Since the oil-spill crisis began, the suggestions for what the acronym BP should denote has become a non-stop time-waster from office cubicle to family dinner table to café talk, late night monologue and newspaper column. New BP logo idea No. 3 keeps it simple, offering that it's not changes to the acronym that matter, but how dripping in oil the acronym is.
Buried in Problems seems a fair phrase for it all, and on Wednesday, BP reached a new low mark in its failing battle to fight back against the oil spill, with its stocks dipping beneath the $30 mark and to a 14-year low.
Of course, BP was famously -- now infamously -- "Beyond Petroleum" before the Gulf of Mexico oil spill. In reality, BP's corporate strategy over the past few years had already made clear to close watchers of the company that the "Beyond Petroleum" moniker had long ago sunk into the muck of a much broader dirty-oil strategy focused on deepwater exploration.
BP was once dripping in its own self-serving surface commitment to the environment and clean energy, and it still has the BP Alternative Energy unit, worth a few billion.Still, the whole Beyond Petroleum rhetoric has, more or less, been dripping with oil, and irony, since April 20. According to the latest estimates, while the BP cap has captured roughly 60,000 barrels of oil in the past few days, BP's logo is estimated to be dripping with a total of as high as 25,000 barrels of oil per day over the 52 days of the oil spill crisis. The 25,000 oil barrels per day, according to some scientists, may end up looking like a conservative estimate. The world still awaits the report from the government Flow Rate Technical Group, expected by next week, though scientists on the committee say that BP has been placing some oil slicks in the way of getting at a more accurate oil leak estimate.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV