$18.7B deal clears path for BP to close books on Gulf spill (isn't that just grand??)

[niyad]

(so, spreading this out over nearly two decades, and having it be tax-deductible (meaning we actually end up paying the bill) enables this company to "close the books". nothing about the lost lives, the destroyed lives, the screwed-up ecosystem, the deaths of how many other forms of life? but, bp gets to close the books, and pretend this never happened)


$18.7B deal clears path for BP to close books on Gulf spill

http://i2.mail.com/mcom/856/3658856,h=425,pd=1,w=620.jpg
The Deepwater Horizon oil rig burns in the Gulf of Mexico, more than 50 miles southeast of Venice, La. BP and five Gulf states announced an $18.7 billion settlement Thursday, July 2, 2015, that resolves years of legal fighting over the environmental and economic damage done by the energy giant’s oil spill in 2010. The settlement involves Florida, Alabama, Mississippi, Louisiana and Texas.



NEW ORLEANS (AP) — Trying to close the books on the worst offshore oil spill in U.S. history, BP agreed Thursday to provide billions of dollars in new money to five Gulf Coast states in a deal the company said would bring its full obligations to an estimated $53.8 billion.

Federal and state government officials touted the record-breaking $18.7 billion agreement as a historic milestone in the Gulf Coast's recovery. The Deepwater Horizon disaster killed 11 rig workers and spewed millions of gallons of crude that stained beaches, coated (killed) wildlife and polluted marshes.

BP also gets a valuable return: Much of the payments, to be made over the next 18 years, could be tax-deductible. And by finally providing shareholders with a clearer cost picture, the London-based oil giant will be freer to embark on new ventures.

"This allows us to manage BP as an oil company," BP CEO Bob Dudley said during a conference call. He said BP could launch as many as 20 major new projects by 2020, depending on oil prices. The Justice Department said Thursday's agreement would be the largest environmental settlement in U.S. history as well as the largest-ever civil settlement with a single entity. Civil claims by the five Gulf states and the federal government were, by far, the largest unresolved piece of BP's financial obligations for the spill.

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http://www.mail.com/scitech/news/3659446-187b-deal-clears-path-bp-to-close-books-gulf-spill.html#.7518-stage-hero1-2

[panader0]

1. It's not a good deal, according to the lawyer representing plaintiffs.

The lawyer was on Big Ed today. He said the environmental costs would be 14 billion alone.
Most of the leaked oil is still there, on the ocean floor.
And the delayed payment would not be allowed if the case went to trial.
But, as I understand it, the deal isn't final yet--the government has to sign off on it. But I expect that to happen.
F**k BP!

[niyad]

2. and even this minimal amount will, I would guess, never get paid.