Why can't the oil firms help each other?

[anotheoldgit]

There is plenty of money in the oil industry, and accidents can happen at anytime.

This being so, then why can't the various companies join together and create a combined fund, to collectively pay for these eventualities?

Even if this is not possible one would think they could combine their resources and know-how, so as to help each other out of these situations.

[ummmm]

Help your rival companies?

[Gromit]

Because the accidents are comparatively rare, and BP can afford this from their vast profits. Money is not the problem, it is a technology problem.

All of the Oil Companies use the same specialist contractors. No company has more expertise than any other, because they all employ the same sepecialists.

[olddutch]

they're proud dog eat dog capitalists - happy to see competitors crumble and improve their own market positions

why dont discredited bankers stop taking mega bonuses and pay these and big part of profits into a global financial crisis fund ?

[ChuckFickens]

Off topic, so I apologise... but I think BP are getting right shafted over this! The US government basically bypassed/suspended all of the normal safety rules and laws to enable transocean/BP (and several other oil companies) to deepwater drill in the gulf under highly dangerous (even experimental) conditions because they (the government) wanted the oil for satisfy demand from the US military and then when it goes wrong the US government washes its hands of it, transocean (the rig owners) have invoked an old (the 1851 Limitation of Liability Act) shipping law to limit their liability to about $27million so BP get stuck with the entire world saying it's their fault alone and they have to foot the bill for probably billions.

and meanwhile the US government won't declare it a national disaster area and send in the associated help that would go with that because they are claiming a national disaster can only be from natural causes, and this is a man made disaster so the people who are to blame (i.e. the scapegoats) have to clean it up.

Just maybe if the first few days/weeks of this disaster had been spent with all involved parties actually trying to stop the problem instead of pointing the finger and trying to lay the blame at somebody else's doorstep we wouldn't have half the problem we do now.

[ummmm]

^^^^Agree with that 100%

[rov1200]

The best solution I've heard was to separate the company into smaller fragments, make one of the companies responsible for the debts and then declare bankrupcy.

Make believe fiction or what? No thats what happened in the Buncefield Oil Depot, Hemel Hempstead, UK a couple of years ago when the whole lot blew up and desecrated the surrounding area. They had been all found guilty but because they split the company up they went bankrupt and no claims could be made.

[Gromit]

EDDIE51

// Transocean's moto is ''As American as Apple Pie'' //

Wrong:
Their motto is "We're never out of our depth"

The company is based in Vernier, Switzerland, near Geneva, and it has offices in 20 countries, including major offices in Switzerland, United States, Norway, Scotland, Brazil, Indonesia and Malaysia.

[ummmm]

BP are getting slaughtered. They are saying it's BPs fault...end of.

[Gromit]

Just been on their website, and there is no evidence of their American-ness. I have looked at several promtional pdf documents and cannot see the phrase 'As American as Apple Pie' anywhere. I have even google it and could fine no promtional material from transocean. Can you substaniate the claim? Any link will do

http://www.deepwater.com/fw/main/Home-1.html

[spudqueen]

Could all the oil companies join together?!!! When I worked for Shell it was very competitive between Shell Oil and Shell Chemicals. I did try pointing out that maybe it should be Shell v Esso or something, but no, it was all how about how Shell Oils were better than Shell Chemicals (or Vice Versa).

[anotheoldgit]

No one came anywhere the question I was asking except ChuckFickens.

One said "why help rival firms"

.Another said "they're proud dog eat dog capitalists"

Another "Why don't car firms join together"?

"BP are getting slaughtered"

Well you've got the idea, but as Chuck more or less said this is an environmental nightmare, and as such the US government have failed to announce it a national disaster area, instead they are trying to obtain a scapegoat..