Just a BP Quickie

Until the BP spill, "everyone" spoke of volume of oil in barrels. During the first few days after the disaster, reported continued that trend, quantifying the spill interns of barrels of oil. But then, a few weeks later, the reporters began to write their stories using gallons instead of barrels to quantify the amount of oil spilled, collected, or burned.

That small change results in a number 42 times larger than how it is usually reported. Fair and balanced.

On another note, I don't possibly see how BP can survive as a company without declaring bankruptcy. This would not be setting a precedent. Texaco declared bankruptcy back in 1987 following a lawsuit with Pennzoil.

Update -- August 6, 2010:

• This became a non-story over time. The oil has disappeared. The media is upset there is no video. All they can do now is complain about the dispersants that were used, hoping that Congress bans them in the future, so better video of oil-tarred seagulls, pelicans, seals, polar bears can be filmed. What hypocrisy. 
• BP is probably wishing they hadn't acted so rashly selling all their assets for a debacle that became less-than-a-debacle.
  

Update -- July 20, 2010:

• The company has spent $3.95 billion so far with regard to the clean-up.
• The company is under pressure to set up an independent escrow account, just to get started, of $20 billion. 
• BP has committed itself to raising $10 billion this year (the year is half over) for the clean-up.
• BP's cash position is $7 billion. 
• BP has $32 billion in debt.
  BP's annual operating cash flow is $30 billion.
• Today BP announces plans to sell off assets worth $1.7 billion to start building that $10 billion. 
• BP's market cap is $108 billion.