Apparently, they are only on the hook for $75 million in liability!?!?!? Under the law that established the reserve, called the Oil Spill Liability Trust Fund, the operators of the offshore rig face no more than $75 million in liability for the damages that might be claimed by individuals, companies or the government, although they are responsible for the cost of containing and cleaning up the spill. This spill will probably cause tens, if not hundreds of billions of dollars in losses for businesses, individuals, and governments, to say nothing of the unpriceable ecological damage. It had better cost BP every penny it has. I hope there's some legal way around this $75 million nonsense.
One thing's for sure: I'm not buying any BP gas ever again if I can help it.
UPDATE: More on this issue here. Looks like there's an effort in Congress to remove the $75 million dollar cap. And if BP is found "grossly negligent" then the cap is removed without any changes to the law. I really hope BP has to pay for the full impact of this spill, and not just for cleanup costs.
"Don't tell me BP is going to be shielded from liability"
1 Comment -
Are you fucking kidding me? That's insane
10:01 PM, May 04, 2010