BP guarantees US$20 billion for Gulf ...

BP guarantees US$20 billion for Gulf compensation and apologizes to U.S.

There are 98 comments on the Penticton Herald story from Jun 16, 2010, titled BP guarantees US$20 billion for Gulf compensation and apologizes to U.S.. In it, Penticton Herald reports that:

President Barack Obama wrested a US$20-billion compensation guarantee and an apology to the nation from British oil giant BP Wednesday, announcing the company would set up a major claims fund for shrimpers, restaurateurs and others whose lives and livelihoods are being wrecked by the oil flooding into the Gulf of Mexico.

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Seeking truth

Dearborn, MI

#1 Jun 17, 2010
That's crazy. Let BP do what it wants. We were kidding when we said President Obama should get more involved. Geez, you Democrats have no sense of humor. You just wait until November. Republicans are going to win in a landslide!

Since: May 08

Deltona Fla

#2 Jun 17, 2010
Seeking truth wrote:
That's crazy. Let BP do what it wants. We were kidding when we said President Obama should get more involved. Geez, you Democrats have no sense of humor. You just wait until November. Republicans are going to win in a landslide!
I guess you don't think BP should put up any money. Looks like the kids at BP got sent to the principals office and they all came out with their head hanging and their tails between their legs. Of course Michelle Bachman is leading the Right Wing nut squad in defending BP and calling for BP not to put up a dime. Can't let Government tell business what to do. Wait till you find out when it comes to processing the claims for the money ACORN will be in charge. Since it is BP money and not Federal contracts there is noting you can do about it. Ha ha ha . It is going to hard for the Right to keep slamming Acorn on the Gulf Coast when they are going to bat for the local fishermen and handing out checks. Ha ha ha.
Bob

United States

#4 Jun 17, 2010
Here comes Acorn, Jessie Jackson, Al Sharpton, and LGBT's with their hands out. The money will probably never make it to the gulf.
BP full of BS

Pasadena, CA

#5 Jun 17, 2010
Yeah,$5 billion a YEAR! Too bad they will declare bankruptcy before the second year payment is due, and we taxpayers will be stuck footing the damn bill as usual!!
Seeking truth

Dearborn, MI

#6 Jun 17, 2010
swampmudd wrote:
<quoted text>I guess you don't think BP should put up any money. Looks like the kids at BP got sent to the principals office and they all came out with their head hanging and their tails between their legs. Of course Michelle Bachman is leading the Right Wing nut squad in defending BP and calling for BP not to put up a dime. Can't let Government tell business what to do. Wait till you find out when it comes to processing the claims for the money ACORN will be in charge. Since it is BP money and not Federal contracts there is noting you can do about it. Ha ha ha . It is going to hard for the Right to keep slamming Acorn on the Gulf Coast when they are going to bat for the local fishermen and handing out checks. Ha ha ha.
I was joking. Imagining how the defeated Republicans feel, playing checkers while President Obama is playing chess. The only defense the GOP has is the insanity defense, a recipe for continued defeat. It's great entertainment!
Seeking truth

Dearborn, MI

#7 Jun 17, 2010
Bob wrote:
Here comes Acorn, Jessie Jackson, Al Sharpton, and LGBT's with their hands out. The money will probably never make it to the gulf.
Did they get money out of 9-11? BUSH/Cheney buddies made out like bandits.

“Truth to Power!”

Since: Apr 07

Canton, OH

#9 Jun 17, 2010
Seeking truth wrote:
That's crazy. Let BP do what it wants. We were kidding when we said President Obama should get more involved. Geez, you Democrats have no sense of humor. You just wait until November. Republicans are going to win in a landslide!
Obama’s Approval Rating on Handling the Spill Hits 40 Percent

June 07, 2010 10:31 PM
By Jim Geraghty

The latest numbers from Gallup aren’t quite a crisis for the Obama administration, but they suggest one might be in the works:

"... By a six-point margin, more Americans disapprove than approve of President Barack Obama’s handling of the oil spill in the Gulf of Mexico. The president’s 40 percent approval rating on the oil spill trails his overall job approval rating by seven points."

He campaigned as a problem solver and as Mr. Fix-It, and he’s proving to be a failure.

In and of itself, the spill wouldn’t be a presidency-defining problem. But when you place it alongside:

1- High unemployment
2- A lousy housing market
3- High foreclosure rate in much of the country.
4- A runaway deficit, even by the standards of our usual runaway deficits.
5- A stock market starting to slump more seriously 6- No sign of Iran’s nuclear program slowing down 7- No serious consequence for North Korea sinking a South Korean ship.
8- Illegal or at least very smelly backroom deals involving executive-branch positions and Democratic senate primaries (BRIBES)
9- Daily reminders that the health-care legislation won’t live up to the hype
10- A series of near-misses on the war on terror, where large bureaucracies fail to intervene in time and only sharp-eyed and fast-acting citizens prevent terrible consequences
11- George Soros predicting a Double-Dip Recession

... well, it all starts to add up to a pattern. Obama = Incompetent and a Dangerous Failure

http://www.nationalreview.com/campaign-spot/2...

How's dat "Hopey Changey" thing workin' at 40%? ROFL!

“Truth to Power!”

Since: Apr 07

Canton, OH

#11 Jun 17, 2010
Obama Fails to waive or even mention the Jones Act

JUNE 17, 2010

Is Obama really doing everything in his power to fight the spill?

'I Will Not Settle for Inaction'

By JOHN FUND

In his nationwide address last night on the Gulf crisis, President Obama declared: "We will fight this spill with everything we've got for as long it takes." But at least one congressman isn't convinced, complaining that Mr. Obama won't pursue promising solutions if it means bucking his union allies.

Hawaii GOP Rep. Charles Djou, who won his seat in a special election last month, says he's "disappointed" that Mr. Obama has failed to waive the Jones Act, an antiquated 1920 law mandating that goods shipped between U.S. ports be handled by U.S.-built and -owned ships manned by U.S. crews. Unions fiercely support the law as a means of preserving U.S. jobs. In this case, though, the law might be hindering the recovery of hundreds of thousands of Gulf Coast jobs.

Mr. Obama could issue a full waiver of the Jones Act, but failed even to mention the law in his speech last night. In the wake of Hurricane Katrina in 2005, the Bush administration didn't hesitate to waive the law completely in an emergency. Congressman Djou says a waiver is essential in spurring the Gulf Coast cleanup. The Houston Chronicle reports that several countries offered to send sophisticated equipment immediately after the spill but were turned down. The Dutch government offered ships fitted with oil-skimming booms three days after the leak began. Geert Visser, the consul general for the Netherlands in Houston, said the answer from the Obama administration was "Thanks, but no thanks."

Later, the administration relented, allowing U.S. ships to be outfitted with Dutch skimming booms that can remove 20,000 tons of oil and sludge a day. "At that rate, how much more oil could have been removed from the Gulf during the past month?" asks the Chronicle. The paper notes that some offers of help from other countries still haven't been accepted.

The Jones Act may also have played a role in delaying the construction of sand barriers to protect the fragile Louisiana coast. Mr. Visser, the Dutch consul, says American dredging companies, which lack the dike-building expertise of the Dutch, rebuffed Dutch offers of help, which might have meant running afoul of the Jones Act.

For the longer term, Mr. Djou is about to introduce a bill to exempt his home state of Hawaii from the law. Hawaii is hit hardest by the law because most goods arrive by sea. Despite the political power of unions locally, Mr. Djou is pressing forward. He told Malia Zimmerman of the Hawaii Reporter this week: "If it comes down to fighting for special interest or the people's interest, I will fight for the people's interest." Too bad President Obama won't see things the same way and waive the Jones Act in the current emergency.

http://online.wsj.com/article/SB1000142405274...

Since: Jun 10

United States

#12 Jun 17, 2010
BP full of BS wrote:
Yeah,$5 billion a YEAR! Too bad they will declare bankruptcy before the second year payment is due, and we taxpayers will be stuck footing the damn bill as usual!!
Before the axe falls on BP the US GOVERMENT will bale them out.OUR US GOVERMENT WILL NOT LET BP GO UNDER AN LET ANOTHER OIL CO.CORNER THE MARKET.
Seeking truth

Dearborn, MI

#13 Jun 17, 2010
"Dear BP, we're so sorry that the Democrats want to hold you accountable for the worst environmental disaster in the history of the United States that you caused."

Signed, Republicans/Teabaggers

“Did U plug the damn hole yet?”

Since: Jan 08

Addison, TX

#14 Jun 17, 2010
Seeking truth wrote:
"Dear BP, we're so sorry that the Democrats want to hold you accountable for the worst environmental disaster in the history of the United States that you caused."
Signed, Republicans/Teabaggers
BP is responsible for the accident that caused the oil spill.

Obama is to blame for the oil that is washing up on the Gulf Coast shores and for the massive unemployment it is causing.
Seeking truth

Dearborn, MI

#15 Jun 17, 2010
Again,

"Dear BP, we're so sorry that the Democrats want to hold you accountable for the worst environmental disaster in the history of the United States that you caused."

Signed, Republicans/Teabaggers
Conservaturds

Lihue, HI

#16 Jun 17, 2010
Rep. Joe Barton (R) apologized to BP today because the Democrats held them responsible for BP's actions that have led to the WORST environmental disaster in U.S. history. We've all seen the emails in the news of how BP cut corners to save a buck. We've read the first hand accounts of how BP's bottom line and need for expediency superceded the lives and safety of those 11 oil workers who died on the Deep Horizon. We continure to hear reports of how those individuals that BP hires to clean up the mess are not given proper training (only four hours at most) and inadequate protective gear. Those cleanup individuals who bring their own protective gear are ordered to remove their respirators or face termination, because to let them use their own gear would make them liable for not providing workers with proper protective gear. BP continues to use an oil dispersant that was banned by the UK for known toxic side effects. BP is now trying to pass off those side effects from that dispersant as 'food poisoning.' And the Republicans are coming to BP's defense???

Traditionally, the party in power loses seats in the mid-term elections (e.g. the Republicans should theoretically gain seats this Fall). This year WILL be different. With the Republicans defending/backing Wall Street and now BP, Americans know that a vote for a Republican this fall is a vote for Big Corporations that put profits over the lives and safety of the American people!

Since: Nov 08

Paris

#17 Jun 17, 2010
Seeking truth wrote:
"Dear BP, we're so sorry that the Democrats want to hold you accountable for the worst environmental disaster in the history of the United States that you caused."
Signed, Republicans/Teabaggers
TODAY”S OBAMA LIES…………….

Obama Administration blames BP and Its Execs……………BUT everything BP did was signed off on by the Obama Administration………BEFORE they did it. BP has no authority to drill, or set up anything with out prior approval.

FLASH: This Just In
Obama’s Administration has said that OIL EXPERTS have signed off on Halting Drilling In The Gulf, OIL EXPERTS now say their names are being used for political purposes. The OIL EXPERTS stated they DID say NEW drilling should be HALTED, but said NOTHING NOR WAS ASK ANYTHING ABOUT CURRENT DRILLING AS ADMINISTRATIONS SAYS and EXPERTS are for current drilling to continue.

Since: Nov 08

Paris

#18 Jun 17, 2010
MAXX THAXX wrote:
<quoted text> Before the axe falls on BP the US GOVERMENT will bale them out.OUR US GOVERMENT WILL NOT LET BP GO UNDER AN LET ANOTHER OIL CO.CORNER THE MARKET.
TODAY”S OBAMA LIES…………….

NEW INFORMATION:
The Obama Administration has been touting that BP is putting up 20 Billion into an Escrow Fund………….Is What They Are NOT telling you is……..3 Billion will be put into the fund in the third quarter of this year, and 2 billion more in the 4th quarter of this year, with additional 1 to 2 billion per quarter until paid. This Means it will take YEARS to actually have the stated and promised fund in place and all monies “WILL NOT be available to the GULF CITIZENS with claims as stated by Obama during his last lying session on TV yesterday. No reason was given by Obama for the delay in payment nor why it was not disclosed in his speech. This gives BP more opportunity to pass this expense on to Consumers in the coming years. To minimize the loss. Hmmmmmmm.
Conservaturds

Lihue, HI

#20 Jun 17, 2010
Mac-7 wrote:
<quoted text>
BP is responsible for the accident that caused the oil spill.
Obama is to blame for the oil that is washing up on the Gulf Coast shores and for the massive unemployment it is causing.
Let's see:
BP cuts corners to save money at expense of workers safety.
BP uses substandard materials on Deepwater Horizon well to save money.
BP cuts and pastes material verbatim from a decades old disaster response plan that protects walruses and lists a long dead expert on wildlife
BP didn’t use more centering devices, despite warnings by Haliburton that the well would likely have “a SEVERE gas flow problem."
Not to mention the fact that despite the top cap, top hat, and all their other catchy failed wishful thinking manuevers for shutting down this well, BP HAS FAILED TO STOP THE FLOW OF OIL coming out of this well and flowing into the gulf.

So Mac-7, HOW IS THIS OBAMA"S fault that the oil is washing up on the shoreline??? Did Obama drill the well? NO! Did Obama use substandard parts in the wells structure? NO! Did Obama drill the well without having a fraking clue about what to do if something went wrong? NO! Did Obama compromise worker safety in the name of profit? NO! Did Obama disregard warnings about gas by Haliburton if he didn't use more centering devices? NO! Is Obama more concerned with 'getting his life back' and less concerned with the small people? NO! Did Obama cut and paste a disaster reponse plan from some decades old document not even applicable to the area (Walruses???) and fail to update said plan to include living experts to call in case of disaster???

BP caused the leak! BP failed to plug the leak! And thus far BP has failed to contain the leak! Obama is the one holding them accountable for this massive environmental disaster. Meanwhile the Republicans, namely your own Representative Barton, are apologizing to BP for actually holding them acountable for their actions instead of bailing out BP and cleaning up the mess like we did for Wall Street two years ago under the previous Administration! I'm sure all those residents of the Gulf states who have been laid off due to this environmental disaster appreciate the REPUBLICAN CONCERN for BP's welfare over that of the 'small people'(a.k.a. voters!).
Turd Ferguson

Philadelphia, PA

#21 Jun 17, 2010
BP full of BS wrote:
Yeah,$5 billion a YEAR! Too bad they will declare bankruptcy before the second year payment is due, and we taxpayers will be stuck footing the damn bill as usual!!
I think you are on to something here. A New York Times article this week valued the assets of BP America [that is the company responsible for the spill, and the only liability to the parent company is their equity investment in BP America] to be $50 billion. BP America has committed $20 billion to an escrow fund. In addition, it is unclear whether this fund is for environmental restoration or for business interruption. Likely, BP America will we on the hook for more. Add to that, US Government fines of approximately $4500 per spilled barrel of oil, and now you could be looking at liabilities from the spill alone to amount to $50 billion.

Add to that liabilities to trade creditors and to banks, and now liabilities are greater than assets....which means bankruptcy. Based on my experience with bankruptcies, this is going to tricky, because most likely, banks will have preferential treatment because they are most likely secured. I sense that these settlements will be akin to the asbestos claims that put companies like USG, Owens-Corning, and WR Grace into bankruptcy. It took YEARS to settle with trustees put in charge to represent the 'victims'. We shall see, but this is going to be a sh*t show...

“Did U plug the damn hole yet?”

Since: Jan 08

Addison, TX

#22 Jun 17, 2010
Conservaturds wrote:
<quoted text>
Let's see:
BP cuts corners to save money at expense of workers safety.
BP uses substandard materials on Deepwater Horizon well to save money.
BP cuts and pastes material verbatim from a decades old disaster response plan that protects walruses and lists a long dead expert on wildlife
BP didn’t use more centering devices, despite warnings by Haliburton that the well would likely have “a SEVERE gas flow problem."
Not to mention the fact that despite the top cap, top hat, and all their other catchy failed wishful thinking manuevers for shutting down this well, BP HAS FAILED TO STOP THE FLOW OF OIL coming out of this well and flowing into the gulf.
So Mac-7, HOW IS THIS OBAMA"S fault that the oil is washing up on the shoreline??? Did Obama drill the well? NO! Did Obama use substandard parts in the wells structure? NO! Did Obama drill the well without having a fraking clue about what to do if something went wrong? NO! Did Obama compromise worker safety in the name of profit? NO! Did Obama disregard warnings about gas by Haliburton if he didn't use more centering devices? NO! Is Obama more concerned with 'getting his life back' and less concerned with the small people? NO! Did Obama cut and paste a disaster reponse plan from some decades old document not even applicable to the area (Walruses???) and fail to update said plan to include living experts to call in case of disaster???
BP caused the leak! BP failed to plug the leak! And thus far BP has failed to contain the leak! Obama is the one holding them accountable for this massive environmental disaster. Meanwhile the Republicans, namely your own Representative Barton, are apologizing to BP for actually holding them acountable for their actions instead of bailing out BP and cleaning up the mess like we did for Wall Street two years ago under the previous Administration! I'm sure all those residents of the Gulf states who have been laid off due to this environmental disaster appreciate the REPUBLICAN CONCERN for BP's welfare over that of the 'small people'(a.k.a. voters!).
"So Mac-7, HOW IS THIS OBAMA"S fault that the oil is washing up on the shoreline??? "

I agree that BP was careless and that led to the failure of the wellhead.

After 60 years of drilling in the Gulf and 35,000 wells this is the first failure and that puts the blame squarely on BP.

But do you really not know that Obama has sat on his hands for 8 weeks without making an earnest effort to contain the spill and keep the oil away from the coast?

At last count 13 countries have offered ships and skimmers that he failed to take advantage of.

Booms are sitting in warehouses around the country not being used.

The sandbars that Gov Jindal wanted to build over a month ago that Obama failed to authorize.

The well explosion is BP's fault but the oil washing up on the coast is squarely on the shoulders of Obama due to his incompetence.
silverspirit2001

Scarborough, UK

#23 Jun 17, 2010
Sorry folks, but as a British citizen, their are things you should know.

1. BP's name is BEYOND PETROLEUM - it has not been British since the 80's.

2. 40% of BP is owned by UK interests - 39% by American interests. If you have a retirement plan in either country, the likely-hood is you own BP shares.

3. BP does not own the rig, or operate it. Operated by an American company (trans oil) and serviced by Haliburton (you know, dick cheney's old company).

Of course, Obama throwing the UK under the bus is par for the course.

BUT LET ME MAKE THIS CLEAR

1. BP has an abysmal safety record - yes, since it learned that from thatcherism (when it was privatized) and has jointly corrupted politics in the name of profit. BUT THIS IS NOT JUST BP's DOING - LOOK AT YOUR COAL TRAGEDIES.

2. A vast majority of UK people deplore the spill - BUT, the fact Obama is British bashing is NOT acceptable. Obama is trying to paint this a British failure rather than a failure of the mineral management rights department.

Simply put, Obama is seeking short term solutions for political gain in his rhetoric, rather than addressing the problem - which is poor regulation and oversight from a governmental department.

Which is strange, since he could have blamed the previous administration, but since his demeanor is simply put anti-british (a legacy of his historical roots) it is understandable.

I will always respect the American values (especially since I am a republican- ie want to get rid of the monarchy), but a great deal of damage to our relationship is being done to the ties for political expediency.

Just remember Beyond Petroleum is a multinational company.

“Did U plug the damn hole yet?”

Since: Jan 08

Addison, TX

#24 Jun 17, 2010
silverspirit2001 wrote:
Sorry folks, but as a British citizen, their are things you should know.
1. BP's name is BEYOND PETROLEUM - it has not been British since the 80's.
2. 40% of BP is owned by UK interests - 39% by American interests. If you have a retirement plan in either country, the likely-hood is you own BP shares.
3. BP does not own the rig, or operate it. Operated by an American company (trans oil) and serviced by Haliburton (you know, dick cheney's old company).
Of course, Obama throwing the UK under the bus is par for the course.
BUT LET ME MAKE THIS CLEAR
1. BP has an abysmal safety record - yes, since it learned that from thatcherism (when it was privatized) and has jointly corrupted politics in the name of profit. BUT THIS IS NOT JUST BP's DOING - LOOK AT YOUR COAL TRAGEDIES.
2. A vast majority of UK people deplore the spill - BUT, the fact Obama is British bashing is NOT acceptable. Obama is trying to paint this a British failure rather than a failure of the mineral management rights department.
Simply put, Obama is seeking short term solutions for political gain in his rhetoric, rather than addressing the problem - which is poor regulation and oversight from a governmental department.
Which is strange, since he could have blamed the previous administration, but since his demeanor is simply put anti-british (a legacy of his historical roots) it is understandable.
I will always respect the American values (especially since I am a republican- ie want to get rid of the monarchy), but a great deal of damage to our relationship is being done to the ties for political expediency.

Just remember Beyond Petroleum is a multinational company.
I think Obama harbors a grudge against the British that goes back to the Mau Mau Rebellion in the 1950's and his black grandfather.

But other than that I don't think his hostility toward BP is personal.

As a closet socialist Obama hates all privately owned companies and that includes BP.

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