More than a year after the Gulf of Mexico oil disaster, BP is still struggling with a myriad of issues to be addressed.
BP announced in London Friday that one of its minority partners in the blown-out well in the Gulf of Mexico has agreed to pay $1 billion. The money is being paid as a part of the cleanup costs owed by the BP’s partner, MOEX Offshore.
Just when things could not get any worse for BP, they actually have. Barely had the company recovered from the international outburst over its April 2010 oil spill in the Gulf of Mexico, it is again in the news for all the wrong reasons.
A leak discovered on Saturday morning has led to the shutdown of the Trans Alaska Pipeline System, operated by a consortium in which BP holds the largest share. Though the spill is minimal but it can lead to a short term increase in the already above normal prices of gas.
If Santa Claus had the spare time to dabble in investing, he might consider leaving the following stocks in naughty kids' stockings in lieu of lumps of coal:
Just when BPlooked like its recovery from the Deepwater Horizon disaster was starting to strengthen, here comes news that the U.S. government is suing.
In addition to maintaining this moratorium, the administration is also delaying two western and central Gulf lease sales currently scheduled for March and August 2011. This will give the Department of the Interior time to conduct thorough environmental impact studies. Next year could therefore be the first since 1965 to see no new lease sales.