BP oil spill: British companies fear backlash in America

[FarCenter]

British companies with US operations are monitoring the impact of the savage attacks on BP over the Gulf of Mexico oil crisis for any signs that they may be caught by an anti-British backlash.

By Roland Gribben and Alex Spillius in Washington
Published: 11:27PM BST 06 Jun 2010

So far they have detected little evidence of a boycott but Vince Cable, Business Secretary, has voiced concern about the fallout from the BP disaster on the UK economy, describing the tirade from politicians and an angry US public as "extreme and unhelpful".

He is particularly worried by the collapse in the BP share price and its effect on the FTSE100 and pension funds heavily dependant on BP's £10bn dividend flow to meet commitments.

Mr Cable was reluctant to comment further amid signs that the Government is increasingly concerned about the scale of the US reaction and fears that BP could be severely damaged by "punishment sanctions" under consideration in Washington.

The loss of government contracts for example would be a major blow. BP is the biggest supplier of oil and gas to the US military and the loss of a $2bn (£1.4bn) business would be a bonus for US rivals. Their early attempts to provide a united front with BP against the tidal wave of criticism are said to be weakening as they assess the implications of a standstill on an expansion of offshore drilling as the price for the Gulf disaster. Exxon Mobil and Chevron deny they are involved in anti-BP lobbying but analysts point out they have much to gain if BP's operations in the US are curbed.

BP, conscious of its vulnerability to a takeover or a contraction of its vital US business, is understood to be working on "operation survival" as it looks at a worst case post-Gulf scenario where it struggles to expand the business and regain credibility.

<SNIP>http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/7807280/BP-oil-spill-British-companies-fear-backlash-in-America.html

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Egads! Trouble in the colonies.

[bluestateguy]

1. Think about this

Just imagine if an American company was jizzing millions of gallons of oil on some other nation's coastline.

We would not hear the end of it from the international echo chamber, and the Blame America Firsters (a few of whom reside on this board) about the mean old United States and how the US government must help with the cleanup and pay reparations.

Yet we are not yet hearing those demands made upon the British.

[ingac70]

2. If BP was a nationalized company I would.....

But the only thing British about BP is it's name.

[RiverStone]

6. The CEO is British...

Tony Hayward might as well come from Mars, given how how of touch he is with reality.

[FarCenter]

3. It has happened, see Amoco Cadiz

In 1978, it was estimated to have caused $250 million in damage to fisheries and tourist amenities. The French government presented claims totalling $2 billion to United States courts.

In subsequent legal proceedings in Chicago, United States, the owners of the tug were held to have been completely blameless while France was awarded $120 million from the American oil company Amoco in 1990.

http://en.wikipedia.org/wiki/Amoco_Cadiz

[CountAllVotes]

4. there was a story earlier

it was linked off of the story about Canadian oil. It was highly critical of the USA and Pres. Obama. I went back to read it again and said story was pulled. :wtf:

I guess they are running for cover once again!! :argh:

:kick:

[Catherina]

5. "extreme and unhelpful"? Fuck you BP and fuck your shareholders n/t

[shockra]

7. Have detected little evidence of a boycott?

I'm so sure.

They think if they just tell the sheeple that "everyone else is still buying" they'll relent their own "little" boycott. When people are as sufficiently outraged and sickened and saddened as they are now that trick is not going to work. Avoiding BP like the plague is a gut reaction no corporate brainwashing attempt is going to change.

[G_j]

8. in most ways they are all the same, they just wear various hats

is BP a "multi-national"? They all belong to the same country club.