HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Latest Breaking News (Forum) » BP Deepwater Horizon fine...

Fri Jan 16, 2015, 10:58 PM

BP Deepwater Horizon fine capped at $13.8bn

Source: The Guardian

BP has won a partial victory in the US courts after a federal judge in New Orleans capped a potential fine for polluting the Gulf of Mexico in 2010 at $13.8bn (£9bn) rather than the feared $18bn. The exact scale of the financial penalty for causing the worst offshore pollution incident in American history will not be known for some time, but BP is confident it will be lower still.

BP has set aside only $3.5bn in its accounts to pay off the fine, and any figure in excess of this could force the company into selling off more assets to pay for it. But the London-based oil company’s shares rose 4% after it said in a statement: “BP believes that considering all the statutory penalty factors together weighs in favour of a penalty at the lower end of the statutory range.”

Judge Carl Barbier ruled late on Thursday in a New Orleans federal court that the Deepwater Horizon spill was 3.2m barrels, greater than the 2.4m barrels argued by BP but less than the 4.2m claimed by the US government. The decision leaves the oil group facing a maximum possible fine of $4,300 per barrel, or $13.8bn, under the Clean Water Act. This will be decided by a separate hearing to begin next week.

Barbier said BP’s response to the disaster was not grossly negligent, but stuck to an earlier judgement that the company was grossly negligent in the period leading up to the blowout of the Macondo well.

Read more: http://www.theguardian.com/business/2015/jan/16/bp-deepwater-horizon-spill-fine-cap-14bn

7 replies, 1399 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 7 replies Author Time Post
Reply BP Deepwater Horizon fine capped at $13.8bn (Original post)
herding cats Jan 2015 OP
Xipe Totec Jan 2015 #1
blackspade Jan 2015 #2
drynberg Jan 2015 #3
mtasselin Jan 2015 #4
niyad Jan 2015 #5
yurbud Jan 2015 #6
niyad Jan 2015 #7

Response to herding cats (Original post)

Fri Jan 16, 2015, 11:13 PM

1. Faster to cap the fines than the well. nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to herding cats (Original post)

Sat Jan 17, 2015, 06:33 AM

2. BP continues their gross negligence

Still trying to rip off the US tax payer and destroy the environment.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to herding cats (Original post)

Sat Jan 17, 2015, 07:19 AM

3. "Victims, we will make you whole again"...A great big juicy LIE told by BP, this area

Will forever by greatly diminished or dead...shame on their rich asses!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to herding cats (Original post)

Sat Jan 17, 2015, 09:41 AM

4. WTF

This judge has no business changing anything and you know they will appeal it again. With the corrupt legal system we have in this country another judge is going to further strike it down.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to herding cats (Original post)

Sat Jan 17, 2015, 02:41 PM

5. does this surprise any of us?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to niyad (Reply #5)

Sat Jan 17, 2015, 03:46 PM

6. same thing happened in Exxon Valdez spill. The court was very concerned about more harm

coming to Exxon.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to yurbud (Reply #6)

Tue Jan 20, 2015, 12:04 PM

7. it is absolutely disgusting.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread