Can BP pay for the Oil Spill Damage?

Asked during a news briefing if the Obama administration was concerned BP could be financially ruined due to the oil spill, White House spokesman Robert Gibbs said it was big enough to absorb the expense. "You've got a company with the type of market capitalization that can and will fully pay for the damage caused by the disaster they are responsible for," he said. How could a company pay for the damage when much of it cannot be rectified? For example what about the wildlife in the Ocean, how will they know how many have died due to this issue and how will they replace that wildlife. Also, with nearly 25 percent of the Gulf’s rich fishing grounds closed off already, the local economies are suffering. How are they going to determine the damage to the local economies and how is BP going to pay for this? Not to mention moderate southerly and southwesterly winds this week promise to spread the damage into the coasts of Mississippi and Alabama. As the spill continues, and we head into hurricane season, the potential for the oil to reach as far Florida, Cuba and Mexico grows. When will it all stop? BP is attempting yet another fix – this one is a new version of the containment cap idea, but they have stated clearly that it may not work. The government has been forced to admit that they simply do not have the technology to deal with the problem and have no choice but to leave it to BP and other industry experts. The longer BP struggles to contain the spill, the more it becomes clear that they really don’t have to technology to deal with it either. Estimates are that 12,000-20,000 barrels a day are spilling into the Gulf of Mexico. They are hoping to contain it soon, however they have also stated that containment may not happen until August, when the relief wells are completed. Can BP pay for the damage when their stocks have plummeted $60 Billion since this fiasco, and they have spent close to a Billion dollars already and still don’t have the solution. Will they be able to survive this, or will someone have to buy or bail them out?