| Jun 15 |
BP 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.
| May 04 |
Oil spill business damages may merit oil lawsuits
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The immediate toll from April’s explosion and sinking of the Deepwater Horizon came in human life, with 11 tragic deaths among the oil platform’s crew. The ensuing toll includes catastrophic damages to nature and wildlife, and devastating damages to fishing , tourism and other businesses along the Gulf of Mexico coast of Louisiana, Texas and other states.| Apr 21 |
Houston’s Transocean oil platform drilling rig fire may merit worker lawsuits
(See remarkable first-hand images from the fire at this link.) |
Tragically, a fire erupted Tuesday night aboard an offshore oil rig drilling platform owned by Houston’s Transocean Ltd. and leased by BP PLC. As many as 15 oil platform workers were missing as of Wednesday morning, but were being searched for by the U.S. Coast Guard. As many as seven offshore oil rig workers were reportedly critically injured and transported to hospitals in Louisiana and Alabama.