and the capacity to produce about 90,000 feet more a day, but the bureaucracy is in the way of giving the order to purchase and use it.

    There are Americans who have assembled ships with skimmers and pumps ready for action and the bureaucracy won't let them because they won't suspend the Jones act, and the ships at the ready for weeks now, are owned and manned by foreign crews.

    The current administration keeps telling us they are in charge and have been since day one. Blaming the previous administration isn't working anymore, after all we had appointees from this administration that gave a pass on inspections. So far there hasn't been much leadership from Washington. The president hasn't even spoken to the people from BP since this all began. How can anyone take serious a claim that this administration is engaged in in the problem when the president hasn't even spoken to the CEO of BP, who is charged with the task of stopping the leak and the clean up? Where is Craig Fugate, the director of FEMA? This falls under his jurisdiction. Why have we heard nothing from him? Where is the Secretary of Homeland Security? Haven't heard much out of her since she had such an abysmal showing once the administration acknowledged the spill. She's the next higher up from the FEMA director. Instead of showing leadership, all we get is finger pointing.

    To demonize BP and threaten law suits and legal action from the DOJ wasn't such a good move. While it may have been a good move politically, it was the worst possible move economically. It caused a drop in the value of BP by 40%. Not such a smart move considering that about 40% of BP share holders are American teacher and government workers pension plans. If BP goes bankrupt not only are those of us who have to pay taxes left holding the bag for the clean up, but we'll be left holding the bag to make the union pension plans whole as well.

    It's a bureaucratic failure as much as anything.