The British Petroleum company has lost only close to one billion dollars of money so far towards compensation and corrective action costs, since the April 21st oil rig blast. But the share value of the company has already crashed by over 35% due to the fears of the company losing over five billion dollars over the next few months towards the oil rig blast related claims.
Also there are fears that the company may lose many lucrative US oil and gas exploration contracts due to the mishandling of the disaster, say experts.
And today the rating agencies are planning to downgrade the company rating in view of the failure to handle the post rig blast issues efficiently. Even after six weeks into the blast, the company is unable to plug the gallons of oil leaking from the broken pipes under the sea bed.