MORE WOES FOR BP

It appears as though British Petroleum's (BP) latest attempt to seal the oil leak in the Gulf of Mexico has failed. I hate to see such bad luck befall such a good company. I was quick to sell my shares of BP, as soon as I heard about the disaster, since I thought it quite possible they would have a great deal of difficulty solving the problem. So I got my money out before the big drop in their stock price.

Let's face it though, it could have happened to any of the oil companies involved in offshore drilling. So for the time being, I'm avoiding any investments in oil companies. I certainly hope they get things under control as soon as possible, but I shudder to think of future litigation involving this disaster. It's possible that they will be able to cover the costs, they do rake in money hand over fist. But I think it's going to be a lot more difficult for them than it was for Exxon during the Exxon Valdez oil spill. More difficult and a lot more expensive.

I can't even imagine how they'll be able to overcome the bad publicity generated from this disaster. One thing I am sure of, if any corporation is capable of making a comeback from this type of event, I believe BP may just be the one. Still, I'm taking a wait and see approach. Like I said before, won't be investing in any oil companies anytime soon.