BP plc Close To $9 Billion Finance Package, Test Of "The Whale" Goes Nowhere

Energy

Published: July 5, 2010 2:39 pm

Last Updated: July 5, 2010 9:50 pm

BP plc (NYSE: BP) got two piece of news today, one much better than the other. The Wall Street Journal reports that the oil company has probably brought in $9 billion in financing, about $1 billion from each of nine banks which include Barclays PLC, BNP Paribas SA, Citigroup Inc., Banco Santander SA, HSBC Holdings PLC, Royal Bank of Canada, Royal Bank of Scotland Group PLC and Société Générale SA, the paper said.

The loans have a one-year maturity and one year option for extension.The other information is that a two-day test of “The Whale”, a 350 yard long tanker turned into a skimmer, meant to see if it can collect massive amounts of oil have not been successful so far, according to Reuters. TMT Shipping Offshore, which owns the boat, said the seas were too rough to allow the skimming device on the ship to do its work.

Douglas A. McIntyre

The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)

If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%¹ today. Checking accounts are even worse.

But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn a $200 bonus and up to 7X the national average with qualifying deposits. Terms apply. Member, FDIC.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.

¹https://www.fdic.gov/national-rates-and-rate-caps