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Some context. In March 2005, BP’s Texas City Refinery caught fireplace. The explosion killed 15 employees, injured 100 and seventy plant employees and residents of shut by neighborhoods, and rocked buildings 10 miles away. Most … Read More
BP PLC shares slumped Wednesday, leaving its market value halved in fewer than seven weeks, whereas the oil huge’s bonds had been crushed as questions mounted over whether it should probably afford to scrub up the worst environmental catastrophe in U.S. history. Oil-trade insider Matt Simmons, head of the Texas-based, vitality-targeted funding monetary establishment Simmons & Co., informed Fortune journal Wednesday that BP will run out of money from lawsuits, cleanup costs and other bills. “They have a few month earlier than they declare Chapter eleven” chapter, Simmons acknowledged.
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The 5 affected US Golf states alone have, between them, a $2.2 trillion financial system. Minimize that in half, which may simply occur if there’s oil throughout, and you’ve got a nationwide financial catastrophe, approaching excessive of all the items else. Throw in a hurricane, or two, or ten, and see the place you get from there. How about if 50% or additional of Florida’s vacationer commerce is … Read More