SMITHBITS

Limon CO (IFS) - We apologize for the misstatements of British Petroleum's Mr Svanberg, he just fell out of an oil carrier to earth a couple of days ago. Oh those wee little people who his company is built upon and the gasoline gun he places to our wee little heads and charges us insane amounts of money to buy his products. Well this writer has stopped all purchases of any BP products. They will never get another cent out of me wee little pockets. On Wednesday, BP Chairman Carl-Henric Svanberg told reporters in Washington: "I hear comments sometimes that large oil companies are greedy companies or don't care, but that is not the case with BP. We care about the small people."  Is BP chairman Carl-Henrik Svanberg out of his depth as the firm fights the Deepwater Horizon disaster, or is his lack of comment tactical?  How is Svanberg, now inextricably shackled to the Deepwater Horizon disaster going to spend the remainder of his career defending the court cases, and will be otherwise unemployable.
BP will have to restructure, to contain all of the losses and find a totally new image. The oil industry business models are now being rewritten. It would be a great change of heart if all of the oil  companies would ban together to help in this issue and change their image as well. But they are a greedy bunch and will fall on the sword one by one as if like maggots on a corpse, they scramble to pick over the bones of BP's falling market shares. Svanberg, who is going to have to act on these issues, is doing well to distance himself while he can for he will be among the members of the little people in a very short time.