Stocks Decline Led by BP

10 June 2010 - Which Way To Pay


Stocks Decline Led by BP



Stocks fell on Thursday led in the main part by oil giant BP Plc after US President Barack Obama strengthened their attacks on the company.


BP shares alone fell by 12 per cent in early trade in the London session before recovering after Obama said that large penalties could be imposed on the oil company.  Since the oil spill disaster in the Gulf of Mexico began on April 20th, BP shares have dropped by half.


This morning, BP share prices opened the day at their lowest in 13 years, at 345 pence.


There is now growing fear that BP’s part in the oil disaster is causing widespread anti-British sentiment in the US.  


London mayor Boris Johnson commented on the “anti-British rhetoric that seems to be permeating from America.”  


President Obama himself has been fairly open about his anger over the catastrophe, even making comments like wanting to know “whose ass to kick” over the matter.  


He has also indicated that BP should pay the unemployment benefits to those workers which were put out of a job in the moratorium on offshore drilling, which was enforced after the accident.


BP bonds are also trading very low with some analysts likening them to those of companies rated as junk.  UK pension funds are also affected, as many of them invest largely in the oil company.


There are now widespread fears that dividend payouts from BP will be cut.  The company itself has commented on share price falls this week by saying, “the company is not aware of any reason which justifies this share price movement.”



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