Las Vegas Sun

March 28, 2024

LETTER TO THE EDITOR:

Obama suffering from lack of ideas to solve oil spill

This oil spill seems to be coming down to President Barack Obama vs BP. BP will be on the brink of bankruptcy by the time the first payment is made of the $20 billion that is going into an escrow, with the first $3 billion to be paid in this year’s third quarter. The political pressure on Obama has put him in a bad spot, and he may never recover.

If you look at the $20 billion payout, it will take 3 1/2 years to receive the full amount. No mention as to what the cost is to dole out the money, but who cares? Obama thinks he scored big, but I think he was hoodwinked.

BP as a company has lost almost 50 percent of its value, and the people holding stock in this company, including a lot of retirement accounts, are dumping their shares. If the value of this stock goes down another 10 percent, the British government will get into it with Washington, and then we will have never-ending fireworks.

There is no easy out on this oil spill, but we do know BP and Obama have no ideas how to stop the flow, or how to clean it up. If Obama thinks he is a leader, he should call the top 10 oil companies in the world and tell them he needs their help. It’s hard to be humble, but he has no way out. And if Congress bolts the BP chairman to the wall, it will accomplish nothing.

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