Wall Street Newscast
US Should Take the Lead in BP Oil Spill Clean-Up Efforts
Last Updated: June 08, 2010 - 11:15am EST
(New York)--Although the majority of focus has been on stopping the Deepwater Horizon leak in the US Gulf of Mexico, BP PLC (NYSE:BP) has been dragging its feet in regards to oil clean-up efforts, but now may be the time for the US government to step in and lead with, or without BP support.
Already 50 days since the explosion of the Deepwater Horizon oil platform, and corresponding oil leak, and BP PLC has shown a lacked response when it comes to clean-up and compensation efforts in relation to the growing oil spill. But giving recent comments from the Obama administration, time may have run-out waiting for BP to act, and now may be time for someone else to take the lead regarding clean-up efforts.
If BP really considered this to be a true disaster, and wished to stand-by their PR efforts to do all that is needed to solve this crisis, then they would start to release funds to both well established and small solution providers just to get the ball rolling. Instead, they are controlling the information most likely from advice from legal counsel so as to reduce possible lawsuit issues once the crisis is over. As well they are holding back on spending on possible small innovative solutions so as to begin controlling the overall costs this may cause their corporation, profit-wise.
Due to this lack of response on BP's part, the time may have come for the US government step in and begin implementing a number of oil clean-up recovery technologies, and just invoices BP for any and all services required. If BP has issues with the costs for implementing these technologies, maybe they should just seize BP assets to cover such costs.
As many small-cap traders know there are a few small innovative companies that could provide solutions when it comes to clean-up efforts in the US Gulf. Some of the following have shown great interest in recent trading activity.
MOP Environmental Solutions (OTC:MOPN), which manufactures and distributes MOP® Maximum Oil Pickup, a patented product that picks up and recovers oil spills on land and/or water, Freedom Energy Holdings, Inc (OTC:FDMF), which has moved to stage 3 studies with BP, and is expected to meet with Plaquemines Parish officials in Louisiana early next week regarding the merits of their KC 9000® oil technology.
Other smaller cap oil recovery plays are US Microbics (OTC:BUGS), which provides 'green' cleaning solutions, Enviroxtract (OTC:EVXA), which provides environmental remediation applications for oil spills and other toxic chemical remediation, and TGI Solar Power Group (OTC:TSPG), which provides mobile waste disposals units capable of handling 20 metric tons per day.
Do these small companies provide the ultimate solutions for this oil spill crisis? No, of course not. Are there larger companies who can provide better services and solutions? Yes, absolutely! But, if BP PLC were serious about working the public relations front on controlling and tackling this growing disaster they would begin spending the money in any and all programs and work out later what works and what doesn't. But if BP continues to drag its feet in regards to oil spill clean-up recovery, then it may be time for the US government to push ahead with these projects, and just invoice BP for any money spent.
AI
