• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 19 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 3 hours Coal Boom in Asia is Real and a Long Trend
  • 28 mins Hydrogen FTW... Some Day
  • 35 mins China's President Xi To Visit North Korea This Week
  • 4 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 3 hours Forbes: Giant Floating Solar Farms Could Extract CO2 From Seawater, Producing Methanol Fuel.
  • 14 hours Greenpeace claims one oil rig is "pushing the world closer to a climate catastrophe"
  • 7 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 7 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 9 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 5 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 4 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 19 hours Britain makes it almost 12 days with NO COAL
  • 5 mins Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
Business Insider

Business Insider

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

More Info

Trending Discussions

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

Trending Discussions


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