Anyone have an opinion on this BP oil spill and what it means to the stock? Obviously it's getting crushed today as news has came out citing the magnitude of the spill being much larger than originally expected. The cost is going to be huge if it's as much as predicted... Buying opportunity or dump it while you can?
offshore drilling is always environmental disasters waiting to happen, it will always be, no amount safety and regulation will help. They should stop all these drilling ASAP.
That is an obvious gut reaction of many.. If this spill is as costly as it appears to be, it is likely that it will lead to improved technology that will lesson the chance of a similar event in the future.
Well here's a calculated reaction of many: the world needs to stop trying to feed big-money oil interests and all their dependent leeches and move full-tilt towards 100% alternative energy sources. Ten years ago would not have been too soon. If that oil slick pukes a few million gallons across the MS delta there, economic damage across countless industries will breach $100 billion before nature is restored. This event won't spur any further technology to defend against the next disaster. Already had enough chances to accomplish that before. With BP and XOM raking in all-time record profits for any company, where was the R&D for prevention here? Hopefully both companies go bankrupt, delist and cease to exist. That's only fantasy, but it'd be sweet. Drilling in national parks, protected lands, sensitive eco systems and deep-water locations impossible to quell disasters like this with is flat-out stone stupid greed. Blind, short-sighted, sell their children's future, selfish bastard greed. End of story.
Uhuh. What is parked in your driveway and what is in its tank? Raging liberal with an SUV in the driveway. Phht!
personally..I'm buying. Overreaction being fueled by traders and scared investors. Once the fear subsides, this company will be fine.
Austinp I have worked in the oil industry and with government regulators of it. I can tell you that prior to Exxon Valdez, the industry was much more cavalier. After that, we got great legislation (OPA 90) and they got their act together. I don't know the technology of MODU's (Mobile Offshore Drilling Units) as I have only worked with vessels, but I can tell you that given the massive cost of construction, operation, and cleanup risk, the chances of poor engineering being culpable for this is slim to none. This industry post Exxon Valdez is like any other. It's run for profit, in accordance to the laws, imperfectly, but with the spirit of compliance, as it is cheaper than the cost of bad pr and bad legislation. The vanguard of new lessons learned will be discovered by and implemented by industry. I would prefer all renewable, clean energy, but oil and gas is with us to stay. Maybe someone made a big mistake or was negligent to allow flammable vapors to make it back to an ignition source, but knowing the industry, with lives, profits, and potentially the future of the industry on the line-not likely. It was probably an unlikely sequence of events that created a dark horse.
I can't believe they didn't have the failsafe shutoff that could have shut the whole thing down. Because of BP cutting costs, this isn't just a disaster for BP and the Gulf shore states it's a disaster for America's energy needs because the liberal environmentalists now have all the ammo they need to stop exploration in the U.S. THANK YOU BP! IDIOTS!