This week saw a ruling in the case against BP on the final amount spilled into the Gulf of Mexico following the Deepwater Horizon incident. Despite government calculations of 4.2 million barrels, Judge Carl Barbier judged that 3.19 million barrels were spilled into the ocean, thus reducing the maximum potential penalty that could be imposed on the British company.
The final amount of fines will be decided at trial next week with the law allowing for a maximum penalty of $4,300 per barrel, or $13.7 billion, down from a potential maximum of $18 billion.
So far, BP has paid out over $28 billion in clean up and claims, with $3.5 billion currently set aside to handle the first installment once the trial has been concluded.
Wall Street Journal
As BP faces $13.7 billion in fines, low oil prices hurt—but could help in court http://on.wsj.com/1Cp9LJf (Photo: AP)
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