11 June 2010 – From Fortune: There was “not enough money in the world” to clean up the Gulf of Mexico oil spill and that BP was a month away from a Chapter 11 bankruptcy, according to an interview with Matt Simmons in Fortune magazine.
Mr Simmons, author of Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy, said that the oil spill was much bigger than disclosed and signalled a crisis point for fossil fuels in the economy and that BP should hand over the entire operation for the clean to the US Navy.
He said: BP was “going to run out of cash from lawsuits, cleanup and other expenses. One really smart thing that Obama did was about three weeks ago he forced BP CEO Tony Hayward to put in writing that BP would pay for every dollar of the cleanup. But there isn’t enough money in the world to clean up the Gulf of Mexico. Once BP realizes the extent of this my guess is that they’ll panic and go into Chapter 11. Read the whole story>>>