New York- This morning investors were once again confident in BP as shares began to rise, rallying on a week of deep apathy and lack of attention given to the Gulf oil spill. Shares rose from a Monday low of $26.76 to Friday’s pre-market trade of $29.39.
The well head at the site of the Deepwater horizon accident in the Gulf of Mexico continues to leak thousands of barrels of oil daily, and clean up has been hampered by bad weather and poor organisation. “While it may be too early to tell, it would appear that the size of the disaster is really helping us now” said one BP finance executive. “The damage is so vast that people can’t really comprehend it, so they just respond by ignoring it. That has really been driving our share price up again”.
Ameritrade broker David Berkenstein agrees. “What we are seeing is that most people are concerned about their pension funds and dividend payouts, not endangered wildlife or southerner’s livelihoods”.
This attitude however, is not pervasive nationally. In Gulfport, Mississippi, oil is visible on the beaches and a hint of tar lingers in the air. Here, residents of the predominantly working class communities are furious over the continuing disaster. “We want to know when we [are] gonna get money for what they done” said one unemployed local. “BP done took our way of life”.
BP trades executive Martin Andes said, “We understand the issues and anger of those southern residents directly affected by this event. Luckily, they are far too poor to have any bearing on our stock price. In due course we will provide them with small payouts to calm them down”.
National news coverage of the disaster has slowed to a trickle, and Neilson’s ratings reported that all news programmes had significantly lower viewership then just two weeks ago.
A CBS News spokesperson stated, “At this point most viewers have asked us to move on, with many finding news of the events increasingly repetitive and depressing. Our ratings are really showing that, so we have no choice but to cover the Gulf disaster less”.
At a focus group held by CBS last week viewers vented their frustrations. “I just don’t care anymore. It’s all a mess, let’s move on. That’s what us Americans do”, said one participant.
For now, the situation in the Gulf continues to worsen. But for many Americans, the disaster is now over as they begin to move on, helping BP stock toward recovery along the way.
As one BP investor said, “I know the turtles and whatnot are in a bad way, but hey, I just made a bunch of money off BP stock last week”.