Reply #19: Yup and now BP (or BP insurance company) owes Transocean a mere ...

[Statistical]

$350 million for the lost rig.
Combine that with 6 million barrels spilled = $480 million worth of lost oil.
Environmental cleanup costs may be another $1 billion.
Figure another month or two before they get oil cut off = another $480 - $960 million worth of lost oil.
Likely Obama EPA will score some points with a "big" fine say another $100 million

BP is going to lose big on this one all because it isn't "profitable" to install a $600,000 backup device to close the well. Sometimes capitalists are too stupid to even see that regulation can make MORE MONEY. Had BP been "forced" by EPA/DOE to pay an extra $600,000 and install a acoustic switch (backup method to close well in an accident) it would have saved them $1 - $3 billion.

$600,0000 vs $3 billion. Price nice return on investment for that safety device. That is just looking at it in pure $$$$ terms and ignoring the PR value and environmental value.