Only time will tell if the stock will recover. I can’t give a definite answer because the stock market is unpredictable.
As long as our society has its dependance on oil, big oil companies will always be making profit. In 2005, BP recorded a profit of 22.3 billion dollars, more than 2 billion dollars greater than the 20 billion they set aside for gulf reimbursements. Also, BP is currently pursuing a new drilling operation three miles off the coast of Alaska. While other off-shore drilling projects have been halted because of the gulf disaster, BP’s project has been exempt from this due to the fact that it is considered an “onshore” drilling operation. The only reason the project was able to gain this status was because BP built a 31 acre gravel island to house the drilling rig. BP is in bad press right now, but in the future, they are going to continue making money and I believe their stock will recover.
Read the full story about BP’s new drilling plans on the link below.
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