A BP report is out today detailing the circumstances around the Gulf Oil blowout which caused so much damage in the USA. Sadly for BP, they are going to be honest whichi s the right thing to do, just not in the USA. I fully expect that BP to accept much of the blame fo the Deepwater Horizon failure. The lawyers for Transocean and Haliburton will no doubt be urging their executives to admit no wrongdoing and blame all on BP. As you may have noticed from previous coverage, President Obama relishes saying BP at every opportunity. David Cameron even asked him to tone this down and he completely ignored the request. The US of A is united against this foreign organisation.
BP is facing a massive clean up bill and over 300 lawsuits. This is going to tie the company down for years to come - many of the lawsuits will be based upon the evidence released today. The share price is steady this morning at 407p, but there is still much downside for the company to navigate. Shareholders are going to have to wait a long time before they get a good picture of the kind of damages BP is going to have to pay out and the costs of all these lawsuits. I won't be buying any BP shares for a while.