It’s common (and well-publicized) knowledge that the oil spill in the Gulf of Mexico has had a tremendous impact on the region, from those who live there to the marine life in the region. It’s also turned into a political crisis (which Obama addressed today in a press conference). But what about BP? Alas, BP will be just fine. In fact, while fisherman have suffered massive financial losses, the sickening reality is that BP will likely come of out this ordeal with a profit.
The math: So far, the spill is costing BP $16 million a day, which only sounds like a large number until you realize that the oil giant made a profit of $66 million a day in the first quarter of this year. CNN’s Christine Romans explains that BP’s profits in 2009 were $14 billion. Even if damage control costs rise to such a high number, it would mean BP would go for a year without profit. That’s all. In the large scheme of things, one year like that doesn’t put much of a dent in BP’s wallet.
Despite the vast devastation the spill has caused, BP does not seem to be feeling the terrible consequences, beyond a tarnished reputation. “Beyond petroleum” is painfully, maddeningly ironic when BP has no financial motivations and, it seems, will not be punished by the long-term consequences of its mistakes.
Watch the CNN clip below: