A THREE-WAY DIVORCE BETWEEN BP, OBAMA AND HALIBURTON: You know BP is in trouble when their best bet to plug the oil leak is Titanic director, James Cameron. That, notwithstanding, U.S. Attorney General Eric Holder has announced a criminal and civil probe into the titanic disaster that now far exceeds (it about doubles it at this point) the scope of Exxon Valdez oil spill. All of a sudden, joint press conferences between the Obama Administration of BP head honchos have ceased. Read: the camps have gotten a D I V O R C E.
It is not just BP that is in deep shit. Former VP Dick Cheney’s company Halliburton will likely also be probed and Halliburton is trying to distance itself from this whole thing, understandably. (Halliburton did the cementing job on the wells according to the WSJ) and, btw, both BP and Halliburton’s stock is taking a major hit on the Street:
The sell-off Tuesday knocked $18 billion off BP’s market value, which has dropped by about 30% since April 19, the day before the Deepwater Horizon oil rig exploded, killing 11 workers. Shares in HalliburtonCo., which did the cementing job on BP’s damaged well, slumped 12% and Schlumberger Ltd was down 6%. Anadarko PetroleumCorp., BP’s partner in the Macondo well, was down 15%. The fallout from the spill has hurt even companies without a direct connection to the disaster.
Wow. I have no problem with the divorce either way. But I do question the single-minded approach to the blame game. Has anyone considered that this was terrorism? That someone on the inside may have been paid to blow up this rig for political reasons? It’s weird how this is hitting the Gulf and places like Katrina ravaged Louisiana. It’s weird how it’s happening shortly after the president announced that he would allow drilling to reconvene in the region. The scope of the disaster and the unsolvability of it is weird. Eleven men died in this tragedy. Someone of them might have known or seen something right before this thing exploded. Call me suspicious. But this whole thing is weird. I think there is something criminal about it. I just think they are blowing smoke in all the wrong directions. BP (the company) is as much a victim as anyone else. But this whole thing, this whole disaster, is foul play. It goes way beyond anything BP told the administration as far as the scope of the spill. I hope the geniuses who are investigating this thing understand that. Look beyond BP. BP was probably framed.