Wednesday, May 19, 2010

BP onto a "win-win" situation

Good investigative journalism from Greg Palast again and, put simply, the evidence would appear to suggest that cutting costs on safety, while making billions in profits, led to the BP oil spill in the Gulf of Mexico. However, let us not be conned by "BP saying last Thursday that "its costs for fighting the massive oil spill have risen to total about $450 million." That was last Thursday and where are we today; $1 billion, perhaps? But who at BP cares and even adding to that an expected $3 billion fine, Greg hits the nail on the head when he says, that BP has insurance to cover most of their loses and that any money it does pay will be more than recouperated because of the increase in oil prices; increases which, of course, are due to  ........ yes, silly, the spill! BP, cutting safety costs and onto a "win-win" situation? Well, we don't need Sherlock Holmes to figure that one out.

In the meantime, it is emerging that the oil spill, which is due to an explosion and sinking of the  oil rig "Deepwater Horizon" almost a month agao, is much worse than either BP or the Obama administration would have us believe, with the oil now passing around Florida and onto the Atlantic seaboard. But, hey, that is capitalism and when did capitalism care about anything other than profit!

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