Quantcast
ZME Science
  • News
  • Environment
  • Health
  • Future
  • Space
  • Features
    Menu
    Natural Sciences
    Health
    History & Humanities
    Space & Astronomy
    Technology
    Culture
    Resources
    Natural Sciences

    Physics

    • Matter and Energy
    • Quantum Mechanics
    • Thermodynamics

    Chemistry

    • Periodic Table
    • Applied Chemistry
    • Materials
    • Physical Chemistry

    Biology

    • Anatomy
    • Biochemistry
    • Ecology
    • Genetics
    • Microbiology
    • Plants and Fungi

    Geology and Paleontology

    • Planet Earth
    • Earth Dynamics
    • Rocks and Minerals
    • Volcanoes
    • Dinosaurs
    • Fossils

    Animals

    • Mammals
    • Birds
    • Fish
    • Reptiles
    • Amphibians
    • Invertebrates
    • Pets
    • Conservation
    • Animals Facts

    Climate and Weather

    • Climate Change
    • Weather and Atmosphere

    Geography

    Mathematics

    Health
    • Drugs
    • Diseases and Conditions
    • Human Body
    • Mind and Brain
    • Food and Nutrition
    • Wellness
    History & Humanities
    • Anthropology
    • Archaeology
    • Economics
    • History
    • People
    • Sociology
    Space & Astronomy
    • The Solar System
    • The Sun
    • The Moon
    • Planets
    • Asteroids, Meteors and Comets
    • Astronomy
    • Astrophysics
    • Cosmology
    • Exoplanets and Alien Life
    • Spaceflight and Exploration
    Technology
    • Computer Science & IT
    • Engineering
    • Inventions
    • Sustainability
    • Renewable Energy
    • Green Living
    Culture
    • Culture and Society
    • Bizarre Stories
    • Lifestyle
    • Art and Music
    • Gaming
    • Books
    • Movies and Shows
    Resources
    • How To
    • Science Careers
    • Metascience
    • Fringe Science
    • Science Experiments
    • School and Study
    • Natural Sciences
    • Health
    • History and Humanities
    • Space & Astronomy
    • Culture
    • Technology
    • Resources
  • Reviews
  • More
    • Agriculture
    • Anthropology
    • Biology
    • Chemistry
    • Electronics
    • Geology
    • History
    • Mathematics
    • Nanotechnology
    • Economics
    • Paleontology
    • Physics
    • Psychology
    • Robotics
  • About Us
    • About
    • The Team
    • Advertise
    • Contribute
    • Privacy Policy
    • Contact
No Result
View All Result
ZME Science

No Result
View All Result
ZME Science

Home → Environment → Environmental Issues

BP’s fine for the Deepwater Horizon oil spill will be lower than expected

A federal judge decided this week that British Petroleum will pay a maximum of $13.7 billion for its 2010 Gulf of Mexico oil spill, saying that the oil spill was not as extensive as United States officials claimed. The sum is several billions lower than all parties involved were expecting - except for BP, of course.

Dragos Mitrica by Dragos Mitrica
January 19, 2015
in Environmental Issues, News

A federal judge decided this week that British Petroleum will pay a maximum of $13.7 billion for its 2010 Gulf of Mexico oil spill, saying that the oil spill was not as extensive as United States officials claimed. The sum is several billions lower than all parties involved were expecting – except for BP, of course.

An oiled Brown Pelican near Grande Isle, Louisiana. Image via Wiki Commons.

In September 2014, a federal judge has called major oil company BP (British Petroleum) “reckless”, and Transocean and Halliburton “negligent” following the major oil spill of 2010. The US District Judge Carl Barbier has ruled that BP’s “gross negligence” was responsible for the 11 lives which were lost and the 4.9 million barrels (210 million US gal; 780,000 cubic meters). The spill area hosts 8,332 species, and several peer reviewed studies and governmental reports have shown that the environmental damage (both in short and the long run) is inestimable.

Oil from the Deepwater Horizon oil spill approaches the coast of Mobile, Ala., May 6, 2010. Image via Wiki Commons.

The legal terms here revolve around negligence: under a “gross negligence” ruling Barbier issued in September, BP could be fined a statutory limit of up to $4,300 for each barrel spilled. However, a simple “negligence” ruling, which BP sought, caps the maximum fine at $1,100 per barrel – about 4 times lower.

Striped dolphins (Stenella coeruleoalba) observed in emulsified oil on April 29, 2010. Image via Wiki Commons.

The fine might seem huge – and it is, in a way. The maximum sum is $13.7 billion… which goes without saying, is a lot of money. But when you put it into perspective, things change significantly. BP’s annual profit was almost $24 billion in 2013, and shows no reason of dropping from the $20 billion ballpark in the future. So for the 4.9 million barrels of oil which killed countless animals and caused an unprecedented environmental disaster, the company will have to pay about half of its annual profits. Doesn’t seem so much now, does it ?

Even after the Clean Water Act fines are set, BP may face other bills from a lengthy Natural Resources Damage Assessment — which could require BP to carry out or fund environmental restoration work in the Gulf — as well as other claims.

Oil skimming vessels (distance) in the Gulf of Mexico. Image via Wiki Commons.

So far, 810,000 barrels were collected during the clean-up, and even the imperfect cleaning efforts have cost BP more than the fine. As a matter of fact, without the fines, the Deepwater Horizon oil spill has cost BP some $42 billion already – not counting the negative publicity.

 

 

Was this helpful?


Thanks for your feedback!

Related posts:
  1. The Deepwater Horizon oil spill was 8 years ago. The ocean is still struggling to recover
  2. BP to pay record fine in case of oil spill
  3. New oil spill spews 90,000 gallons of crude oil into the Gulf of Mexico
  4. British Petroleum fined a record $20.8 billion for oil spill
  5. Oil spill update: Mauritius pumps out almost all the fuel from the Japanese cargo ship
Tags: british petroleumdeepwater horizon oil spilloil spill

ADVERTISEMENT
  • News
  • Environment
  • Health
  • Future
  • Space
  • Features
  • Reviews
  • More
  • About Us

© 2007-2021 ZME Science - Not exactly rocket science. All Rights Reserved.

No Result
View All Result
  • News
  • Environment
  • Health
  • Future
  • Space
  • Features
    • Natural Sciences
    • Health
    • History and Humanities
    • Space & Astronomy
    • Culture
    • Technology
    • Resources
  • Reviews
  • More
    • Agriculture
    • Anthropology
    • Biology
    • Chemistry
    • Electronics
    • Geology
    • History
    • Mathematics
    • Nanotechnology
    • Economics
    • Paleontology
    • Physics
    • Psychology
    • Robotics
  • About Us
    • About
    • The Team
    • Advertise
    • Contribute
    • Privacy Policy
    • Contact

© 2007-2021 ZME Science - Not exactly rocket science. All Rights Reserved.

Don’t you want to get smarter every day?

YES, sign me up!

Over 35,000 subscribers can’t be wrong. Don’t worry, we never spam. By signing up you agree to our privacy policy.

✕
ZME Science News

FREE
VIEW