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BP CEO Tony Hayward to testify on Capitol Hill next week

Following the partial success of his oil spill cap, embattled BP chief executive Tony Hayward will testify before the House Energy and Commerce next Thursday at 10 a.m.

Hayward has increasingly become an object of scorn from Capitol Hill and the White House. President Obama said that he would have fired Hayward already if he worked for the president. (You can take the president at his word after last week's sacking of MMS director Liz Birnbaum, the first in the government to take the fall for the BP oil spill disaster.)

There was this rather hysterical story in today's New York Times contemplating a BP bankruptcy, despite the fact that the company remains hugely profitable, pays a dividend and despite the massive hit ($1.25 billion) the company is taking, is still worth $109 billion.

Shares of BP are trading down about 5 percent at just under $35 per share.

By Frank Ahrens  |  June 8, 2010; 1:19 PM ET
Categories:  Congress , Corporations  
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Comments

Legendary Coach John Wooden said "Failing to Prepare is Preparing to Fail."

Here is 12 Step Plan for the USA to Prepare BP, Royal Dutch Shell, ExxonMobil, Chevron, Marathon and Others Not To Fail;

*1* Require Current Drillers to be subject to new Insurance and Safety Regulation Requirements (& Frequent Inspections to Verify compliance and well maintained 450 Ton Blow-Out Preventers (BOP), Storage Tanks leak checks, and Pipeline Cleaning and Corrosion checks.

*2* Require Secondary Relief Wells,

*3* Require Remote Acoustic Triggers for Shut-Off Valves,

*4* Require Drillers to be Insured for Worst case Scenario ($100 Billion ~ $500 Billion).

*5* Raise the Oil Spill Liability Trust Fund supported by industry fees from $1 Billion to $500 Billion.

*6* End the Billions in Tax breaks for Oil Companies and end all fossil-fuel subsidies.

*7* Authorize a Million Man/Woman Oil Spill Clean Up Job Corps to Help Texas, Louisiana, Alabama, Florida, Georgia, South Carolina and other States soon.

*8* Order Millions of Oil Absorbing Hay Bales and Smart Sponges which Absorb Oil while Repelling Water and Float for easy retrieval.

*9* Order BP to Bring in Oil Tankers to Suck in the Oil and Water and Post Smaller Skimmer Boats closer to the Shore to get out of their way!!!

*10* Block BP from paying Billions in Stock Dividends and make them set aside $25~$100 Billion for Initial Reparations to the USA.

*11* Put BP's American Operations under Temporary Receivership until the Spill is Stopped and the Oil is Cleaned Up.

*12* Order an Independent Analysis of Oil Spill Flow Rates and Prosecute BP, Halliburton, and Transocean for Criminal Negligence (Swapping drilling mud with Seawater, Non-Operational BOP, not doing pressure testing, not properly aligning drilling equipment, etc.,)

Posted by: liveride | June 8, 2010 2:53 PM | Report abuse

Liveride's suggestions are a fine reflection of how clueless the Left is. There are actually people in the Obama administration like him. We call them socialists - most with no training or education in the stuff that makes America run (No, I don't mean lawyers or the Poly Sci Dept at the nearby liberal arts university)

Even some doing the sort of punitive damage to other sectors of the US economy like Liveride wants to visit on BP and those holding jobs in the US energy sector.

But their time of honoring themselves and their anti-worker, anti-business, anti-American ways will soon be coming to a close - in the coming Fall elections. The country doesn't want socialism and an all-powerful Federal Government eager to tax and regulate any part of American life they can do so in.

Posted by: ChrisFord1 | June 8, 2010 4:11 PM | Report abuse

Send him to Gitmo where he belongs.

The damage that BP’s inflicted to America is greater than those in Gitmo!

Posted by: KaneMan | June 8, 2010 4:44 PM | Report abuse

I would like to ask President Obama how he thinks BPs' reactions to the oil spill compares to the American company Union Carbide/Dow Chemicals response to the Bhopal disaster, where they were responsible for the deaths of thousands and thousands of people. And does he think that they "nickel and dimed" the survivors and families of the dead with the paltry amount they paid out and Dows refusal to offer any further compensation.

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Posted by: itkonlyyou108 | June 8, 2010 10:11 PM | Report abuse

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