Yep, another kick in the a.s for GM and Ford as well.

The 3% number is correct. However, Fortune Magazine thinks that BP/Amoco
will take a hit well into the $billions$ in liability claims (which it
will of course pass on to consumers). Now that the dust has settled we're
seeing more of the effects of the explosion. A few nearby homes and
businesses were blown up to a foot off their foundation from the force of
the blast. Glass damage claims are coming in from as far as 5 blocks away.
On the up side, the plant is located in an impoverished area where most of
the homes are little more than shotgun-modest shacks. On the down side the
death toll now stands at 15. There were 109 people admitted to area
hospitals, tonight 23 are still hospitalized and 1 of those is in ICU with
2nd & 3rd-degree burns over 90% of his body. Here in Houston the price
bump (6¢ a gallon) hit immediately and of course is unjustified because
whatever the effect on the wholesale price of gasoline won't actually be
felt directly by the retailers for at least a month, at which time they'll
of course bump the pump price another 6¢ to compensate.

Unfortunately for BP/Amoco their track record at this refinery shows a
number of blemishes and safety violations. OSHA has hit them for $109,000
in fines just in the past year. At this same time last year (Mar '04) two
BP/Amoco workers were scalded to death in another plant accident.

Of course the FBI descended on the scene like flies on a manure pile,
looking for any possible link to terrorism, but found nothing. I really
don't know how they could make that assessment so soon. Maybe they thought
someone flew a private jet into the facility or some crazy thing like
that.