BP’s shares slide after Obama rant
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.