BP finally agrees record breaking Deepwater Horizon settlement



WASHINGTON: -- US Attorney General Loretta Lynch has announced BP is to pay over $20 billion arising from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico.

The settlement launches one of the largest environmental restoration efforts after hundreds of kilometres of coastline were polluted in worst offshore spill in US history.

The agreement adds to the $43.8 billion BP had previously set aside for criminal and civil penalties and cleanup costs. The company has said its total pre-tax charge for the spill is now around $53.8 billion.

BP’s shares rose nearly 3 percent in New York on the news as investers praised the agreement as essentially it caps liabilities that could have been much larger.


-- (c) Copyright Euronews 2015-10-06

so they basically got off easy again? I wonder what the total damages are and what percentage of the damage caused BP had to pay? How much profit did they still make from this disaster?

so they basically got off easy again? I wonder what the total damages are and what percentage of the damage caused BP had to pay? How much profit did they still make from this disaster?

We're looking at them paying approximately 2% of the damage.

Big surprise.

And how much of that money will actually go to the victims in the Gulf?

If it wasn't for BP and other oil companies, that constant push the boundaries of technology to find new oil reserves, we would all still live in caves, or at least live less comfortable lives than we do today.

Accidents, small or big, do happen when testing new frontiers.

No money can replace the lives of those lost in the accident and the terrible effects on the environment,but the world is reliant on oil and this is what keeps the cogs of industry turning.

A sad day for all in involved in the O&G industry,but the industry is the world leader in health and safety and accidents do and will continue to happen.

No wonder fracking companies negotiated there liabilities to basically nothing if they

contaminate water supplies. They ruin your water supply and property vale, tough luck.

so they basically got off easy again? I wonder what the total damages are and what percentage of the damage caused BP had to pay? How much profit did they still make from this disaster?

I would say that a $20 billion fine would amount to a slap on the wrist with a wet bus ticket. If this was China, the people responsible for the disaster would have been stood against a wall and shot and their organs harvested so that these scumbags would at least be of some use to someone even if it was after their deaths.

so they basically got off easy again? I wonder what the total damages are and what percentage of the damage caused BP had to pay? How much profit did they still make from this disaster?

I would say that a $20 billion fine would amount to a slap on the wrist with a wet bus ticket. If this was China, the people responsible for the disaster would have been stood against a wall and shot and their organs harvested so that these scumbags would at least be of some use to someone even if it was after their deaths.

So the companies who were responsible, Halliburton & Transocean Drilling (both American Companies) should be shot.

The American taxpayer is technically paying the majority of the settlement in lost taxable profits.

On top of it, BP can deduct the 20 billion as a loss on their taxes. Shame, shame, shame.