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"BP PLC, Europe's second-largest oil company, said Tuesday that first-quarter profit more than doubled from a year earlier to $6.1 billion " http://www.cbsnews

• jacquesm 16y ago
  Their market cap has dropped a staggering 40 billion since the spill broke in the media, maybe the stockmarket knows something that is not yet too visible ? The rough estimates of what it could cost are topping 8 billion already, if that's 'all' (for want of a better term) then why that huge drop in stock price ? I'm thinking the economic damage claims that will be filed could easily eclipse the cost of the actual cleanup.
  • waterlesscloud 16y ago
    Yeah, it's a good question. If it's going to cost say 5 months profits, that sucks, but it's hardly the end of the company. Does that estimate include lawsuits?
    • jacquesm 16y ago
      No, that's just the cost of cleanup. After the Exxon Valdez the law was changed, back then you had to be 'physically touched' by the oil to be able to file a claim, now you can claim economic damages.