BP oil spill knocks £2.2m off States reserves
Friday 9th July 2010, 2:59PM BST.
The oil spill in the Gulf of Mexico has caused extensive damage - not least to the birdlife in the area
THE crash in BP’s share price has knocked £2.2 million off the value of States reserves.
The oil giant has seen its share price plummet following the environmental disaster in the Gulf of Mexico.
Treasury Minister Philip Ozouf has confirmed that the disaster has had a knock-on effect on the value of the States strategic reserve, which has reduced by £2.2 million.
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to be fair who could of predicted the catastrophe.
i see it as no ones fault this time.
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“to be fair who could of predicted the catastrophe.”
Well going by the collapse triggered by everybody selling it seems the answer is everybody apart from the States of Jersey advisers.
I have two words of wisdom for Senator Ozouf.
STOP LOSS
Its on page 1 of the trading form dummies hand-book
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Regardless of whether this catastrophe could have been predicted or not, a substantial amount of the “States strategic reserve” fund has still been lost by gambling with it. Therefore, calling it a reserve is quite inappropriate in this instance, not to mention “strategic”.
Maybe we could save a few crisp notes to back the favourite in the 3.30pm race at New Market tomorrow. Good odds apparently
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There surely can’t be much of the strategic reserves left, he’s been allocating it like water lately
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#4 Looby “There surely can’t be much of the strategic reserves left, he’s been allocating it like water lately”
Only about £550M or thereabouts, this was only a couple of percent of a huge amount.
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Thanks Perspicuous. Do you kmow how much was in the pot to start with? Thanks
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3. Head ache. Clearly you don’t understand. What would be your solution – bury it in the ground?
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I had the nous and the commonsense to sell off my measly 100 shares in BP when news of the oil spill broke.
Surely Finance Minister Ozouf – with his cohorts of civil servants and very highly paid external consultants – should have realised that Jersey’s exposure to this risk was far, far higher than mine and taken the appropriate action?
The mind boggles at this man’s idiocy.
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I had the nous(whatever that is) to buy loads and loads of cheap BP shares in anticipation of the inevitable bounce back when all this is a distant memory and the real “clean up” happens.
Hopefully, Ozouf is equally astute and will do likewise!
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