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BP shares have fallen nearly 40%, wiping out nearly $70 billion
in shareholder value. Before the accident the company had a market
capitalization of nearly $183 billion. Now it's just below $115 billion.
Investors are concerned the clean up costs, lawsuits, and added
restrictions from the spill, the worst in U.S. history, will sap BP's
Plus, like most big oil projects, BP is self-insured for the operation,
so all of the costs of the cleanup and damages will fall on its shoulders.
No one knows how much the spill will eventually cost BP. Estimates have
ranged from $3 billion to $25 billion - many fall somewhere in the middle.
As of Tuesday BP said it has spent just shy of $1 billion on the accident.
Originally posted by dolphinfan
My guess is that the government establishes another TARP-like
scheme to bailout the insurance companys, forcing them all to
take it to mask which ones are really in trouble.