How much is $1,485,454,545.454545?

[vanbean]

The fine for oil wells leaking oil into the sea is $4,300.00 a barrel. At 19,000,000 gallons, and 55 gallons to the barrel, this is what BP should pay just for the oil spill fine, let alone the incalculable amount of the rest of the damage. All of their assets should be impounded now.


Edited thanks to Statistical,
Okay, here is the 42 gallon per barrel number: $1,945,238,095.2380

[leftstreet]

1. That makes my brain hurt

K&R

[Statistical]

2. Barrel of oil is 42 gallons not 55.

It is an anachronism from when Pennsylvania standardized oil to be 42 gallon wooden barrel.
1 "barrel" of oil = 42 US gallons.

Generally you need to prove to a court that an entity is insolvent in order to seize assets.
If you owe me $100 I can't seize your house valued at $200,000.

BP has $12 billion in cash (actual cash sitting in a bank) and cashflow equal to $25 billion a year.

You would have to show the cost to BP runs in the hundreds of billions to get a court to declare BP insolvent and force bankruptcy.

[Greyhound]

7. If you refuse to pay the $100 and then ignore the judgment, I can put a lien on your house

for the $100 plus expenses and interest and you cannot sell or transfer the house until it is satisfied. If you get belligerent about it, I can sue for punitive damages as well. In the end I could very well end up owning your $200K house over $100 debt.

Happens every day.

[Statistical]

9. That is a lot of assumptions.

1) The amount has been defined
2) You acquired a lien or judgment
3) I didn't pay
4) I was belligerent

None of that applies to BP (yet).

The idea that just because they will in the future owe $1.2 billion (or any sum) you could simply seize all the assets is silly.

Might happen in Russia or Venezuela but it isn't ever going to happen here.

[Greyhound]

12. You made the statement. Your assertion that it doesn't happen here is just silly.

It happens here every day in every state.

[Statistical]

15. No it is silly.

because BP hasn't been fined yet, nor have they refused (or been unable to pay).

Please cite a single example anywhere in the United States where any entity had assets seized based on some future (but not yet charged) liability which they may or may not be able to pay.

It is utterly silly to think any court in the United States would seize BP assets without creditor being able to show a) that BP owes something (not owes something in the future) and b) BP hasn't paid.

Actually calling it utterly silly is just being nice it is borderline stupidity.

[Name removed]

16. Deleted message

Sub-thread removed by moderator. Click here to review the message board rules.

[HopeHoops]

3. A shitload.

[TheKentuckian]

4. Not enough to change practices.

[Scuba]

5. Seizures. Indictments. Now.

[Confusious]

6. Thats only about $2 Billion

BP makes ~$16 billion in a year after everything.

The company is worth ~$200 Billion

http://en.wikipedia.org/wiki/BP

[Statistical]

10. BP makes $25B pre-tax per year.

You want to look @ pre-tax because the $2 billion is a cost and the cost reduced earnings and thus taxes. (earnings or profits = revenue - costs).

So paying $2 billion in fines likely will reduce their taxes by 35% * $2B = $700M so the after tax effect would be more like $1.4B to the bottom line.

[Confusious]

11. Heads they win, tails we lose.

Welcome to the United States.

They shouldn't be able to do that. Fines should not count against taxes. Fuckers ( As in, they're doing the fucking and we're getting fucked ).

[Arkana]

8. The post-leak fix hearings should make for the best television since the Watergate hearings.

[Dont TS Me Brah]

13. that's just the fine

wait til they pay all the fishermen and clean up the mess!!!

[spanone]

14. a brazillion

[Meeker Morgan]

17. Of course they will pay it.

There will be a court battle about the full extent of liability, but fines for spillage are just a cost of doing business.

There is always some spillage even in the best of times, and they always pay.