Sunday, June 20, 2010

New Oil Gusher Estimate Could Bankrupt BP

BP knows its gusher is releasing up to 100,000 barrels a day - - far greater than its own earlier projections and the government's, too - - which means at the federal fine level of $4,300 per barrel, BP could be cited $430,000,000 per day, or $3 billion a week.

You figure the flow might be stopped in another few weeks, if we are lucky, so on top of the initial $20 billion claims fund and other costs, can BP sustain these financial losses?

Another reason why Obama was smart to get the claims fund escrowed, beyond BP's reach.

A bird in the hand...

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