BP has given up plugging the leak, and it will be August at the earliest that relief wells are ready. That's two months of between 12,000 and 19,000 gallons per day, perhaps at a faster pace by August. With BP paying out to businesses affected by the spill, having already been billed once by the federal government for $69 million in cleanup costs and committing to covering the total cost of cleanup, which we now know will be an ocean-to-ocean-scale job, I think even a $36 stock price is asking just a bit too much.
Pile on a criminal investigation, public outrage, and some not-so-bright Republicans hoping to take advantage of an event that practically forces congress to introduce further regulations against drilling in the Gulf, and BP seems, for all their profitability, boned.
Do you guys agree? Would other Gulf-operating organizations be affected long term or will the moratorium be lifted quickly enough that these other companies could take advantage of BP's now tarnished image?