BP taps new CEO

BP has tapped an American, Robert Dudley, to take over as CEO in October. This will allow Tony Heyward to presumably save face by completing the clean up of the oil spill in the Gulf of Mexico. Do you think there is any coincidence that Dudley is American? I think not. This is a shrewd move by BP's Board because the next few years are going to be integral to the future success of BP in the US. There will be new legislation, the ongoing clean-up effort, and of course, the eventual request to do more drilling. Having a "local boy" from New York, might just help BP grease the skids (no pun intended) to a better future for the company.

On a similar note, the amount of oil drilling that goes on in the US certainly does not show any indication that they are moving to alternate sources of energy anytime soon. I realize this is not an overnight change, but there does not really seem to be much momentum for removing the world's dependency on oil.

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