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BRITISH PETROLEUM WANTS COMPENSATION LIMITS SET ON MACONDO OIL WELL TRAGEDY

08 Jul 2011

On Apr 2010, British Petroleum Pl’s(BP) “Deepwater Horizon” Deep water oil exploration rig burned and sank, killing 11 rig workers. That set the stage for the Macondo well to rupture nearly a mile below sea level, causing the calamitous “Gusher in the Gulf”.  For months the Macondo gushed uncontrollably more than 4 million barrels of oil into the Gulf of Mexico – off the Louisiana coast. The accident closed waters to fishing, disrupted tourism, and caused the U.S. Government to shut down deepwater exploration for months;  Now however, affected Gulf coast residents are getting back to work, and their former industries such as lodging, fishing and other appear to be rebounding.

ON 2010 A COMPENSATION /REPARATION FUND was set up at the urging of president Obama, and  Kenneth Feinberg was appointed administrator of the $20 billion fund; Accordingly, “The “Gulf Coast Claims Facility (GCCF)” was organized to compensate people and businesses for losses related to the BP oil disaster.  Feinberg said: “The GCCF welcomes any and all input from any interested sources including BP…We take all of the submissions under advisement.” As of 01 Jul 2011, the GCCF had paid $4.5 billion in claims to 195,000 claimants; Additionally, there are about $430 million worth of offers(from GCCF to victims) that are under consideration by Gulf residents.

BP WANTS COMPENSATION LIMITS SET.  BP Plc now wants to limit future claims related to its Gulf of Mexico oil spill disaster as the region’s economy recovers.  On 08 Jul 2011:  BP said on an e-mail: “The Gulf economy is strong and there is no basis to assume that claimants, with very limited exceptions, will incur a future loss related to the oil spill…Oystermen, whose beds have been destroyed by crude, should be considered for future payments… BP supports the payment of legitimate claims and future losses that are substantiated, but BP objects to the GCCF’s practice of assuming FUTURE losses on certain claims,”

BP HAS VERY POWERFUL FRIENDS IN HIGH PLACES, AND EVEN JUDGESHIPS and traditionally gets what it wants. It will be interesting to watch the outcome of this BP initiative.

gonzedo

July 8, 2011 at 6:35 PM
9 comments »
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