Cramer: Gulf Oil Spill Is a ‘Transocean Problem’
BP isn’t the only party to blame for a leaking oil well in the Gulf of Mexico, Cramer said during Thursday’s Stop Trading!. The company who built the deepwater rig is responsible, too.
That company is Transocean , from whom BP leased the rig that exploded on April 20 and is causing 5,000 barrels of oil a day now to pour into the Gulf. According to the US Coast Guard, that oil could reach shore by Friday, and Cramer thinks BP’s share price could drop again when that happens.
But while BP “is doing everything it can do” to admit to its mistake, including a mea culpa on NBC’s Today show, Cramer called this a “Transocean problem” as well. Transocean built the rig in question and therefore bears some of the blame for what has happened.
“Transocean is the one that I think is more responsible here,” Cramer said.
Regardless, Cramer expects to see more of the “emotional trading” in BP that has driven the stock lower since the Gulf accident.
Cramer’s charitable trust owns BP.
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