BP Dead in the water? - the zombie will rise.

The vultures circling the floating headless corporate body known as BP have a the distinct appearance of the famous American bald eagle about them. Rival US oil firms have been more than eager to condemn the reckless drilling tactics of the multi-national in the hope of driving down its share price and have pushed for punitive measures to bring it to its knees.

Without a CEO and having to set aside $20-60 billion for reparation, one would be tempted to think that BP resembles a zombie, dead in the water but still flailing its arms in a swimming stroke.

Don’t be  fooled,  put in perspective the fines and compensation BP faces are small beer compared to its global footprint. It made $5.6 billion in the first quarter and the loss of Tony Hayward was a symbolic sacrifice driven by political pragmatism.

The long term environmental cost of the disaster is still to be properly accessed. However, last week’s volte face by the Obama regime, which claimed that the slick, ergo the problem, had mostly evaporated, point to a rosy future for all those who have a few million to gamble on the bouncebackabilty of BP.

The Press Association report today that a poll commissioned for the Financial Times showed only 33% of Britons thought any less of the firm following the catastrophe, which is now the world's worst oil spill.

Proof yet that there is life after near death.

Richard Tibenham