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Reports: BP Planning on $11 Billion to Cover Oil Spill Damages

Reported by: Local 15 News Staff
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Updated: 7/16/2012 11:12 pm
(LONDON) - Global media is reporting BP is nearing a settlement with the United States for the worst oil spill in American history.

The Sunday Times of London says BP is looking to spend $11 billion more to resolve all criminal and civil penalties associated with the 2010 Deepwater Horizon explosion and spill in the Gulf of Mexico.

The company has already set aside $37 billion to handle the cost of the disaster.

Worst case scenario, Clean Water Act Fines for each gallon that spilled could reach $25 billion dollars, but BP executives are hoping that it will be closer to $15 billion.

According to the recently passed Restore Act, 80% of those funds would go to Gulf Coast states.

It's likely that any settlement reached will allow BP to pay damages over several years.
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Noodie1 - 7/17/2012 3:14 PM
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WHOA! Not so fast! I can understand BP wanting to pay and get a release of liability but that doesn't need to happen for at least another 10 or 15 years from now. There are still too many unknowns to be signing any type of release. The states that are looking at dollar signs need to stop and think about what they possibly are setting the taxpayers up for. Once BP is given a release, the taxpayers will be responsible for any & all further expense caused and/or related to this disaster. BP will legally be out of the picture and gone! These dumb politicians will do anything for another buck regardless of the consequences. And as always, they don't care either because they will be long gone leaving our children and grandchildren to foot the bills of their greed when 7 if more complications arise. I am beginning to think that absolutely ever last elected politician now in office is dumb as a brick regardless of their schooling and only use their good education when it comes to greed & screwing someone else out of what they have. Sorry to stray a bit. Anyway, if they do sign a release, we (the public taxpayers) may end up in deep doo-doo.
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