BP’s shares slide af­ter Obama rant

Daily Mail - - City & Finance - By Sam Flem­ing

BP shares dipped be­low 400p for the first time since Oc­to­ber 2008 as Barack Obama lev­elled a fu­ri­ous ver­bal as­sault on the be­lea­guered su­per­ma­jor.

The Pres­i­dent said he wanted to know ‘whose ass to kick’ over the Gulf of Mex­ico oil dis­as­ter and said that if BP chief Tony Hay­ward were in his em­ploy he would al­ready have been fired.

And in an omi­nous warn­ing, Obama said he be­lieved ‘corner-cut­ting in terms of safety’ may have helped pave the way to­wards the Deep­wa­ter Hori­zon dis­as­ter.

A BP spokesper­son said the ‘door is al­ways open’ to dis­cus­sions with the White House and that it has con­tin­ued to make progress cap­tur­ing oil from the stricken well.

BP has col­lected over 14,000 bar­rels of oil in the past 24 hours and is on track to con­tain 90pc of the spill, pos­si­bly within days. But im­ages of vast quan­ti­ties of hy­dro­car­bons bil­low­ing out from the well have led to scep­ti­cism over the ef­fec­tive­ness of its ef­forts.

Yes­ter­day mar­ket ru­mours that BP could be barred from fu­ture drilling li­cences sent the shares tum­bling be­low 400p, be­fore they re­cov­ered to fin­ish down 21.4p at 408.9p. BP de­clined to com­ment on the dive in its stock.

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