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Boycott BP?

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06/14/2010

On Reddit, some concerned soul pointed out that, “Boycotting BP hurts the local station owner a lot more than BP corporate,” citing a NPR story.

Of course, most BP boycotters would be pained to realize that it also would likely hurt the Gulf clean-up itself.

As I pointed out in the comments, if a firm’s share price drops, it has greater difficulty raising capital. If it has greater difficulty raising capital, it is less able to fund expensive projects, like the gulf clean-up.

And yes they had billions in profit last year, but that is no panacea. Besides whatever damages BP will have to pay, they also have to clean up a portion of the earth that is visible from space. Somehow I doubt financially crippling BP would help that endeavor.

Dan Sanchez is a libertarian freelance writer. He is a contributing editor at Antiwar.com, where he writes a regular column, and an independent journalist at Anti-Media. His work has frequently appeared at such websites as Zero Hedge, the Ron Paul Institute for Peace and Prosperity, and David Stockman's Contra Corner. His writings are collected at DanSanchez.me.

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