Yesterday BP saw a huge decline in it’s value as their stocks lost 15% of their value:
As BP hacked away at a pipe gushing oil at the bottom of the Gulf of Mexico, investors sawed off 15 percent, or $21.1 billion, of the company’s market value Tuesday.
Some are pointing to the announcement by Eric Holder of the criminal investigation into BP, but the big sell off started before that in the U.K. markets, leaving it to point to BP’s failure to contain the spill.
This sudden decline in value for the oil giant begs the question of rather BP will survive or not. In this clip from Rachael Maddow last night, Rachael explains how the EPA could actually nail BP for billions in court.
I believe this would be the best outcome to the situation. Sure it will play hell with oil prices for awhile, but it will also send a loud message to the oil industry that they can lose everything if they play by their own rules. It would also provide a very interesting case to watch.