Friday, October 29, 2010

Haliburton Stock Tumbles as They Helped to Cause BP Oil Spill

This is what happens when governments become lax on regulations.

News today is that BP and Halliburton were aware that the cement mixture designed to seal the well was unstable, causing the death of 11 people and resulting in the largest offshore oil spill in US history.
The National Commission on the BP Deepwater Horizon Oil Spill said documents provided by Halliburton showed at least three tests of the mixture, in February and April, found the recipe wasn't stable. BP received data in March
from at least one of the tests, the commission staff said.

Legal experts said the information could help to bolster plaintiffs cases in the multitude of spill-related lawsuits by helping to show that BP acted with gross negligence leading up to the spill. This could, among other issues, greatly increase the multibillion-dollar penalties BP might have to pay.
Halliburton stocks are tumbling as a result. Couldn't happen to a better company. They cashed in on the Iraq War, so I guess there's justice after all.


  1. All...RIGHT! Absolutely couldn't happen to a better company. How can anyone even think to use unstable cement to seal an oil well? And for what possible reason?
    Unfortunately, Canadian Press has a story (with a typo in the head calling the company Halliburto) saying their stock rose today, because their contract with BP protects them. In SPITE of the fact that they "never tested the final mixture of cement for stability after BP made a last-minute change to the mix." What did they think they were mixing? Cupcakes?

  2. Our press is mostly useless. I get most of my news from the UK or the US. The only ones who tell us what is really happening in this country.

    I even had to find out that Harper was selling part of our oil sands to Korea from the Hong Kong media.