Sunday, May 02, 2010

No More BP

Maybe it is irrational but I have not bought Exxon since the Valdez. Now I am adding BP to my list. It's unfortunate since it is closest to my house and I usually drive around on empty but if the market works at all I will do what I can to signal my anger.


Anonymous said...

Unfortunately, it's almost impossible to exert that type of pressure on someone selling a commodity. If it was, I would join you.

Jeffrey Harrison said...

I do not understand your reasoning. There are many substitutes for BP gasoline. Just buy somewhere else.

HoJo said...

I don't think your boycott of BP will work because:

1. all of the private oil companies are being forced to drill in the Gulf of Mexico, Alaska, etc. because most of the world's oil supply (Russia, Venezuela, etc) has been nationalized by governments that have given these companies the boot.

2. As a result of these companies confinement to areas like the Gulf and ANWR, they are taking more and more drastic measures to find oil reserves. There projected earning are based on their ability to find new oil reserves to replace the reserves they are currently exploiting. In other words, once the reserve dries up, they better have a replacement, or there stock price is sure to fall.

3. The MMS has repeatedly failed to ensure that these companies are complying w/ safety standards.

4. I suspect that the Obama adm will do some overhaul of MMS in order to mitigate the political fallout that has resulted from this disaster and the oil companies are sure to tighten up there safety standards in order to prevent another disaster like this....however, I think its pretty clear that these companies are willing to take extreme measures to find oil and natural gas reserves, because the viability of these companies depends on it.....Mr Obama, Mr "we shouldn't expand drilling on our soil" (at least he sang that tune during the campaign), said that expanding domestic drilling was a good idea just weeks before this disaster. This disaster is the result of an incompetent federal government that lets large multinationals do whatever they want.

I believe in a lot of the principles that Obama espoused during the campaign, but he has proven that he's more of the same.

Jeffrey Harrison said...

So you do not think that a consumer boycott each time one of the oil companies screws up would not result others being more careful? I am not suggesting that US consumers care enough but if they did it seems to me that they could bring the market to into play.