Oh BP. This whole oil leak thingy isn’t as fun as you were hoping. I find myself amused/disgusted with the BP press releases juxtaposed with the Everyone-Else-In-The-World press releases. For example, BP had convinced everyone for the first month of the petro-hemorrhage that there was about 200,000 gallons a day leaking out into the Gulf of Mexico, but really it was much closer to a million <EDIT: Now it looks like it’s closer to 2 million 6/11/10>. And this morning, it was revealed that a second gargantuan oil plume was found with the “fingerprint” of the oil leak from BP’s well, yet BP’s Chief Executive Officer Tony Hayward maintains “There are no plumes.” It kind of reminds me of obvious-steriod-user Roger Clemens continuing to deny what we all know is true: that he used every PED known to mankind to help him cheat at baseball. And he beats his kids. And he likes Hitler. But I digress.
So how about some creative solutions, Murka? Here’s a really really bad one: Have the US government take over BP! Bad Idea Numba One!
Does anyone really think that the government should now add Big Oil to the list of bailed out industries? If the government is actually going to seize BP assets, then doesn’t the act of doing so mean that the U.S. taxpayer is now implicitly backing BP?
What happens if the government takes temporary control of BP assets and the costs of the spill grow so astronomically large that BP can’t handle them? Would the U.S. then be on the hook to pay for the spill?
It really seems like a bad time to buy BP stock, but also, please don’t let our moronic government run more stuff . . . please?