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Last night Obama bullied BP into setting up a £13bn fund to compensate U.S. oil spill victims. Yet it's American firms that owned the rig AND the safety equipment that failed.
On Capitol Hill, Washington DC, at 10am local time this morning, the boss of the world's fourth largest company will take his seat before a sub-committee of American congressmen.
The inquisition that follows will be beamed around the globe. And if events of past weeks are a guide, BP chief executive Tony Hayward can expect a cross between the Battle of Bunker Hill and a Salem Witch trial.
Anger is understandable. Officially, today's hearing is slated to investigate 'the role of BP in the Deepwater Horizon explosion and oil spill in the Gulf of Mexico'.
But one word that is likely to be invoked repeatedly with a pejorative tone, and with a cynicism that is in inverse proportion to its actual relevance, is the adjective 'British'.
On that latter group Svanberg tells me he is familiar to British and American investors having had, what he estimates to be, about 900 one-on-one meetings with them over the years.
The safety records of oil giant BP and the government agency charged with overseeing offshore drilling drew sharp criticism at a Wednesday morning House hearing on the massive Gulf of Mexico oil spill.
"Many of the elements of this tragedy are familiar to the committee," said Rep. James L. Oberstar (D-Minn.), chairman of the House Transportation and Infrastructure Committee. With BP America President Lamar McKay sitting in front of the panel, Oberstar assailed BP's "sorry record" on safety, adding that the well blowout 48 miles off the Louisiana coast was the latest in a spate of BP safety lapses.
Those include a deadly refinery blast in Texas and "the worst spill in the history of oil development on Alaska's north slope," incidents that have "cast doubt on whether the company has the commitment to the practice and the culture of safety necessary to protect the public,"
Originally posted by marg6043
reply to post by thoughtsfull
Is many conspiracies behind the BP oil disaster right now, many points out to a take over by other US base oil companies and what they have to gain from taking over the BP gulf venture.
I am still trying to figure out what can be so valuable with the gulf that could make any other oil interest in the gulf sabotage BP.
But when it comes to BP safety record that is good enough reason for me to know that until the oil disaster in the gulf the government has been very nice to them and their blunders in the past.
Originally posted by JacKatMtn
Let me say that I am not trying to minimize BP's responsibility in this disaster, they are paying and will continue to pay for their mistake.
At the same time, I am more concerned with how the way was paved for BP to become so lax in their implementation of this well.
Some are crying for regulation, well once again, it isn't the lack of regulation, it is the Fed gov't failing to enforce the regulations in place.
Originally posted by St Udio
Oh yeah... BP looks to be the whipping boy right now, with that $20Bn
escrow account which the Øbama regime will administer (thru FEMA ?)
... and watch them rake in much more than that $20Bn
seed money over the years as the newest layer in the fascist-corporate
structure of Øbama's regime
Deregulation coupled with lax government oversight (lackies appointed by Dick Cheney at the helm) lead to the omission of key safety features and protocols, a free pass for drilling licenses, emphasis on profit over safety, and absolutely NO PLAN for containment of blowouts.
George W Bush and Dick Cheney helped block a 2002/03 Bill that would have required the use of acoustic switches to activate the blowout preventer (BOP). When the rig blew up, they had to MANUALLY activate the switch by sending robotic submersibles
Originally posted by jibeho
Obama failed miserably in managing this crisis from day one. A clear example of his lack of leadership ability. Two months later and now we have a new Czar who will come up with a plan.