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
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oil remains in the water and continues to wash ashore, residents of the region can rest easier knowing that well is no longer active.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
Disappearing Oil: Do You Believe in Magic?
You might have noticed recent claims from BP and the US Government that clean up of the BP Oil Spill is basically finished and troubles are coming to an end.
These claims are simply political ploys to suggest to the public that the largest oil spill in history is now behind us.
We all remember when the oil was gushing and massive plumes of oil would suddenly turn up missing, right? Well, now that it’s happening on a more massive scale and major amounts of oil are now missing, our leaders and corporate representatives are trying to… Continue reading
Sue or Settle? Compensation Guidelines for BP Oil Spill Victims
On Monday, Washington lawyer Kenneth Feinberg will take over the task of distributing $20 billion of BP compensation money to the victims of the BP Oil Spill. Unfortunately, the guidelines determining which businesses will receive those payments are getting more and more specific.
According to the guidelines presented by Mr. Feinberg, who was specifically appointed this task by President Obama, businesses will receive their compensation depending on their geographic distance from the spill and their dependence on the natural resources of the Gulf, according to a Huffington Post article.
In other words, many of the struggling companies in Florida, for… Continue reading
