Investors sue BP execs over Alaska shutdown
What awesome timing.
I suggest you get on over and read Greg Palast's new article about the further raping of the consumer in the pipeline screw up of theirs.
BP could have fixed the pipeline problem this past winter, after their latest corrosion-caused oil spill. But then ARCO would have lost the summertime supply-squeeze windfall.
Enron Corporation was infamous for deliberately timing repairs to maximize profit. Would BP also manipulate the market in such a crude manner? Some US prosecutors think they did so in the US propane market. The Commodity Futures Trading Commission (CFTC) just six weeks ago charged the company with approving an Enron-style scheme to crank up the price of propane sold in poor rural communities in the US. One former BP exec has pleaded guilty.The price of crude jumped $2.22 a barrel on the shutdown news to over $76. How lucky for BP which sells four million barrels of oil a day. Had BP completed its inspection and repairs a couple years back — say, after Dan Lawn’s tenth warning — the oil market would have hardly noticed.
But $2 a barrel is just the beginning of BP’s shut-down bonus. The Alaskan oil was destined for the California market which now faces a supply crisis at the very height of the summer travel season. The big winner is ARCO petroleum, the largest retailer in the Golden State. ARCO is a 100%-owned subsidiary of … British Petroleum.Is there anything that these companies WON'T do to fuck over working people and the American public in general?
Now, I don't shop at ARCO anyhow, and certainly won't start now.
Maybe you'll choose to not shop there as well. Not that we have much of a choice anymore.
All I can say is search out the CITGO gas near you. At least it's not BP, EXXON or middle eastern oil..