A new report by an environmental group claims that BP may not be able to pay all of the damages from the BP oil spill without the giant oil company being dissolved and all its assets sold off. It found that BP could potentially owe between $330 billion and $1.3 trillion if the BP oil spill completely decimates the area, an amount that could equal or even exceed the entire value of the company. The White House official is focusing on BP setting up an escrow account to pay individuals and businesses damaged by this BP spill. And that those funds will be paid out under fair, efficient, and transparent procedures administered by an independent third-party panel established just for this purpose." Meanwhile many mom-and-pop small local business owners who bought the right from BP to use that company's name for their local gas station and convenience store are being thrown into financial crisis or even bankruptcy as increasing numbers of Americans drive past BP gas stations and buy their gas elsewhere. Only a small minority of BP gas stations are actually owned by BP, so these unorganized but very real consumer boycotts are wiping out a lot of small local family-owned businesses, since the gas stations aren't backed up by the deep pockets of the company whose logo they pay to use.
Is the BP Boycott Working?
Jun. 14, 2010 7:45 am