Wording in U.S. law could cut BP fines by billions

[Judi Lynn]

Source: Marketwatch

April 9, 2011, 9:22 a.m. EDT
Wording in U.S. law could cut BP fines by billions

By Ryan Dezember

HOUSTON (MarketWatch) -- Since the massive Deepwater Horizon oil spill in the Gulf of Mexico, BP PLC (BP, BP.LN) has braced for federal fines of as much as $18 billion. But the company's lawyers are looking at language in the Clean Water Act that may reduce the British oil giant's fines for the worst U.S. offshore spill to a few million dollars.

Prosecutors in a federal court in New Orleans want to make BP pay as much as $4,300 for each of the more than 4 million barrels of oil its runaway well spilled into the Gulf of Mexico, as outlined in the Clean Water Act.

Yet BP's lawyers noted in a recent filing that the rules also allow the fine to be calculated based on the number of days the company was in violation of the law.

BP has not yet officially asked the judge hearing the government's case against it to level a daily fine instead of the vastly more expensive per-barrel penalty, which could cost the company between $5 billion and $18 billion.



Read more: http://www.marketwatch.com/story/wording-in-us-law-could-cut-bp-fines-by-billions-2011-04-09

[Angry Dragon]

1. Nationalize them under National Security

[JackInGreen]

3. you and I

both wish, full nationalization of anything that is guaranteed as a right.

[KansDem]

4. I agree...

It's a national-security issue.

Take out of private hands energy, education, environment, and health care.

The nation's capitalists can still peddle pizza, running shoes, and CDs...

[Scuba]

14. + + +++ + ++++ ++++++ +++++ +++++

[Rage for Order]

2. It doesn't take a fortune teller to see how this is going to play out

"BP has not yet officially asked the judge hearing the government's case against it to level a daily fine instead of the vastly more expensive per-barrel penalty..."

BP needs to get the envelope full of cash ready before they "officially ask" the judge to level a daily fine instead of a per-barrel fine.

[plumbob]

5. Time to also track down the individuals who inserted that language.

After a fair trial, hang them for treason.

Only wish this was sarcasm.

[No Elephants]

11. +1 (but not as to hanging)

[dbflah]

6. BP

Nationalize these energy companies, then behead the top 3 of each company.
Throw in their political puppets also, with their extended families.
Take their wealth, take their organs , throw the rest away!
df

[Judi Lynn]

7. Oh, why not? Or, you could cover them with whipped cream and turn John McCain lose,

after giving them a small running start.

http://0.tqn.com.nyud.net:8090/d/politicalhumor/1/0/D/O/2/mctongue-pic.jpg

[meow2u3]

18. Is there a way the Federal government can pull this off?

If it can, then let the Federal government take over energy companies. All it takes is the political will, which is lacking. I agree with you in that someone, somewhere in government has to stand up to the oil robber barons, especially foreign fat cats holding the country hostage.

I do agree with you in that energy, including and especially oil and natural gas companies, do not belong in private hands. All they're out for is profit, and the more they can rob us, the better. If oil can't be nationalized, put it in the hands of the States, BTA, Texas will charge and arm and a leg anyhow.

[sarcasmo]

8. no surprise here

[Corruption Winz]

9. I wish I could do this with my fines or tickets...

I just got a 200 dollar ticket... Maybe I can find a loop hope that doesn't charge me for how many miles per hour I was driving over the limit, but rather the amount of days I was driving at that speed.

[Demoiselle]

10. But aren't they in violation of the law...

every day the spilled oil is still in the Gulf?

"Was" in violation of the law my ass. They ARE in violation of the law.

[Zorra]

12. What a surprise. An oil company getting a major legal and financial break.

Golly gee, that's a first.

[Rex]

13. Oh fuck it...let them off for free we all know no one cares anymore

about human life. It has been shoved down our throats and we all know it now. Thanks.

[Incitatus]

15. But, but Republicans are all about personal responsibility

and they say corporations are people, no?

I guess the tax payers will get stuck with the mess yet again.

[Imagevision]

16. Obama instructed DOJ to put clamp down on scientists finding more oil

[CoffeeCat]

17. Seriously?

I'm not surprised, but this is the first I've heard of this.