BP: Bankrupt Petroleum

British Petroleum,, BP as is now popularly known, may soon become Bankrupt Petroleum.

Now that the top kill method used by BP to stem the gush of oil in the Gulf of Mexico has proven to be a failure, the Petroleum giant is running out of options and pretty soon might be running out of resources too.  Already, the Obama administration has expressed support to lift the liability cap for the disaster which is currently pegged at US$75 Million.  The media is also abuzz with news of Congress possibly enacting a bill which would have a retroactive effect to get BP to pick up the tab for the expenses caused by the oilspill beyond the current cap.