Congress should keep its powder dry.
And the President should hold his water.

As Tony Hayward prepares to have his buttocks flame-grilled by a Congress out for its pound of flesh, those who still value the Special Relationship should think on the following scenario.

President Obama graciously said yesterday that he was not out “to destroy” BP – a good thing to say right now, given that his own countrymen would be the big financial losers out of such stupidity. And following an alleged $20 billion agreement, BP shares have rallied of late.

But let’s suppose that – as with all government funding – this cleanup fund gets out of control. And let’s imagine that, after a few days of bubbling under, the toxic cleanup scandal breaks through to land BP in even deeper poo. And let’s say that BP’s shares go into freefall. And let’s picture a situation in which a US carpetbagger picks up BP for a song.

I’d wager that if such a thing happened, anti-American sentiment in the UK would reach hitherto unimagined heights.

BP is not a ‘British’ company, but having ignored that fact already for his own advantage, President Obama could hardly argue that such a situation was anything other than horribly embarrassing for the US Administration.

As long as the person in the White House puts votes and muddled policy ahead of an ally, America will carry on losing allies. Losing Britain on that basis might seem careless. Losing the Brits and the Israelis would make Obama look dumb.

Congress should consider that outcome as it bids to demonise Tony Hayward this afternoon.