Mr. Obama, of course you had no intention of devaluing BP and throwing the retirements of hundreds of thousands of people into doubt. You are a community organizer - an agitator, and agitators do not consider the consequences, only the immediate satisfaction - to agitate and stoke the fires ... never the outcome or consequence of your actions. Yet again, you prove why you are unqualified to hold the position you do.
No intent to devalue BP: Obama
By Jeffrey Jones and Keith Weir
June 12, 2010
BURAS, La./ LONDON (Reuters) – President Barack Obama told British Prime Minister David Cameron on Saturday that he had no interest in undermining the value of oil company BP Plc following the massive oil spill in the Gulf of Mexico.
But as frustration grew on the 54th day of the leak that continues to gush from a blown-out undersea well, a U.S. Coast Guard official told the London-based energy giant to come up with a better containment plan in 48 hours.
In a 30-minute phone call the two leaders downplayed tensions over the oil spill and reaffirmed close ties. But a U.S. official said Obama will insist that BP pays clean-up costs and meets economic claims from the spill.
Millions of gallons of oil have poured into the Gulf since an April 20 offshore rig blast killed 11 workers. The oil leak is now estimated at 40,000 barrels (1.68 million gallons/6.36 million liters) a day and has been only partly contained.
The impact along the Gulf coast continues to grow, as the oil damages beaches and wildlife habitats, kills birds, sea turtles and dolphins, and slams the region's lucrative tourism and fishing industries.
BP, a staple holding of UK pension funds, has lost tens of billions of dollars from its market value and is under pressure from some U.S. lawmakers to suspend its dividend until the Gulf crisis is resolved and damages are paid out to individuals and businesses in the region.
BP's board, which has met weekly since the crisis started, could take up the issue of the dividend on Monday. But a source said a decision may not be made until after BP Chairman Carl-Henric Svanberg has met with Obama at the White House on Wednesday.
Cameron, who took office last month, is under political pressure in Britain to do more to protect a company that accounts for 12 percent of all dividends paid by British companies.
BP expects the total bill for the clean-up to be $3 billion to $6 billion -- though many stock analysts predict the cost will be much higher.
He and Obama reaffirmed their confidence in the strength of the two countries' ties.
"President Obama said to the Prime Minister that his unequivocal view was that BP was a multinational global company and that frustrations about the oil spill had nothing to do with national identity," Cameron's office said.
Before meeting with Svanberg, Obama -- facing criticism for not responding aggressively enough -- returns to the Gulf Coast on Monday for the fourth time since the crisis erupted. Obama plans to survey the response effect, visit with Gulf residents and meet officials during a two-day visit.
48-HOUR ULTIMATUM
On Saturday, Coast Guard Rear Admiral James Watson told BP its plans to contain the spill do not go far enough or contain enough back-up measures.
"BP must identify in the next 48 hours additional leak-containment capacity that could be operationalized and expedited," Watson said in a letter to BP dated June 11.
Watson said BP's current plan did not go far enough to have backup resources in place in the event of equipment failure or other problems. "Every effort must be expended to speed up the process," he said.
U.S. officials have said that the collection of oil and gas leaking into the Gulf of Mexico seems to have leveled off for now at about 15,400 barrels a day -- less than half the estimated daily leak.
States along the Gulf coast are increasingly demanding financial compensation from BP as the spill spreads along their shorelines, slamming tourism and fishing industries, The Wall Street Journal reported.
State officials say they are feeling the effects, both environmentally and financially, and that they need much more than what BP is offering to recover lost wages and taxes.
Florida Attorney General Bill McCollum sent a letter to BP requesting that the company deposit $2.5 billion into an escrow account to cover potential losses, the Journal reported.
The oil spill will dominate Sunday's television news talk shows in the United States.
Coast Guard Adm. Thad Allen, the national incident commander, is schedule to appear on CBS's "Face the Nation" and CNN's "State of the Union." Gulf Coast governors will discuss the spill, including Haley Barbour of Mississippi and Alabama's Bob Riley, both Republicans, and independent Charlie Crist of Florida.
Sen. Lindsey Graham, Republican of South Carolina, in a pre-taped interview on Bloomberg TV's "Political Capital," said Obama should not be blamed for the gusher.
"I would give him fairly low marks in terms of responding to the consequences of the spill, but stopping the leak, nobody could do any better," Graham said. "We're trying everything under the sun to stop the leak, and it's not his fault that we can't find a way to cap it."
HIGH DRAMA
U.S. lawmakers remain busy attempting to craft a response to the oil spill, which could renew interest in renewable fuel energy policies.
High drama is likely on Thursday when Tony Hayward, BP's embattled chief executive, makes his first appearance before Congress at a House Energy and Commerce subcommittee hearing.
Another hearing on Tuesday will feature top officials from oil companies Exxon Mobil, Chevron, ConocoPhillips and Shell Oil Co as well as BP America president Lamar McKay.
Some 24,000 people are in the field supporting functions from oil cleanup operations to seafood safety.
About one-third of Gulf of Mexico federal waters remains closed to fishing, and oil has spread to Florida's Pensacola and Perdido passes, two gateways to the Gulf Intracoastal Waterway.
At Perdido Bay between Florida and Alabama, orange booms were stained with brown oil as workers tied absorbent 'pom poms' to them to keep oil seeping further into the waterways.
"We want to make sure areas where there may be nesting, we want to have extra booms in those areas," said Alexis Brooks, incident information officer at Gulf Islands National Seashore.
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