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Monday, June 14, 2010

Environment - Concerns raised about BP's Whiting project, in light of the Gulf spill

"Will Gulf oil spill sink BP's Whiting project?" That was the headline to this story in the Gary Post-Tribune dated June 13, 2010, reported by Gitte Laabsy. The story deals with the company's loss of value due to the Gulf spill. A quote:

A severe stock tumble has led to rumors that BP will go bankrupt, be bought up, or cut down on investments like the Whiting $3.8 billion expansion. One New York stock analyst said BP's survival is at stake, but that it can survive if it limits dividends to shareholders and prioritizes which investment projects to move forward with.

"There's rumors the company will be dismantled, be acquired by another rival. I think there's a lot of rhetoric. I don't think that will happen," said Fadel Gheit, managing director for Oppenheimer & Co. in New York.

And from a letter to the editor in today's Indianapolis Star:
After reading an online account detailing the last 10 years of BP's safety and maintenance failures and reluctance to change, I have a question. Is anyone in Indiana taking a hard look at BP's Whiting refinery operation? I understand some of Gov. Mitch Daniels' kid-glove treatment of BP and his wanting to keep BP and its revenues and taxes here. But if he and the Indiana Department of Environmental Management aren't gearing up to take a hard look at the operation of this facility, we are being poorly served.

When BP's attention and funding are being diverted to the Gulf, this is the most critical time for IDEM or the responsible state agency to be most diligent in oversight.

With a major refinery near Lake Michigan and Chicago, the potential for disaster is huge if they slip up on what historically has been a responsibility they have not taken seriously.

Kevin Sage
Bargersville

Posted by Marcia Oddi on June 14, 2010 11:50 AM
Posted to Environment