Another debt ceiling debacle could sink the economy
Last year's Congressional debt standoff hurt consumer confidence more than the collapse of Lehman Brothers, Betsey Johnson and Justin Wolfers write. This time could be worse. Read more at Counterparties
BP to raise $50 billion for oil spill costs: report
Oil on the surface of the water crests over a wave five miles south from Perdido Key, Florida, June 18, 2010.
Credit: Reuters/Walter Shinn/U.S. Coast Guard/Handout
LONDON |
LONDON (Reuters) - BP (BP.L) is planning to raise $50 billion to cover the cost of the largest oil spill in U.S. history, London's Sunday Times reported without citing sources. The paper said BP planned to raise $10 billion from a bond sale, $20 billion from banks and $20 billion from asset sales over the next two years.
The oil major had said last week that it would suspend dividends and increase the pace of asset sales to $10 billion this year.
A spokesman for the group would not confirm any numbers on Sunday, when asked about the Sunday Times report.
(Reporting by Victoria Bryan; Editing by Jon Loades-Carter)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
The oil spill is not BP’s problem. It is however clearly their fault. The problem is now ours to deal with.
The ex-president of Shell Oil suggested this weeks ago on CNN but was apparently ignored. The Saudis used super tankers and retrieved 80% of their oil spill. They were also smart enough to know that the use of dispersants would render the oil unretrievable.
The myriad of US agencies involved in this spill are not proceeding in a unified direction…….they are just posturing while dolphins wash up on shore. The Coast Guard can coordinate the super tanker operations instead of counting life jackets on barges employed to block oil from the sensitive Louisiana marshes. That Allen should have a talk with his over zealous personnel as to what their priorities should be. Get the oil off the water now or should we wait for a tropical storm in the Gulf, Sir?
BP is continuing to use DISPERSANTS FOR TOXIC OIL TO REDUCE THEIR LIBILITY.
Dispersing the TOXIC OIL to the water column may do MUCH, MUCH more damage then that of the collected oil that floats on top of the water.
WHY DOESN’T BP STOP THE FLOW OF OIL NOW?
WHAT IF A HURRICANNE COMES? All present collection efforts will be lost!
WHY IS BP BANKING ON TWO DANGEROUS RELIEF WELLS TO STOP THE OIL?
WHAT WILL HAPPEN IF THE SUPER DANGEROUS RELIEF WELLS DON’T WORK? After all, the pressure is 9000 PSI . How are they going to cement AND CAP THAT?
MANY PEOPLE THINK IT WILL NOT WORK, I AM ONE OF THEM.
IF THEY ARE PLANNING TWO RELIEF WELLS AND BOTH FAIL, THE GULF COULD BE LOOKING AT 180,000 BARRELS A DAY OF RAW UNSTOPPABLE TOXIC OIL INTO THE GULF WATERS AND BEYOND.
IF BP CAN’T STOP THE OIL FROM SPEWING, WHAT MAKES ANYONE THINK DRILLING TWO RELIEF WELLS WILL WORK TO STOP THE OIL FLOW?
THE PRESIDENT HAS TO STEP IN WITH AND ASSEMBLED PANEL OF THE BEST OIL RIG ENGINEERS AND MAKE SURE BP IS 100% CORRECT ON THEIR ASSUMPTIONS.
THERE CAN BE NO MISJUDGEMENTS OR MISCALCULATIONS ON PUNCHING THROUGH MASSIVE PRESSURES WITH THE RELIEF WELLS!
Follow Reuters