BP Could Go Bankrupt Over Gulf Spill

Photo via Autoblog Green

So far in its coverage of the BP Gulf spill, the media has made much of the fact that the company's daily profits are higher than its daily cleanup costs, and that after raking in $17 billion in profits last year alone, such costs are but a drop in the bucket. But that's changing fast -- and if a few other factors come to pass, it's possible that the Gulf spill will end up bankrupting the oil giant. Speculators are calling this possible outcome the "Texaco scenario." Here's how it would work.

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