BP Oil Spill Update
In case you haven’t heard, the BP Oil Spill really did happen. Thousands of people are still suffering because of massive amounts of oil spilling into the Gulf of Mexico. Even though the major news media found the story a bit boring once the leak was actually plugged, it’s important that we continue to keep ourselves updated on what’s going on in the Gulf.
Solutions for Future Spills
Although a moratorium was enacted to disable new deepwater oil rigs, it may be lifted even before we have come up with an actual solution to deepwater oil spills. Exxon Mobil Inc.… Continue reading
BP’s Problems Are More Than 6 Inches Deep
BP keeps shooting itself in the foot with bad decisions and shady practices, even at a time when they have the opportunity to quickly strive for public trust. From its already backed-up victim compensation program to its regulations regarding public beach accessibility, BP continues to try and take blame for the Gulf Oil Spill without actually dealing with the full repercussions.
In a supposedly generous offer by BP, attorney Kenneth Feinberg has decided that BP will not be subtracting the funds paid to BP clean-up crews from their victim compensation for the damages from the spill. In other words, BP… Continue reading
The Well is Dead, but BP (and Oil) Remains
The notorious Gulf oil well is finally dead. On Sunday, Thad Allen announced that the BP oil well, having caused the worst spill in history, was stopped for good on Sunday with a permanent cement plug.
Once the application of the cement plug was completed, a successful pressure test was also administered and passed.
Although oil remains in the water and continues to wash ashore, residents of the region can rest easier knowing that well is no longer active.
So far, the oil spill has cost BP $9.5 billion in clean up. That number is separate from the… Continue reading
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
