Saturday, June 12, 2010

BP face a civil fine of $3 - $12 billion for spill. That excludes damages from ordinary litigation. And of course it's *still* leaking.

Scientists now say the blown-out well could have been spewing as much as 2 million gallons of crude before a cut-and-cap maneuver started capturing some of the flow, meaning more than 100 million gallons may have leaked into the Gulf of Mexico since the start of the disaster in April. That is more than nine times the size of the 1989 Exxon Valdez disaster, previously the worst oil spill in U.S. history.

SHOOT: I don't think BP's stock will ever regain its value. The company has become reviled internationally. The brand value has been blackened and sullied beyond redemption.
clipped from
This image from video provided by BP PLC early Friday morning, June 11, 2010 shows oil continuing to pour out at the site of the Deepwater Horizon oil
Based on the maximum amount of oil possibly spilled to date, that would translate to a potential civil fine for simple discharge alone of $2.8 billion. If BP were found to have committed gross negligence or willful misconduct, the civil fine could be up to $4,300 per barrel, or up to $11.1 billion.

If the higher-end estimates prove accurate, the leak amounts to an Exxon Valdez every five days or so. At that rate, in just over three weeks from now it will eclipse the worst oil spill in peacetime history, the 1979 Ixtoc disaster in Mexico, which took 10 months to belch out 140 million gallons of oil into the Gulf.

"Crabs start real small. You know they're all going to die. It'll kill all the oysters. In my opinion, I don't think it'll ever be all right," Reyes said. "I think it's destroyed."

"Whether it's five gallons or five million, I don't care. We don't really need to be wasting time measuring it," she said. "We just need to stop it."

 blog it

No comments: