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Thank goodness the U.S. is not a free market. If it was, there couldn’t be sufficient (or any, really) government pressure forcing BP to create a $20 billion fund. The threat of bad publicity alone is not enough to force such a company to give up so much money. (Though it might change its name again.)
Filed under: Politics and Social | Tagged: BP, Gulf Coast, Oil spill |
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For the Sake of Science
Don’t be fooled by the dollar amount tied to the fund. This mess will cost a lot more than $20 billion.
“For starters, BP is looking at $12.5 billion, minimum, says David Kotok, chairman and chief investment officer of Cumberland Advisors.”
http://www.csmonitor.com/Money/new-economy/2010/0503/BP-oil-spill-2010-How-much-will-it-cost
http://roomfordebate.blogs.nytimes.com/2010/06/16/how-much-will-bp-really-pay/?src=mv
Compare to Exxon Valdez (this leaks that much oil every 3-4 days):
http://iml.jou.ufl.edu/projects/spring01/hogue/exxon.html
They certainly should be made to pay for damages they have caused but the man really needs to be careful not to grab too much money from BP too fast. If the company goes belly up the American taxpayer is going to be 100% responsible for the issues regardless who caused it.
You have to pace yourselves government.