THE TELEGRAPH: David Cameron has backed Barack Obama in his criticism of BP over the Gulf oil spill.
The oil firm has seen almost £50 billion wiped off its value since oil began leaking from one of its pipelines following an explosion on a gas platform in the Gulf of Mexico.
Investors say the hardline approach taken by Mr Obama – who has promised to "kick ass" over the incident – has contributed to the share price declines. The US administration last night threatened to block BP paying a dividend in order to ensure victims of the spill off the coast of Louisiana got sufficient compensation.
The pension funds of millions of Britons have been hard hit – as exposure to BP, Britain's biggest company, is high.
Boris Johnson, the Mayor of London, this morning became the most senior UK politician to defend BP, saying "anti-British rhetoric" levelled at the company was a matter of "national concern" and that the oil giant was paying "a very, very heavy price" for what had been an accident.
"I would like to see a bit of cool heads rather than endlessly buck-passing and name-calling," he said. "When you consider the huge exposure of British pension funds to BP it starts to become a matter of national concern if a great British company is being continually beaten up on the airwaves."
Speaking to reporters in Afghanistan, Mr Cameron refused to follow suit, instead offering his backing to Washington. >>> James Kirkup | Thursday, June 10, 2010
