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Posts Tagged ‘BP’

Largest Criminal Fines Against Companies in the US

Posted by Ram Kumar Shrestha on November 16, 2012

AP Associated Press

BP said Thursday it has agreed to pay $4.5 billion in a settlement with the federal government over the April 2010 explosion of the drilling rig Deepwater Horizon. The agreement includes nearly $1.3 billion in criminal fines, with the rest of the money going to several government-related entities. The criminal fine is the largest in U.S. history and eclipses a 2009 fine against drug-maker Pfizer Inc.

Here’s a look at the largest criminal fines assessed against companies in the U.S., according to the Justice Department:

1. $1.256 billion in criminal fines, November 2012, against BP PLC for various charges related to the 2010 explosion of the Deepwater Horizon and the resulting oil spill. An estimated 172 million gallons of crude spilled into the Gulf, fouling marshes and beaches, killing wildlife and closing vast areas to fishing. Eleven workers died in the blast. The spill was the nation’s worst offshore oil disaster. Read the rest of this entry »

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Gulf ‘Dead Zone’ This Year Predicted To Be Largest In History

Posted by Ram Kumar Shrestha on June 15, 2011

To sort out these problems we have no money as our priority to invest money in wars. What to do?
Read the Article at HuffingtonPost

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Gulf oil spill: BP faces $34bn in fines as Senate smashes estimates

Posted by Ram Kumar Shrestha on June 14, 2010


Deepwater Horizon disaster costs for clean up and damages had been previously estimated at closer to $5bn.

BP is facing a bill of up to $34bn from the Gulf of Mexico disaster after US senators demanded the oil company

Barack Obama is due to meet Tony Hayward, chief executive of BP, and other directors of the company at the White House. Photograph: Mandel Ngan/AFP/Getty Images

deposited $20bn into a ring-fenced account to meet escalating compensation costs.

The sum dwarfs many analysts’ previous estimates, shared by BP, that put the cost of the clean-up effort and payment of damages to affected communities, such as fishermen, closer to a total of $5bn.

Shares in BP nose-dived by more than 9% today as investors took fright at the demand by the 54 Democratic senators, who represent a majority in the US upper house. The company is now worth almost half what it was before the accident of just under two months ago.

BP already faces up to $14bn in civil penalties, payable under US environmental law, assuming the leak is plugged in August. These punitive damages are directly linked to the size of the spill – already estimated at being up to eight times worse than the Exxon Valdez disaster in 1989 – with BP liable for up to $4,300 for each barrel-worth spilt. Read the rest of this entry »

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