BP stock prices again fell. By January 2007, the explosion, coupled with a pipeline spill in Alaska and production delays in the Gulf of Mexico, left BP's stock down 4.5% from its position prior to the Texas City explosion. However, by April 2007, stocks had rebounded 13% erasing the 8.3% loss from 2006. Declining oil prices and concerns over oil sustainability also caused shares to fall in value in late 2008. The Deepwater Horizon oil spill in April 2010 initiated a sharp decline in share prices, and BP's shares lost roughly 50% of their value in 50 days. BP's shares reached
Deepwater Horizon oil spill pension fund managers (who have large holdings of BP shares and rely upon its dividends) accepted that while BP had to pay compensation for the spill and the environmental damage, they argued that the cost to the company's market value from President Obama's criticism was far outweighing the direct clean-up costs. Initially, BP downplayed the incident; its CEO Tony Hayward called the amount of oil and dispersant "relatively tiny" in comparison with the "very big ocean." Later, he drew an outpouring of criticism when he said that the spill was a disruption to Gulf Coast residents and himself adding, "You