Originally published on Mon December 8, 2014 2:13 pm
Oil giant BP has suffered a legal setback in its effort to limit how much the company will pay under a 2012 settlement with thousands of individuals and businesses along the Gulf Coast. Without comment, the U.S. Supreme Court rejected BP's request that it review previous lower court decisions that favored plaintiffs.
Originally published on Tue November 25, 2014 4:04 pm
Money is flowing now to Gulf Coast states to remedy damage from the 2010 Deepwater Horizon oil rig explosion and subsequent spill. All kinds of projects are underway, from building boat ramps to shoring-up marshland.
They're being paid for with a $1 billion down payment BP made toward its ultimate responsibility to make the Gulf Coast whole, a figure estimated to be up to $18 billion.
Originally published on Wed September 17, 2014 12:04 am
Back in school, did you ever fudge the spacing on a report to meet the teacher's page-length requirement? Lawyers representing oil company BP tried something similar in a recent court filing connected to the company's 2010 drilling rig accident and oil spill in the Gulf of Mexico.
BP was to blame — that was U.S. District Judge Carl Barbier’s ruling a week ago in the case over the Macondo well disaster. The judge found Transocean, which was operating the Deepwater Horizon rig in 2010, and cement contractor Haliburton at fault too. But Barbier said BP was guilty of “gross negligence”. And that could mean that payouts by BP balloon to $50 billion or more ultimately.
Dr. Jim Richardson, professor of public administration and economics at LSU explains some of the business implications.
The oil giant BP said the legal battle over its 2010 oil spill isn't over. The company plans to appeal the federal judge's ruling yesterday, which said BP's reckless conduct and gross negligence caused the largest offshore oil disaster in U.S. history. BP's stock took a hit after the decision, which exposes the oil company to potentially billions more in financial penalties for polluting the Gulf of Mexico. This decision was welcomed news along the Gulf Coast.
Originally published on Mon September 1, 2014 6:55 am
BP's 2010 oil spill in the Gulf of Mexico disrupted business all along the coastline. Through the end of July, the oil giant paid more than $13 billion to compensate people, businesses and communities affected. The company is disputing some of those claims in court battles that could drag on for years.
Members of the House Transportation Committee put their stamp of approval on the Coastal Restoration Spending Plan for the upcoming fiscal year. Jerome Zeringue, director of the Coastal Protection and Restoration Authority, says they’ll spend $725-million. Most of that money is oil-spill funds from BP.