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
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
