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BP Oil Spill Damage Caps: A “Too Big To Spill” Bailout?

3 comments

Did you know that BP’s liability to all of the families and businesses affected by the massive gulf oil spill is capped a total of only $75 million? Is British Petroleum "too big to spill"? Will the US government be on the hook to this foreign oil company in another big company bail out?

This issue was addressed on NBC’s Meet The Press on Sunday:

Visit msnbc.com for breaking news, world news, and news about the economy

Visit msnbc.com for breaking news, world news, and news about the economy

CBS News’ 60 Minutes reported Sunday that BP knew the oil rig’s blowout preventer was damaged, but ordered the rig operator to ignore a critical safety measure when sealing the oil well. BP cut corners on safety in order to save money. Now, real people are paying the price.

60 Minutes feature – Part 1:

Watch CBS News Videos Online

60 Minutes feature – Part 2:

Watch CBS News Videos Online

Now, no one is suggesting that we abandon off shore oil production in the United States. Those resources are vital to our economy and our national security.

But should the United States even be thinking about bailing out anybody, much less British Petroleum — a foreign oil company? BP decided to cut corners. BP took the risk. BP decided it didn’t need additional safety measures. BP decided it didn’t need further inspections. BP decided it didn’t want additional oversight, safety and environmental regulations. Most tellingly, BP would keep all of the profit from this well.

Why shouldn’t BP also take full responsibility? If BP doesn’t compensate the landowners, the homeowners, the fisherman, the small business owners — the real people — affected by this oil spill, who will?

You guessed it… you and I will. And there will be another taxpayer funded bailout served to a multi-billion corporation.

There has been some outstanding coverage of the BP oil spill by InjuryBoard members. Some contributors have provided advice on what to do if you have been affected by the gulf oil spill:

How to document BP oil spill claims by Gerry McGill

Other posts have warned those affected to be both careful and prudent when hiring an attorney:

The Gulf Oil Spill: Should I Wait To Talk To A Lawyer? by Mike Bryant

Gulf Oil Spill — Making Careful Decisions by John Hopkins

Oil Spill Producing Slick Lawyers by Dottie Perry

BP Oil Spill – The Sharks are Circling by Jon Lewis

Make sure to check out these and other IB posts and contributors to learn more.

Learn more at our safety blog and become a fan of Langdon & Emison on Facebook.

3 Comments

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  1. Jim Mooney says:
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    Gee, Mitch in favor of Big Oil? You can always count on Republipig Corpawhores to be on the wrong side. Bend over America, The Republipigs want your azz.

  2. Jim Mooney says:
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    Mitch is whining there was bad oversight? For decades he’s been fighting Against government regulation or oversight. Hypocritical spunksipper.

  3. Brad says:
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    Mr. Mooney,

    Gee Jim, are you a lefty with an axe to grind? It’s hard to tell from your two comments here… Your otherwise reasonable arguments are completely overshadowed by the name-calling and political rhetoric.

    Regardless of whether “Mitch” is in favor of government oversight or against it, regulations were in place and ignored. What would be your reaction if the Democratic senate leader were saying the same thing about the Bush administration’s failure to provide oversight or enforce regulations?

    To be clear, I am no particular fan of Bush, but I’m even less of a fan of partisan rhetoric getting in the way of a reasonable debate?