Some Perspective…BP Set to Announce 5 Billion Dollar Profit in 2nd Quarter

Brutal Profit

From the Telegraph:

This week is likely to see the start of BP’s fightback, beginning with the announcement of $5bn in profits for the second quarter of 2010 and the resignation of Hayward – a symbolic break with the steady drip of bad news that has bombarded the company since April 20.

While I do understand the necessity of British Petroleum staying afloat so they can make reparations to the Gulf Coast along with the number of pensions tied up in British Petroleum stock in America and elsewhere…this profit…something seems wrong with them making this large a profit, especially in light of all they are doing to cut corners in the Gulf, making successive decisions that further affect lives and cause even more suffering for the residents of Texas, Louisiana, Alabama, Mississippi and Florida. Drastically wrong, a $5 billion dollar profit, when so many are now forced to do without as a result of BP’s catastraphuk? 

Perhaps a little perspective is in order as to how they might be achieving this kind of wealth:

1. British Petroleum is stalling relief payments to the Gulf Coast – said Kenneth Feinberg, the arbitrator of the 20 billion dollar escrow. He states when he takes over as arbitrator, officially on August 10th, these delays will stop. He has heard the complaints from residents and states he understands the pain being experienced.

2. British Petroleum has stopped awarding contracts for oil skimmers and protective boom. The people getting these contracts are people of the Gulf, let go because BP says there isn’t enough oil out there to skim, much of it driven underwater by dispersants like Corexit. However, the idea of boom and skimmers not being needed as badly, and throwing the fisherman out of work again, after your oil spill threw them out of work previously, well, maybe someone could ask the dead pelicans on Raccoon Island how they feel about there not being enough oil to skim.

3. British Petroleum is using prison labor to clean up beaches…prison labor is far cheaper and as an added benefit, prisoners cannot complain about lack of safety equipment or conditions. Well, they can but who will really listen? They are being used despite thousands in the Gulf Coast being out of work because of British Petroleum’s spill.

4. Cleanup pay will be deducted from future payouts of oil claims so essentially, Gulf Coast residents are working to cleanup BP’s mess for free while putting their health at risk by working in this toxic stew of Corexit and crude oil.

5. BP is stalling requests made by Gulf Coast states for mental health outreach funding for affected Gulf Coast residents. Millions of dollars have been requested and BP has committed to nothing. It took weeks for the company to even acknowledge the request.

6. BP no longer assisting food banks – after donating $175,000 dollars the first month of their oil spill catatastraphuk, they have since given nothing while the need for assistance continues to rise and rise quickly. When fisherman are used to eating their own catch, and no longer can due to the oil spill, well, along with the loss of their jobs, food quickly becomes an expensive problem.

7. BP is paying exorbitant sums to Gulf Coast scientists to conduct research on the spill and become part of their defense team. A number of university scientists have accepted as research funds are in short supply. A signature on the BP contract forbids them from disclosing findings for 3 years, thus they are silenced.

And I am sure many more examples exist beyond what’s mentioned above…

So, a little perspective, despite British Petroleum’s initial commitment to making sure that the Gulf Coast and their residents are “made whole” again, they have done little more than cut costs and delay payments at every turn. The Gulf states are predicted to lose 100,000 jobs because of this spill while the Gulf Coast economy is expected to lose 22.7 billion dollars.

Hundreds of thousands of affected lives…

BP made 5 billion dollars in the second quarter alone…


Read the article:

Oil spill: BP plans for life after Deepwater

Have a good evening.

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