With roughly 70,000 barrels of oil spewing out of the ocean floor every day, one would think the three major corporations (BP, Transocean , and Halliburton) involved with the spill would put all their efforts into trying to stop the massive leak.

However, this is exactly the opposite of what unfolded Friday afternoon. In a meeting in which congressional committees grilled executives from all three companies, each executive simply blamed the other for the colossal oil leak. My problem with this picture is that all three of these juggernauts are more concerned with schoolyard blame-passing than they are with getting the leak fixed. The leak is costing millions of dollars each day, and obviously taking a huge toll on the surrounding environment. It is time for these three to desist from sophomoric taunting and worry about how to fix the problem at hand.

 

(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).