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Smelting by the day we ask kind of sensible question before we will BP survive joining us now our own oil expert Eric Bolling.
For Washington State we have Peter -- and for main street's perspective Dow Jones newswire columnist Al Lewis well.
Erica it is in use today it has been your job due to value the worth of these companies could it be that the the value of BP goes down -- zero.
I don't feel have a good on the zero -- this company that that prints money they do very well here's the issue be it was a 185 billion dollar market cap company the value of it.
That the market saw in BP about a month and a half ago.
Since the -- it's lost 67 billion dollars.
On its way -- lower it will probably continue it very very important.
What happens you know we we heard Obama sending Eric Holder attorney general Eric Holder to the region.
You know if the -- should start to mount it BP starts to feel pressure from that angle if investors start to flee BP stock.
You may be an.
Out of business it just allows -- to operate while they're being protected comeback in the business later.
Very very important is how BP manages the PR going forward how debate that they paid for their they're mistakes today.
Fight these lawsuits -- they say you know what you guys are right we're gonna paper -- -- paper clean up we're gonna pay for economic loss.
Because going forward ultimately you have to put gasoline in your car whether or not -- choose ABP gas or you choose.
And Exxon -- it really it really matters how they handle the next maybe.
Three to six months Peter Barnes they've lost the PR war so far they have not come out quickly enough or forcefully enough to take hold of the situation.
People are absolutely livid you've got Jesse Jackson was on our program last Friday saying.
Don't buy your gasoline from BP now of course as Eric mentioned Eric Holder going down there to really look -- potential criminal charges does BP survive or does it end up being the Arthur Andersen of the oil services world.
-- Arthur Andersen after the Enron disaster basically disappeared.
Yeah I think that that's a possibility no question about it you know the benchmark here.
Is the Exxon Valdez case -- eight total cost of that was estimated at about seven billion dollars and that includes.
All of the cleanup and all the economic damages -- remember that was in Alaska.
So that while there was invite more environmental damage that was not as much economic damage to the livelihoods of the residents that just weren't as many people there and I are talking about the Gulf Coast.
And it and the question is how far are beyond the Exxon Valdez damage are we right now.
If it's seven billion is the last number we had on on an event twenty years ago you -- be caught talking about what.
Double triple -- that amount of money to settle.
Or any kind of any kind of civil cases to pay for the clean up.
And -- of course is -- question of criminal cases then and that kind of question that kind of those -- -- prosecutions absolutely could put a company out of business that's what happened with Arthur Andersen Enron and others.
Al Lewis -- governor Bobby Jindal of Louisiana wants BP -- to put up forty miles.
Of these barrier islands to protect those marshlands the -- has already been ruined.
The US government's only forcing BP to put up -- miles worth of the barrier.
At some point dvds BP is gotta pony up particularly as Americans see.
What's going on down.
Well the question is can -- do any of this in time you know we're running into hurricane season.
And that is just going to scatter this oil at some point.
Yeah I'd like to know who -- BP gets paid to come up.
With the names for all these at a hot managers to stem the flow you know today we got cut and cap cut -- cap that's a great and that it was top -- That was top -- that I was this giant milk carton that they were gonna.
Drop onto the scene and then I was -- shot an average jumps rather nascent golf balls -- that's all I wanna put Larry the Cable Guy inside to to sink his annual -- done.
DPS us so much credibility the Obama administration has lost so much credibility and really all we can do is sit here and watch this -- Where oil into the gulf.
Erica -- you know looking -- at the solutions here.
Beat Pete makes what five billion in cash over years of war I have night of short of -- order a back up a lot so so it would that you know they're hitting about 500 million for the cleanup right now.
Europe -- it.
Lizzy you're on -- this is chump change compared to what they're losing in PR in night remember DP beyond petroleum they became green hole -- the hole.
Logo is green failed.
Get rid of that it's got to go away they need -- -- to step back go back to the drawing board comeback and show people that hate.
They did the right thing by the people along the Gulf Coast they cleaned it up they paid sport they moved on and they need you know start fresh.
Their company that produces a heck of a lot of crude oil they've -- company a produces a lot of natural gas.
They can still do that whether or not they're going to be the company that has that you know the BP logo on the corner gas station going forward.
Probably not maybe not maybe they survived that but they -- -- and turn the corner you're.
Hearing suggestions all kinds of suggestions I don't know how much credence to give to one or the other but one is a receivership for BP that is they have failed so miserably and capping this so far and dealing with -- -- the spreading mess in the gulf that maybe it should go into some former receivership where they're government the US government.
Should take -- federalize the US operations of the company does that.
Have any credence down -- DC.
I don't think that's being taken seriously at this point that came from former labor secretary Robert Reich who was worked in the Clinton administration.
And he has been he has and it's been exactly in the reservation.
For the Obama team since the Obama administration.
Took over last year.
Is it is that a possibility well well here we'll probably hear from.
From attorney general Eric Holder here when he has his press conference that 3:30 eastern time he'll probably be asked that question.
But at this point that would be.
An enormous take over very expensive potential.
I take -- of a major company and as -- can't likely -- General Motors and Fannie and Freddie might be illegal to exactly right so I think it's I think it's kind of an out liar idea that hasn't gotten any traction.
Peter Barnes Eric -- of course and Al Lewis good to have a conversation of a Smart discussion thank you what I.
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