BP has NO insurance coverage for oil spills

[sixmile]

http://blogs.ft.com/energy-source/2010/04/27/bps-costs-growing-in-the-gulf-as-it-tries-to-stop-leak/
'The cost of last week’s rig accident, fire and eventual sinking in the Gulf of Mexico is continuing to rise. BP is responsible for the cleanup - a problem that, for now, at least, is continuing to grow. The UK oil company does not have insurance for oil spills, so will have to cover those costs itself. And it has yet to stem the leak.'

snip

'Indeed, some other companies already are having to scale back their work in the area because of the risks posed by the oil spill. Two nearby pipelines were shut. And the authorities said Ocean Endeavor, which had been drilling nearby, was evacuated today as a precaution. The rig, owned by Diamond Offshore Drilling, was in the area of the slick. The loss of time and money on these operations may end up being charged to BP.'

It appears oil drilling is slowing down in the gulf. Hold onto your wallets!

[havocmom]

1. Privitized profits, socialized risks

Capitalism will die due to greed

[MidwestTransplant]

2. If they pay off the right politicians, LA or the US will pay for it.

[sharp_stick]

3. BP is large enough that they can self-insure

They are plenty liquid enough with the price of oil over the last several years. I hope it costs them a shitload too.

[elehhhhna]

12. It will. & once the subrogation of business loss ins. for their competitors

who shut down in the gulf, we're talking gazillions.

[liberal N proud]

4. Yes they do

It's called higher gas prices.

In the end, we will all pay for this fuck up both in the end and in the environment.

Bend Over!

[Turbineguy]

5. A lot of companies self insure.

It's smarter to put money into prevention than insurance premiums.

[Not Me]

6. BP is on track to make 20+ Bil profit this year

the money is there, but as they say in the oil business, extracting it could be tough.

[damntexdem]

7. We'll see how deep BP pockets are.

They may not prove as deep as their well. ;-)

[spanone]

8. tough shit bp, dig into your fantastic profits.

[malaise]

9. Of course they do

Government bail outs led by the Coast Guard - remember the meme ...corporations privatize profits and socialize risks - cough up taxpayers.

[progressoid]

10. Yup. And environmentalists will have to pitch in to pick up the slack.

Why bother when the rest of us will fix their mistakes.

[malaise]

17. And so will the tourist boards

No risk at all - not for big oil.

[ShamelessHussy]

11. Is that even legal?

sounds very irresponsible to say the least, if it is.

[OnyxCollie]

13. Who needs insurance when you own Congress? nt

[Ignis]

21. +1

[Cleita]

14. I was researching buying stocks in renewable energy like solar and

bio-fuels last year when there was talk of some of the money to create jobs being used for that. (It didn't happen in a way that would have benefited American manufacturers and thereby the job market.) One stock broker recommended BP.

:rofl:

I hope he didn't invest too much of his own money in it.

[sixmile]

15. It's not doing that bad

The U.S.-traded ADR is down less than 10% since the explosion last week.

[Cleita]

16. Thanks but no thanks. n/t

[4_TN_TITANS]

18. They are already working our taxes-paid-for Coast Guard to death

trying to help contain their mess.

[AnArmyVeteran]

20. If a hiker is irresponsible and gets lost he is subject to repaying the government for search costs.

But not so for corporations. We the people pay for the Coast Guard and we will pay to clean up every drop of the recoverable oil.

When will we hold corporations responsible for their actions? The only way to do that is to make corporate officials financially libel for anything the company does.

[AnArmyVeteran]

19. They don't need insurance. They just pass off costs to the consumer...

We the people always pay for corporate mistakes, blunders and catastrophes. Corporations have no accountability. I believe whenever there is an oil spill all of the money to clean it up should come directly from all the executives in the company. Only then would they be forced to act responsibly. But until then they will continue to be reckless and endangering the environment and human beings all in the name of the almighty dollar.

When individuals screw up we pay for our mistakes. But corporations never pay. They pass off all costs to us. It must be nice. And yet conservatives cheer on this idiotic system. They blather on and on about personal responsibility, yet are always against any laws or regulations that would make businesses accountable for their actions. Why are conservatives so stupid?