BP (NYSE:BP) has filed a claim with a U.S. Court trying to get damages against Transocean, (NYSE:RIG) the company in charge of drilling the oil well.
Court documents say Transocean is arguing that the contract they had with BP makes it only liable for environmental damage caused by any spill from its rig. The insurer, Lloyd's of London is asking the Court to block the claim. Even though it was Transocean's oil rig that exploded, sank, thus causing the pipe to break and has been spewing crude oil for coming to the close of five weeks now.
BP said it has filed a claim against the insurers but declined further comment.
Even if BP gets the full $700 million in insurance, it is a minute amount considering the compensation that will have to be paid out to people who have experienced losses during the oil spill catastrophe. Not to mention what the total bill will be for the cleanup efforts and environmental damages. USB analysts put the amount at around $12 billion.
Showing posts with label environmental damage. Show all posts
Showing posts with label environmental damage. Show all posts
Tuesday, May 25, 2010
Sunday, May 23, 2010
Government Panel Reviewing BP (NYSE:BP) Oil Spill Video
An independent panel of experts has been created by the government to review and study the live oil spill video from BP (NYSE:BP) . This is to determine the amount of oil flowing into the water. Nobody from BP is on this panel.
Scientist are saying BP has been dishonest and that they are trying to distort the accurate results of the oil flow rate. They are doing this to prevent their full liability for environmental damage.
Bob Dudley, BP's managing director told CNN, "I've used the analogy that this is a little bit like popping a soda can rushing out with lots of gas and oil. There's lot of gas in this crude, the rate is unclear." Dudley also insists that the company has been as transparent as possible.
The justice department sent officials to the Gulf to look into the progress of the oil spill. Robert Gibbs, the White House spokesman would not elaborate if there will be criminal charges filed against BP as well as the other companies that were working on the Deepwater Horizon.
Scientist are saying BP has been dishonest and that they are trying to distort the accurate results of the oil flow rate. They are doing this to prevent their full liability for environmental damage.
Bob Dudley, BP's managing director told CNN, "I've used the analogy that this is a little bit like popping a soda can rushing out with lots of gas and oil. There's lot of gas in this crude, the rate is unclear." Dudley also insists that the company has been as transparent as possible.
The justice department sent officials to the Gulf to look into the progress of the oil spill. Robert Gibbs, the White House spokesman would not elaborate if there will be criminal charges filed against BP as well as the other companies that were working on the Deepwater Horizon.
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