Plug the hole with Rush!

‘Round them parts, it’s referred to as a Texas Tea Party.

From the Progress Report:

THE COST OF CLEANUP: According to David Kotok of Cumberland Advisers, initial estimates of cleanup costs totaling about $12.5 billion are “only a starter.” “This will be a financial calamity for many firms, not just BP and its partners and service providers. Their liabilities are immense and must not be underestimated,” he wrote, adding that “we expect to see the deterioration of the economic statistics for the US.” BP itself is spending between $6 million and $7 million per day on the cleanup effort. For comparison, the Exxon Valdez spills costs exceeded $7 billion. The federal government is also mobilizing resources, including National Guard units, the costs of which BP will be held responsible for. “As the responsible party in this incident, the government will hold BP accountable for the costs of the deployment,” said a Pentagon spokesperson. The federal government may also tap into the Oil Spill Liability Trust Fund, which is built up by a tax on oil produced in or imported to the United States, in order to compensate victims of the disaster. According to the New York Times, “up to $1 billion of the $1.6 billion reserve could be used to compensate for losses from the accident.” This is critical, as failure to address the many economic effects of the spill could be a drag on a still weak economy. BP made $163 billion in profits from 2001-2009 — and another $5.6 billion in the first quarter of this year — and has asked other oil companies, including Exxon Mobil, to pitch in with the cleanup effort. Despite their extra cash, however, the company decided to forgo “a remote-control shutoff switch that two other major oil producers, Norway and Brazil, require,” in order to save $500,000 on the rig.

I’m picturing Rush getting sucked into the tube like Augustus Gloop.

http://www.youtube.com/watch?v=rw_R9SS3kQ8