Is it justified? This a huge question regarding what is going on with the oil spill in the Gulf of Mexico and BP. Whose to blame? How could this have been prevented? How could the clean up be quicker? How could the hole be plugged quicker? How do we protect our shores? There are legitimate questions everywhere you turn, but the answers are going to be a bit harder than the ease of asking them. We have seen reactions from all sides of the spectrum. We have seen environmentalists and the liberal establishment cast stones at BP. We have seen people blame government for the leak. Whose right? At this point, we honestly don't know. But there is something that needs to be pointed out in all of this.

There are a few things regarding BP that need to be addressed. First, vandalizing BP gas stations does not justify anything that has taken place in the Gulf. The NY Daily News has reported numerous instances of vandalism on BP gas stations throughout NY City. Too bad BP does not operate the majority of these gas stations. Most convenient/gas stations are independently owned and operated through franchising. The investor who sees a good opportunity for a gas station will contact a supplier (BP, Exxon...) and ask for rights to franchise using their name and product. (This is also how Subway conducts their expansions.) But then again, most people who refute to vandalizing in order to make a point couldn't count to 1 backwards from 2.

Then we have our "Commander in Chief". This guy really is a work of art. Art this day in age can be considered urinating on a picture of Jesus (no seriously, true story). Obama appeared so apathetic to the situation in the Gulf in its early stages that even a hardcore liberal as James Carville had the nerve to call Obama out. So after all of the shouting geared towards President Obama, he went on national television claiming he "needs to know whose ass to kick". Well, considering his administration has had their "boot on the throat" of BP, that shouldn't be too hard to figure out should it?

But with all of the violent rhetoric thrown towards BP by this administration, who are they really hurting? The Telegraph.Co.UK had an excellent column late yesterday regarding just this. Britain is furious at Obama and for good reason. The tag line of this article nails it on the head: "Barack Obama has been accused of holding "his boot on the throat" of British pensioners after his attacks on BP were blamed for wiping billions off the company's value." According to The Telegraph, BP's market value before the spill was estimated around 122 Billion Euros. As of yesterday, BP's market value was around 49 Billion Euros. That is a massive drop in a short period of time. Yes, when a major oil company has a spill of this magnitude, natural markets will undoubtedly reduce that company's value. But at the rate of a 40% stock price drop in 50 days?

There are some interesting things to point out. Last week, Mr. Obama said that if British Petroleum's CEO worked for him, he'd "be sacked". I guess he was making a reference to the illegal firing of GM's CEO. The President of the United States does not have the Constitutional authority to fire a CEO of a private-sector company. Obama could care less because, well, he's Barack Hussein Obama. The resurrection and the life of a new America. Then we have this lovely little gym from the article: Jason Kenney, an oil and gas analyst at ING, said: "When you compare how Britain reacted towards the US company Occidental after its Piper Alpha disaster where 167 people died, they are worlds apart.The US reaction is getting towards hysterical. Half of them seem to think the US is knee deep in oil. It’s difficult to underestimate the effect 24-hour TV dinner media coverage of the spill is having over there.” I could not have said this any better.

Just last week we had Democratic Senators suggesting that BP should be banned from paying its shareholders until the cleanup is resolved. Reflect back on a previous article I posted which pointed out Democrats are much farther behind on economic aptitude than their Republican counterparts. British Petroleum is a publicly traded company and so its first obligation as such is to its shareholders. Take another look back into the Chrysler takeover by Obama's administration. Chrysler went into bankruptcy when Washington (the taxpayers) bought it. Now, by law under bankruptcy protections, the bondholders are to be compensated first for their initial investments. Didn't happen. Chrysler's unions were rewarded while the bondholders were left to dry. Just another day in the office of the community organizing teleprompter.

This is an excellent quote from this article that you need to hear. From Tom Watson who was a former Labour Minister in the UK: “BP is perhaps the most strategically important company for Britain and for UK pensioners. I want to see the UK government defend the company while it is under this attack. Of course the company must clean up the spill but let’s be under no illusion – all oil companies could have been in this situation whether British, American or any other nationality.I am sure there are American oil companies that want BP to fail but it is British pensioners that will badly lose out if they do."

Always remember the "never let a crisis go to waste". This administration is hell bent to demonize any form of "big business" whenever an opportunity presents itself. Remember the health care debate. It was all about how evil insurance companies were for making profits off of sick people. Remember the spike in oil prices. It was all about evil speculators that needed to be regulated. Remember cap and trade. It was all about evil capitalism making profits while polluting the air. Remember the current Wall Street "reform" bill. It's all about controlling Wall Street from "making obscene profits". Also remember that Obama will dictate when banks can make profits: "There is a time and place for these banks to make profits, now is not the time." Ok, I think you get the picture now. Until BP has been proven beyond a shadow of a doubt that it ignored warning signs which led to an explosion of the rig, back the hell off of BP. They are the only ones who at this point will be capable of stopping the leak. It is the job of the government when a national emergency such as this occurs, that they do everything in their power to keep the oil from reaching shore. Once BP has plugged the hole, then we can get them to start working on the clean up. Until then, they have one mission: stop the massive leak.

Reference:

http://www.telegraph.co.uk/news/worldnews/northamerica/usa/barackob...