Bailed-Out Petroleum

by Nicole Gelinas

British prime minister David Cameron, speaking yesterday at joint press conference with President Obama:

BP is an important company to both the British and the American economies. Thousands of jobs on both sides of the Atlantic depend on it. So it’s in the interest of both our countries, as we agreed, that it remains a strong and stable company for the future. And that’s something we discussed today.

Cost to BP of Gulf Coast victims’ compensation fund: $20 billion.

Value to BP of the two leaders of the English-speaking world making clear to global markets that the company is too big to fail: priceless.

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