BP Insanity: Negotiating Their Own Punishment
If the Obama Administration passes a bill to stop new offshore drilling permits in the Gulf of Mexico, BP asserts they may fall short of the $20 billion oil spill compensation payments they agreed to pay its victims.
When BP agreed to set aside $20 billion for Gulf Oil Spill clean up and victim compensation, the Obama Administration also permitted BP to pull those funds exclusively out of the revenue made from their Gulf of Mexico operations.
If new offshore drilling permits are no longer available to BP, particularly in the Gulf of Mexico, their revenue from Gulf… Continue reading
Recovering the Blowout Preventer
So far, we have only heard reports that the BP well cap was removed successfully, the first of many steps to finally plugging the well for good.
The well had been plugged with cement and mud prior to the cap’s removal, a cap that originally stopped the gushing well that spilled over 4 million barrels of oil. According to reports, the cap has been removed successfully and without leakage of oil.
Clean-up crews are standing by in case of any problems, but nothing has been reported yet. This step of removing the well cap is just one in a… Continue reading
