Gulf rig owner criticizes Obama's drilling halt (7:59 a.m.)
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#1 Jun 22, 2010
So BP isn't allowed to drill anymore for 6 months... but they will more than likely end up spending at least another 4-6 Billion for these costs... while the spill is truly tragic, I want to propose a different view of the issue (we can't be one siding in our thinking and since the LCSN often fails to portray both sides...)
Purposefully destroying a company as a political statement isn't just tragic it's stupid in a Free Market System. If the company isn't allowed to continue to work and produce a couple of things will happen (and this is something that we all learned in Econ 101; supply and demand etc) gas/oil/heating prices will jump to a level that is unsustainable, who knows how much and when, my guess is we will see this more towards the winter months.
We will also see that the company will reach a point where it can no longer remain in business due to these "payments" which are sure to be eating at any reserves that BP has and will soon after eat any "profits" (as in earned income from all sales in all market systems worldwide) will be forced into paying these costs. It will cease to make any income and may be forced into chapter 13 bankruptcy. From this no one will gain much if anything, all of their assets will be sold to pay these costs but any future costs will be left unpaid.
(Now for my personal take) I'm sorry but the way that the Feds are handling this spill is atrocious from an economic standpoint. We have seen in the past year and a half just how little they know of Free Market Capitalism and how much they are willing to sacrifice to force it's demise. From auto bailouts to this, I'm wondering if the plan is to acquire BP and takeover yet another sector of the US market.
Just a thought (or two lol)
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