| Nov 07 |
Archive for the 'oil spill damages' CategoryFeds OK extending almost 1,400 offshore drilling leasesThe federal government has approved extending almost 1,400 offshore drilling releases in an attempt to offset work stoppages or delays sparked by the 2010 Deepwater Horizon oil rig disaster. That event claimed 11 offshore workers’ live and spewed the worst oil spill in America’s history into the Gulf of Mexico. (more…)
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| Oct 26 |
Archive for the 'oil spill damages' CategoryBP says ‘spirit coming back,’ but Deepwater remains a deep stainBP is crowing now that the feds have said it can drill again in the Gulf of Mexico. “You can feel the spirit coming back,” says CEO Bob Dudley.
Of course, while banned from drilling after the April 2010 Deepwater Horizon disaster, BP had kept some Gulf wells active anyway, using loopholes and surrogate drillers. But now it has the all-clear to drill seven new wells on its own. Plus, profits are up. So its “spirit is coming back.” (more…) |
| Oct 13 |
Archive for the 'oil spill damages' CategoryFeds fine 3 companies for Deepwater Horizon catastrophe The three companies involved in last year’s catastrophic Deepwater Horizon offshore oil rig explosion, fire and oil spill all have been fined by the federal government for offshore drilling rule violations.
Federal fines could total as much as $45.7 million for BP, Halliburton and Houston-based Transocean. The move was made by the Bureau of Safety and Environmental Enforcement, an arm of the Interior Department. Its investigation along with that of the Coast Guard found “violation of numerous federal regulations designed to protect the integrity of offshore operations,” according to Michael Bromwich, bureau director. (more…) |
| Jun 16 |
Archive for the 'oil spill damages' CategoryBP exec cites “small people” as victims of BP oil spill disaster
In May, while millions of gallons of oil gushed into the Gulf, BP CEO Tony Hayward told a British newspaper that he expected Americans’ claims for oil spill damages via lawsuits to be “illegitimate.” “This is America – come on,” Hayward said. “We’re going to have lots of illegitimate claims. We all know that.” |
BP executives not only lead a company whose wanton disregard of caution led to April 20′s Gulf of Mexico oil spill — the worst environmental disaster in America’s history — but also betray an acute case of foot-in-mouth disease.| Jun 15 |
Archive for the 'oil spill damages' CategoryBP has trillions in assets to pay billions in oil spill lawsuit claims
But BP, formerly British Petroleum, has the means to foot that bill. The world’s third-largest energy giant had net profits of more than $10 billion combined in the last quarter of 2009 and the first quarter of 2010. In fact, BP has generated over $100 billion in profits, after expenses, in the last five years. Just last year, BP had revenues of almost $250 billion, with $16.8 billion in profits. BP also owns huge oil reserves which could be converted into cash by selling them to other energy companies. How huge? The oil it owns that’s still in the ground reportedly is worth $13.5 trillion at today’s prices. |
As the cost of BP’s Gulf of Mexico oil spill grows, many of its victims, from failing businesses to fishermen and their families, may wonder if they can be compensated for their losses. After all, the bill already is in the billions, with estimates ranging from $37 billion to $70 billion.| Jun 14 |
Archive for the 'oil spill damages' CategoryBP lawsuits, compensation funds are among answers to Gulf oil spill disaster
Obama also plans to address the nation about the crisis Tuesday night. Meanwhile, the White House is pressuring BP to set up an escrow account for paying off oil spill damage claims. Such claims are likely to come from those who might otherwise make a living from shrimping, fishing and related businesses, from hotels, motels, restaurants and other tourism enterprises to gas stations, food retailers, food preparers, packers, truckers and others. Sadly, oil spill damages are making their survival difficult, if not impossible. |
President Obama’s fact-finding visits to Alabama, Mississippi and Florida Monday underscore at least one thing: the BP oil spill disaster off the coast of Louisiana isn’t impacting just that state, but also the entire Gulf of Mexico region, including Texas. And that region is being devastated with battered businesses.| May 07 |
Archive for the 'oil spill damages' CategoryFacing Gulf oil spill damage lawsuits, BP blames victims with complaints of ‘illegitimacy’
“This is America — come on,” the well-tailored head of London-based BP, formerly known as British Petroleum, told the Times of London. “We’re going to have lots of illegitimate claims. We all know that.” |
BP CEO Tony Hayward is adding galling insult to devastating injury. Rightly facing billions of dollars in costs to clean up BP’s Deepwater Horizon oil spill and to compensate Americans for huge business losses to come, Hayward has pre-emptively attacked future American | May 06 |
Archive for the 'oil spill damages' CategoryFeds seek to raise BP’s cap on oil spill economic damages
As it stands now, British Petroleum, or BP, which was operating the doomed oil platform, has a $75 million cap on payments for non-cleanup and containment costs. In other words, if Louisiana’s $3 billion fishing industry is ruined, or if the Gulf Coast’s $100 billion tourism industry is staggered, they can stand in line to try getting a fraction of that cost from the company which seems to have caused it through negligence. Fortunately, the Obama administration is trying to correct this problem, which was created by the 1990 Oil Pollution Act. Indeed, the administration is working with Congress to lift the $75 million cap to pay for oil spill damages, in order to help those who suffer financially in Gulf Coast states Texas, Louisiana, Mississippi, Alabama and Florida. |
The oil business rakes in many billions of dollars in profits while you pay high prices at the gas pump and try to feed your family. But imagine how much more galling it will be to fishing, tourism and other business along the Gulf of Mexico coast as the economic fallout of last month’s