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economic 9 articles

BP oil spill agreement sets terms for economic and medical damages

Lawyers for plaintiffs harmed by BP’s 2010 Gulf of Mexico oil spill announced the terms last week of the settlement agreement it reached with the oil giant in March. The settlement, which establishes new rules of compensation for some 110,000 specific plaintiffs just two years after the Deepwater Horizon explosion April 20, 2010, has been welcomed by many legal analysts as a monumental achievement, considering its complexity and scope. The settlement will be entirely funded by BP, and except for a $2.3 billion limit on commercial fishing claims, no cap has been set on the amount of damages BP will ... Read More

BP agrees to establish $20 billion fund to aid Gulf Coast residents

After a remarkable four-hour meeting between the White House Administration and BP’s top executives, the oil giant has agreed to create a $20 billion fund to pay damage claims filed by thousands of fishermen and others economically harmed by the oil slick washing up on the shores of four Gulf states. The meeting was scheduled to last two hours, but BP executives resisted committing to the $20 billion fund and both sides haggled over the details. According to the New York Daily News, sources said that Vice President Biden “leaned forward and bluntly informed [BP executives] they had no choice: ... Read More

BP's official oil-spill response plan contains absurd information

Federal regulations require oil companies to prepare and submit detailed spill-response plans before they can begin drilling offshore in American waters — and rightfully so. That body of water we call the Gulf of Mexico is a rich and diverse natural resource that directly sustains a way of life for millions of residents, whether they’re employed by the multi-billion-dollar seafood and tourism industries or any business in between. Simply put, a threat to the Gulf of Mexico’s ecosystems is a threat to our economy and national security. Considering that, behold the colossal failure of the Minerals Management Service (MMS) to take ... Read More

How has the federal government responded to BP's oil spill?

As frustration escalates over BP’s inability to cap and contain its massive oil leak in the Gulf of Mexico, more and more people are directing their anger at the federal government for not doing more to curb the catastrophe and stem the economic impact the spill is having throughout the Gulf. Neither the U.S. nor BP has ever faced an environmental disaster of this magnitude, so nearly every response carries an element of the unknown with it. And along with the unknown comes an element of fear that the fix could do more damage than the oil itself. President Obama’s ... Read More

Oil laps land, brings despair, suicidal thoughts to small communities

Much press has been given to the dire threat BP’s oil slick poses to the coastal ecosystems, marine environment, and the economies that depend on the health of both. But now another tragic extension of the oil disaster is becoming apparent – a feeling of hopelessness and abandonment that threatens ways of life and cultural traditions that give the Gulf Coast its own unique, irreplaceable personality. According to New Orleans’ WGNO News, BP’s still-uncontrolled gush of oil has begun to invade the fragile wetlands that sustain Louisiana’s $3 billion seafood industry, and the situation has become so dismal that some ... Read More

Level of oil dispersant chemicals used in Gulf raises concerns

The Environmental Protection Agency gave BP on Wednesday 24 hours to find an oil dispersant less toxic than the ones it has been spraying in massive quantities above the Gulf of Mexico and under the surface. The EPA requested that BP provide it with a list of available dispersants and begin using the new dispersants within 72 hours. The request indicates that federal regulators are concerned that the chemical dispersants being used in unprecedented quantities could pose a threat of their own to the Gulf’s marine life and coastal ecosystems. BP has been using two Nalco-brand dispersants, Corexit 9500A and ... Read More

Failure to perform critical safety test, serious design = oil rig disaster

A leading oilfield services provider says that BP hired it to test the cement linings on the Deepwater Horizon’s drill column, but quit the testing and sent the crew home before its work was completed. Eleven hours later, natural gas blasted up the well and set off a series of giant explosions that sank what was supposed to be one of the most technologically advanced offshore rigs in the Gulf. Schlumberger Ltd., the testing firm, says that its crew and equipment were on standby to perform tests from April 18 to April 20. Some tests were successfully completed, yet BP ... Read More

Feds assess BP's record, company could lose its U.S. contracts

Environmental Protection Agency officials are reviewing BP’s troubled record of drilling for oil on U.S. soil and federal waters to determine whether the company should be barred from receiving government contracts. Such a move, if it comes to pass, could cost the company billions of dollars in revenue. Throughout the last decade, BP has paid several million dollars in fines to U.S. regulatory agencies and has been implicated in four instances of criminal misconduct. However, the oil industry’s “cozy relationship,” with the Minerals Management Service, as President Obama put it, may have shielded BP from actions harsher than token fines. ... Read More

Senators seek criminal investigation of BP, insiders come forward

BP and Transocean have begun the legal maneuvering that they hope will minimize their exposure to mounting lawsuits and limit their liability for the uncapped oil leak that continues to release thousands of barrels of oil into the Gulf of Mexico every day. But there are some promising signs that those who created the spill are finding few rocks to hind under. Yesterday, eight Senate Democrats asked the Obama administration to launch a criminal investigation into BP for allegedly making false and misleading statements to federal regulators about its ability to stop potentially devastating oil spills in the Gulf of ... Read More