• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 21 hours How Far Have We Really Gotten With Alternative Energy
  • 2 days The United States produced more crude oil than any nation, at any time.
  • 1 day China deletes leaked stats showing plunging birth rate for 2023
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Bad news for e-cars keeps coming
Could Deflecting the Sun Help Cool the Planet?

Could Deflecting the Sun Help Cool the Planet?

Scientists conducted a pilot test…

OPEC Demand Forecast Boosts Bullish Sentiment in Oil Markets

OPEC Demand Forecast Boosts Bullish Sentiment in Oil Markets

An optimistic demand forecast from…

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




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News