BP announces record loss of $17 billion in second quarter

BP has inflicted record losses and immeasurable misery on families and industries across the Gulf states. So, I’m not really feeling bad for BP:

BP announced Tuesday that it lost $17 billion in the second quarter of the year because of the mounting cost of halting and repairing damage from the massive oil spill in the Gulf of Mexico.

The company also said the executive who has led its spill response effort for the last month, Robert Dudley, would take over Oct. 1 as BP’s next chief executive, becoming the first American to run the London-based company.

Dudley, 54, had been widely expected to be chosen to replace outgoing chief executive Tony Hayward, whose dismissal was confirmed after a BP board meeting Monday evening.

It does take a certain skill to have an oil company suffer record losses.

Good riddance, Tony Hayward. Thanks for overseeing the destruction of the Gulf of Mexico. That’s quite a legacy.

All that cost-cutting and skimping on safety didn’t really pay off. You’d like to think this would be a lesson for other corporations, but don’t count on it.


On October 27, 2010, Joe was one of five bloggers who interviewed President Obama. Joe is a DC-based political consultant with over twenty-five years of experience at both the state and federal level. Joe has managed political operations and legislative efforts for both candidates and issues-based organizations. For seven years, he was the Director of State Legislation at Handgun Control, Inc. He served as that organization's first Political Director during the 2000 cycle. Joe is a graduate of the University of Maine School of Law. In addition, he has a Masters in Public Administration from Lehigh University and received his B.A. from the University of New Hampshire. Joe also has a fun dog, Petey, a worthy successor to Boomer, who got Joe through eight years of Bush and Cheney. Joe likes to think he is a world class athlete having finished the 2005 Chicago Marathon in the time of 4:10. He has completed six other marathons as well -- and is still determined to break the four hour mark.

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