Top Ten Costs of the BP Oil Spill that won't be Covered by the $4
Read More: http://newswalls.blogspot.com/2012/11/top-ten-costs-of-bp-oil-spill-that-wont.html
BP recently agreed to pay a fine of some $4.5 billion dollars from the US Department of Justice for malfeasance in the 2010 Deepwater Horizon oil spill, the largest fine paid in US history. There are also manslaughter and obstruction of justice charges against individual executives.
BP also was forced by President Obama to pay out $20 billion for damage claims, though it has dragged its feet in actually making the payments. It faces further lawsuits and private payouts.
Given the high price of petroleum, however, BP can pay the fine with no difficulty (it is allowed to pay it over five years, or less than $1 billion a year. The company’s profits in 2011 were $40 billion. The fine was so slight that BP stock rose slightly on the news.