BP loses one third of its market value. Residents of Florida facing another inferno. by Milota Sidorova

Speaking of catastrophe in Mexican Gulf, it is almost impossible to speak about consequences. One can, however guess they will be huge and reaching every aspect of human and natural life. Speaking of markets and the future of British oil giant BP, it is almost sure the explosion may cost the whole company. Even after six weeks, BP wasn't able to stop the leaking oil, the third failed weekend attempt stole the hopes. What was the reaction for the company facing civil and criminal investigation? BP shares failed more than 15 percent on Tuesday, but continued declining another 2.4 percent on Wednesday. The company lost around $67 billion (46 billion pounds) or about one third ! of its market value. The prognosis for success are low – the possible working cap mission is projected on August. Until then the company may be fataly hit. So far, the “responsible” price was totalled up to $1 billion, but the price for killing more than 200 kilometers of a coastline environment and destroying millions of residents living there would be probably innumerableFBI has begun the investigation against the company seeking for illegal behavior. However this could be just a matter of time, since president himself labeled BP attitude a “lax oversight”. Residents living near Mexican Gulf are facing their inferno, but the situation can be even worse with upcoming hurricane season. So far, the weater has been pretty much extreme this year and scientists suggest there will be more hurricanes, storms and tornadoes than the last year. Seen from longer perspective, the number of fatal weather collisions has been increasing past years. The oil l! eak combined with storms and tornadoes may destroy more than K! atrina w ith its deadly blow in 2005.

related story (sgx17473): http://www.france24.com/en/20100602-bp-tries-again-curb-oil-...

by Milota Sidorova for Cantell TV (http://cantell.tv)

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