HOW MUCH should BP pay for the carelessness that led to the disastrous Deepwater Horizon oil spill in 2010?
Last week the giant oil company, the federal government and some Gulf Coast states started wrangling over that question. The parties gathered in New Orleans to begin a federal civil trial, the first phase of a process that will determine the size of the Clean Water Act fines the company must pay.
If the court finds that BP was merely negligent, the company could pay as much as $3.5 billion in fines. If the judge finds that BP was grossly negligent, the company could have to pay as much as $17.6 billion.
Whatever the figure, it would be on top of the $20 billion to $30 billion that BP already has distributed or committed to pay. It would also settle only one of many outstanding legal claims against the company. BP is still liable to pay for the environmental injury it caused, according to the results of a process called the Natural Resources Damage Assessment. Gulf states also recently demanded a whopping $34 billion in economic damages. Given all of these, the Economist calculates, BP's total Deepwater Horizon payout could reach an incredible $90 billion.
A bill anywhere near that large is impossible to justify.
Read the full story at the Washington Post>>
National Fisherman Live: 9/9/14
In this episode:
Seafood Watch upgrades status of 21 fish species
Calif. bill attacking seafood mislabeling approved
Ballot item would protect Bristol Bay salmon
NOAA closes cod, yellowtail fishing areas
Pacific panel halves young bluefin harvest
National Fisherman Live: 8/26/14
In this episode, National Fisherman Publisher Jerry Fraser talks about his early days dragging for redfish on the Vandal.
More than a dozen higher education institutions and federal and local fishery management agencies and organizations in American Samoa, Guam, the Commonwealth of the Northern Mariana Islands and Hawaii have signed a memorandum of understanding aimed at building the capacity of the U.S. Pacific Island territories to manage their fisheries and fishery-related resources.