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BP In The News – For All the Wrong Reasons

Monday, August 27, 2012 5:50
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(Before It's News)

B4INREMOTE-aHR0cDovLzMuYnAuYmxvZ3Nwb3QuY29tLy10ci1PSDUwcFpVYy9VQnFjZmdhU09ISS9BQUFBQUFBQUNXUS94ekpPSm9QSUI4WS9zMjAwL2JweC5qcGc=
With everyone else away, I’ll do a short silly-season run of company-based pieces – energy, of course – starting with BP.   
CU always told me that BP’s efforts to get back in with the Russians were ill-fated
My BP insiders said otherwise.  Yes, they said, we were burned last time around (like Exxon and Shell and Chevron and Marathon and …) but this time, *nudge nudge*, everything is going to work out.
What is is with oil companies and Russia ?  Well, huge reserves, for one thing.   And somehow it will all be different next time.  But it never is, because the Russians don’t change their ways in a hurry: they never have, and why would they start now ?  Might is right, contracts mean nothing, win-win is for wimps.
B4INREMOTE-aHR0cDovLzQuYnAuYmxvZ3Nwb3QuY29tLy1yYUNFMzNYeWxZVS9VQnFjczNhTmlRSS9BQUFBQUFBQUNXWS9VRDI5VmQya1N3QS9zMjAwLyVEMCU5MSVEMCVCRSVEMSU4MCVEMCVCOCVEMSU4MTMuanBnAnyhow, against all better judgement I sort-of believed them (though not to the extent of going long BP, oh no, not with Two-Faced Obama still on their case).
So BP’s travails continue. It’s a measure of their size and underlying muscle that they can survive all this in any kind of shape at all.  But for how long can a company soldier on with such poor judgement on big issues ?

ND



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