• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 7 hours Science: Only correct if it fits the popular narrative
  • 3 hours Crazy Stories From Round The World
  • 2 hours What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 24 hours EU has already lost the Trump vs. EU Trade War
  • 17 hours China's Renewables Boom Hits the Wall
  • 8 hours Do The World's Energy Policies Make Sense?
  • 2 days ''Err ... but Trump ...?'' *sniff
  • 18 hours Forget out-of-date 'dirty oil' smear, Alberta moving to be world's cleanest oil industry
  • 11 hours Impeachment Nonsense
  • 2 days Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 2 days Tesla Launches Faster Third Generation Supercharger
  • 23 hours Water, Trump, and Israel’s National Security
  • 2 days Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 1 hour Who writes this stuff? "Crude Prices Swing Between Gains, Losses"

Breaking News:

Russia Plans To Boost Crude Oil Exports

Alt Text

Chesapeake Isn’t Dead Yet…

Chesapeake, one of the hardest…

Alt Text

Could The Aramco IPO Kill OPEC?

If the Aramco IPO does…

Business Insider

Business Insider

Business Insider is one of the leading Business and finance news sites online.

More Info

Premium Content

Will Obama Force BP into Bankruptcy?

BP is already down and out, but President Obama has the power to force the petroleum company into bankruptcy once and for all.

An article published in the New York Post this morning details the 'nuclear option' in which Obama could yank BP's oil rig leases which generate more than $55 billion in revenue for the company.

The alternative? Work with the White House on developing a $50 billion clean up contingency plan. Either way, BP's fiscal resources are going to be seriously strained.

NY Post:  Some experts believe BP could lose its federal leases unless it works out a deal with the White House and Congress to bankroll a possible $50 billion-plus cleanup of its massive Gulf oil leak and settle other conditions that might be imposed, such as paying unemployment claims for the hundreds of thousands of workers in the region idled by the crisis.

 "We think there's a good chance the government not only doesn't allow BP to operate going forward, but could rescind operating control," said oil industry banker David Pursell of Tudor Pickering Holt, a Houston investment bank.

"It's a way to keep BP alive and a way for the government to say we've really done something to penalize BP," he told The Economic Times in Britain.
However, bankrupting BP could seriously impede cleanup efforts, so Obama needs to choose his actions wisely to avoid even more of a headache in the Gulf.

By. Vince Veneziani




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • Anonymous on June 16 2010 said:
    He needs to open up a vein that will provide some pretty good blood flow, but not enough to actually kill the host. The political class mimics nature. 8)

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play