The oil rig disaster in the Gulf of Mexico has damaged BP's reputation will they manage to avoid a share collapse to 350p.?



472p to buy this morning.

Q"uite glad I was playing golf today, BP. is totally oversold despite doom mongers, the crowd are quite rightly selling, Obama being President is just trying to be Presedential, but he is not stupid (hopefully). Watch this space. The important news is that mighty Spain are trailing 1 - 0 LOL!

ADRs about $30.55 at london close

Do BP's big donations to Obama matter?

The president has received more in political contributions from BP than any other federal candidate in the last 20 years. Is that fact important?


Obama received significant donations from BP. Should he give them back?

Over the past two decades, President Obama is the number one recipient of campaign donations from the company whose burned-out oil rig is now spewing millions of gallons of petroleum into the Gulf of Mexico, reports Politico. He received $77,051 from BP and its employees during his time in the Senate and while running for president. In total, the firm has given $3.5 milllion to federal candidates over the past 20 years. Is it possible the company has gotten special treatment from Obama, or are its donations not relevant to the spill?

That would explain the delay in responding, then: Now we know why Obama took "so long to respond to the oil spill disaster," says Cassie Fiano at her blog. No doubt they'll say it's just "coincidence that he dragged his feet" when he should have reacted quickly. But now that these donations are public knowledge, BP should prepare to be "thrown under the Obama bus."

BP's donations are irrelevant, or at least i hope they are .... there is certainly no reason why they should be returned ..... more interesting would be to know the politicking that is going on behind the scenes and almost certainly involving both sides of the pond .... it would be nice to think that it was all constructive discussion to determine how best to tackle this disaster, but i fear that is but a naive dream

Why Does President Barack Hussein Obama hate Louisiana?

In the beginning, the Obama administration tried to take control over the BP Gulf oil spill situation without taking any of the responsibility. The best example of this contradictory stance was seen when the administration was asked if BP had refused to do anything that the Obama administration had told them them to do. The administration swallowed hard and tried to duck that question. Finally they had to answer no. This means that when Obama is pointing fingers at who is the blame for the current mess in the gulf, he needs to be standing in front of a mirror.

When foreign nations offered to help with the spill the Obama administration turned down their offers.

When the state of Louisiana repeatedly requested permission to perform actions to safeguard industries and wild life, the Obama administration either dragged their feet or said no.

The final straw occurred when the Obama administration set up a panel of experts to recommended action on the oil spill. When the Obama administration found itself at odds with the expert panel, Obama operatives lied about the report and the recommendations. The most costly lie that the Obama administration told concerning the report was that all oil drilling needed to be shut down. As a result of this idiotic action thousands of people associated with the oil industries are not working and the oil they would be drilling is not coming into the US.

Moreover, the Obama administration has kicked BP in the teeth so many times that BP shares have lost 60% of their stock market value. Some how the geniuses in the Obama administration have failed to make a simple calculation. If they succeed in destroying BP, who will pay for the clean up? That right. The taxpayers.

So the question arises, does Obama hate Louisiana? Is he punishing the state for having a Republican governor?

We already know that Obama hates the domestic energy industry and capitalism and he is now stomping on them both with both golf cleated feet. Never let a crisis go to waste. Obama promised us skyrocketing energy prices before he was elected president. Is he about to deliver?

from where did you drag the above diatribe? ..... if from an american journalist or publication, then it is almost certainly as balanced and non-partisan as would be the Daily Worker over here when commenting on Margaret Thatcher

Edited by MoneyAM

Clubman are you Fred in disguise? No need for that!

i thought my comment was valid and seemingly struck a chord ..... i am surprised it drew the abuse that it did, though should one expect different from that quarter.

BP will put about $20 billion in an escrow account to pay for oil spill damages, a senior administration official tells CNN
a worthwhile gesture, but i would reckon several times (5x?) that will be required / demanded / extracted, and that is without the direct costs to BP in trying to stop the leak and associated stuff

BP up 4% in USA since the caning

The thing is when they get this well under control will it start producing as normal because on Bloomberg they have said it was thought to be an 8 year well now they think it's much bigger 30 to 40 year well.IMO this one huge well should pay for it's own accident and make a lot more for BP. Just a thought. Also do you think the American oil companys might want to take a competitor out of the market just another thought.IMO that last thought wont happen.

Following a meeting with the President of the United States, the BP (NYSE: BP) Board announces an agreed package of measures to meet its obligations as a responsible party arising from the Deepwater Horizon spill.

Agreement was reached to create a $20bn claims fund over the next three and a half years on the following basis:



* BP will initially make payments of $3bn in Q3 of 2010 and $2bn in Q4 of 2010. These will be followed by a payment of $1.25bn per quarter until a total of $20bn has been paid in.

* While the fund is building, BP's commitments will be assured by the setting aside of U.S. assets with a value of $20bn. The intention is that this level of assets will decline as cash contributions are made to the fund.

* The fund will be available to satisfy legitimate claims including natural resource damages and state and local response costs. Fines and penalties will be excluded from the fund and paid separately. Payments from the fund will be made as they are adjudicated, whether by the Independent Claims Facility (ICF) referred to below, or by a court, or as agreed by BP.

* The ICF will be administered by Ken Feinberg. The ICF will adjudicate on all Oil Pollution Act and tort claims excluding all federal and state claims.

* Any money left in the fund once all legitimate claims have been resolved and paid will revert to BP.

Know all cynic forgot to mention the $20 million would be drip fed over the next 3.5 years

and do you think $20bn will cover the extent of BP's liabilities?.... personally, i don't think that it will come anywhere near, though for sure there has been some political deal cobbled together behind the scenes

even dow is not overly impressed as ADRs are currently $32.10 which i suppose is about +4% since london close

BP accident will be forgotten as soon as new terrorist act, or disaster occurs. BP will not pay any more, they are only agreeing to bananas demands to save their licences. A few million dollar bungs in the right places over the next few years will make it all go away.

no divis for BP as well.

as no divi's. does anyone think that the major pension fund holders will sell up and look elsewhere for their divi's. and if so where will the sp end ?

Already started Rob IMHO, probably gone into shares like IMT and BATS and with the hurricane season to come the SP is only going one way.

BP May Continue Drop Beyond 50% Fibonacci: By Alexis Xydias

June 16 (Bloomberg) -- BP Plc shares, which have plunged 47 percent since April, breached a key support level that technical analysts who follow Fibonacci retracements say indicates the slide may continue.

BP, which President Barack Obama last night accused of recklessness in causing the worst oil spill in U.S. history, yesterday fell below 347 pence, the 50 percent Fibonacci retracement between its 48.49 pence low in August 1992 and this years high of 646.94 pence on April 21, after adjusting for dividend payments. The next Fibonacci support level, or floor, is near 277 pence.

Its in freefall, there is no sign of a base, said Robin Griffiths, a technical analyst at Cazenove Capital Management Ltd. in London. We cant yet say you should be buying BP. The moment someone says weve stopped the leak, then we can start estimating the losses. But with the President doing what he is doing, you dont have a hope.

Fibonacci analysis assumes markets retrace earlier patterns in specific stages. A Fibonacci retracement level is created by taking two extreme points on a stock chart and sub-dividing a markets prior trend by key Fibonacci ratios of 38.2 percent, 50 percent and 61.8 percent. If a price breaks through one of the levels, it may signal a move toward the next resistance or support point.

BPs current price is also near the 328.24 level from which the shares doubled in October 2008. The stock rose 0.6 percent to 339.95 pence as of 12:35 p.m. in London, after earlier slipping to 338 pence.

Obama, speaking in a national address from the Oval Office, vowed that London-based BP will be required to spend whatever is needed to repair damage caused by the spill in the Gulf of Mexico, as the U.S. government said the well is gushing as much as 60,000 barrels of oil a day.

In technical analysis, investors and analysts study charts of trading patterns and prices to predict changes in a security, commodity, currency or index

with the imminent divi now scrapped as well as that for the next 2 quarters (at least), the outlook for sp on that basis alone is bleak .... now add the open-ended damage liability!