It should come as no surprise to even the most casual observer that the stock price of BP Oil (BP) is headed down. In just one day, BP's stock sank 15% in U.S. trading, down $6.40 to $36.55. Overall, BP stock is down 40% since the Deepwater Horizon rig sank on April 20th.
BP is not the only company whose stock has been negatively affected by the rig disaster. Transocean (RIG) has dropped 12% and Anadarko (APC) dropped 19%.
Oil is not the only major industry in the Gulf of Mexico. Tourism, fishing, and shipping also provide a significant portion of the economy for the states on the Gulf. It would be wise to consider how businesses in these industries will be affected as the months go on.
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BP is not the only company whose stock has been negatively affected by the rig disaster. Transocean (RIG) has dropped 12% and Anadarko (APC) dropped 19%.
Oil is not the only major industry in the Gulf of Mexico. Tourism, fishing, and shipping also provide a significant portion of the economy for the states on the Gulf. It would be wise to consider how businesses in these industries will be affected as the months go on.
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I am sure we will see a lot of volatility in the energy market in the coming months as a result of this calamity.
ReplyDeleteIt's funny you mention this because I haven't seen much in the news about it myself. I keep waiting for BP's price to plummet and for my cost at the pump to get higher.
ReplyDeleteIt's funny you mention this because I haven't seen much in the news about it myself. I keep waiting for BP's price to plummet and for my cost at the pump to get higher.
ReplyDeleteShocking! Oh wait, not the least bit. This trend will continue.
ReplyDeleteI wait when the cost rate will plummet,it is really very painful for us......
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ReplyDeleteI agree that it was about time BP decided on what to do
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