Spill May Screw the Gulf, but It Won't Kill BP

If you've been up late worrying about BP, rest easy. Whatever the ultimate toll to the Gulf states, and indeed the nation, the still-gushing oil spill isn't likely to kill BP. The British firm may be shelling out $17.5 million per day in clean-up costs, but it averaged $93 million a day in profit last quarter, notes the Washington Post. True, they're leaking 5000 barrels a day, but can produce about 25,000. And, if things get tight, they can always borrow money. "Even a pretty large digging into the pockets would be within our capacity to handle," a BP rep says.

That doesn't mean they're not getting pinched. The company has big spending needs and, now, a lot of extra expenses. Laws passed after Exxon Valdez put BP and its partners on the line for cleanup costs and up to $75 million in damages.They expect to pay more, the Post notes. They've lost credibility, too. On Friday, Standard & Poor's dropped their credit rating from "Stable" to "negative." Click here for the latest on the Gulf spill.
(More Gulf oil spill stories.)