Quote:
Originally Posted by mynameisjim
Don't forget, BP is liable for a fine of $4300 per barrel released into the ocean. Today it was just admitted that the leak is closer to 40K barrels a day and eventually the true number of 100K barrels a day will be confirmed. At $4300 a barrel, that ads up really quick especially if the leak goes for several more months. I think the impact of these fines is what will push BP over the edge. It could be close to 50 billion in fines alone.
BTW, this is why BP has continuously said there is no way to measure the flow and they have no interest in doing so.
It's a risky play that could pay off big, the odds are against you on this one I think. But that's how the game works  |
Oil Pollution Act:
"§1004 The liability for tank vessels larger than 3,000 gross tons is increased to $1,200 per gross ton or $10 million, whichever is greater. Responsible parties at onshore facilities and deepwater ports are liable for up to $350 millon per spill;
holders of leases or permits for offshore facilities, except deepwater ports, are liable for up to $75 million per spill, plus removal costs. The Federal government has the authority to adjust, by regulation, the $350 million liability limit established for onshore facilities."
http://www.epa.gov/oem/content/lawsregs/opaover.htm
The government is certainly going to fight for more but current liability is $75 million.