Send a Tweet
Most Popular Choices
Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Tell A Friend Printer Friendly Page Save As Favorite View Favorites
General News

BP's Continued Existence Seen Coming Under Threat as Gulf Oil Spill Continues

By       Message OilGuy       (Page 1 of 2 pages)     Permalink    (# of views)   1 comment

Related Topic(s): ; ; ; ; ; ; ; ; ; , Add Tags
Add to My Group(s)

Well Said 2   Funny 1  
View Ratings | Rate It

opednews.com Headlined to H3 6/3/10

Author 40799
- Advertisement -

The continued failure of BP's efforts to stop the Gulf oil spill and mounting political pressure are putting the very future of the British-based oil giant in question.

BP shares plunged again on Tuesday, wiping $17 billion off the market capitalization of the company. Premiums on credit default swaps to insure the company's debt soared 75% to $178,000 for $10 million as analysts began to question whether the company can survive the financial and reputational costs of the Deepwater Horizon catastrophe.

- Advertisement -

A former Clinton cabinet member, ex-Labor Secretary Robert Reich, now an economist at Berkeley, went so far as to urge the nationalization of BP by the U.S. government so that authorities could take direct control of the efforts to stop the spill and clean up the damage to the environment.

- Advertisement -

The existential threat to one of the largest companies in the world hits a company whose origins date back to the discovery of oil in the Middle East. BP began life in 1908 as the Anglo-Persian Oil Company to exploit oil fields discovered in what later became Iran.

When Iran nationalized its oil industry following World War II, the British government supported a CIA coup in that country that brought the shah to power and restored partial ownership of Iran's oil revenue to the British company, now called British Petroleum.

- Advertisement -

After a series of mergers in the 1980s and 1990s, including the acquisition of Amoco, the company adopted its present name, BP plc. Its advertising slogan in recent years has been "Beyond Petroleum," playing on that abbreviation.

Next Page  1  |  2

 

- Advertisement -

Well Said 2   Funny 1  
View Ratings | Rate It

opednews.com

I have an interest in the financial markets, commodities and Geopolitics.

OilGuy Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

Please Donate

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Africa's Increasing Importance in Worldwide Energy Security Affairs

The Myth Of Nabucco: Greed, Delusion and $11.4 Billion

Government Insiders: Get Ready for the Gulf Dead Zone

They Died Before the Oil Ran Out

The Great Geopolitical Battle Over Energy Transit Routes

Canada's Oil Sands Set to Become Biggest Source of U.S. Oil Imports, Report Says