Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The 75 million cap is for third party liability such as for paying the fisherman for lost profits. There is some exceptions for this such as negligence, BP has already waived this cap so if they follow through on paying it's really irrelevant.
They are fully responsible for all clean up costs and in addition to that there is per barrel fine that potentially could be $5k per barrel or 10 billion dollars at this point if you assume 50K barrels a day. This is probably why they were giving such low estimates at the start and will probably be the focus of any criminal investigation.
There is currently a 75M liability cap for civil charges. However if it goes to a criminal case, prosecutors can go after double any documented environmental and economic damage.
The 75 Million Liability cap is not a "gift to the government." Despite what some people playing lawyer on the Internet may try to claim. That is an asinine interpretation of the law.
This is why Congress is currently debating raising the cap, because $75M most likely will not prove to be sufficient in this case.
House Debates Removing BP’s $75 Million Liability Cap – Talk Radio News Service (http://talkradionews.com/2010/06/house-debates-removing-bps-75-million-liability-cap/ - broken link)
OPA 90, as the act is commonly called, requires responsible oil companies to pay for all cleanup costs in the event of a spill. However, the law provides that entities such as BP may only be billed up to $75 million dollars to remunerate private parties for losses incurred, in addition to cleanup costs.
These Republicans are corrupt and disgusting.
They're putting a FOREIGN COMPANY before their own COUNTRY?
Think about that.
Before the well being of their own citizens?
Good Lord Almighty. I'd be ashamed to show my face in public.
Like a typical liberal, you fail to understand both sides of the story... you make these all-encompassing emotional decisions based on one-sided news pieces.
People simply don't understand the complexity of the politics involved in this oil spill, and it's quite sad. You can't simply lump this situation into one of right-vs-wrong. There are too many factors at play here, and multiple groups and organizations (including the government) who are technically at fault. The oil companies, as much as you liberal hypocrites hate to admit this, are a vital part of our economy and way of life. Oil keeps society moving. Oil keeps people employed and generates tax money. Oil companies invest billions(yes, BILLIONS) of dollars each year on development of alternative fuel systems, new methods of extracting low-yield energy sources more efficiently, scouring the globe for new fuel sources, and many other things people fail tend to ignore.
The news media has too many people fixated on the drama and emotion of the oil spill, rather than educating people on what is happening on both sides of the fence.
PS: And for the record, I am NOT saying that I support BP here, nor am I working for big oil. What I am saying is that I understand both sides in the situation. I understand that BP has made a mistake here and feel that they need to take full responsibility in cleaning things up. However, do I want them to DIE as a company? No, because I know that BP wasn't TRYING to create a big spill and ruin the planet. They are just catering to consumer demand...
Last edited by ryanst530; 06-12-2010 at 10:45 AM..
If all of those companies can prove they are losing business due to the oil spill, they indeed can be compensated by BP under CURRENT law..
Section 2702, section 2, subsection B.. Damages for injury to, or economic losses resulting from destruction of, real or personal property, which shall be recoverable by a claimant who owns or leases that property.
Subsection D
Damages equal to the net loss of taxes, royalties, rents, fees, or net profit shares due to the injury, destruction, or loss of real property, personal property, or natural resources, which shall be recoverable by the Government of the United States, a State, or a political subdivision thereof.
Section E Damages equal to the loss of profits or impairment of earning capacity due to the injury, destruction, or loss of real property, personal property, or natural resources, which shall be recoverable by any claimant.
And those damages have NO caps.. Have you even read the law?
Tell me how increasing the FINE, would help these companies?
Subsection D pertains to of revenue to local, state and federal entities. The other 2 cited reference real property, natural resources, personal property, etc. In the case of a hotel, which of those would apply?
(a) General rule Except as otherwise provided in this section, the total of the liability of a responsible party under section 2702 of this title and any removal costs incurred by, or on behalf of, the responsible party, with respect to each incident shall not exceed—
.....
(3) for an offshore facility except a deepwater port, the total of all removal costsplus$75,000,000; and
Like a typical liberal, you fail to understand both sides of the story... you make these all-encompassing emotional decisions based on one-sided news pieces.
People simply don't understand the complexity of the politics involved in this oil spill, and it's quite sad. You can't simply lump this situation into one of right-vs-wrong. There are too many factors at play here, and multiple groups and organizations (including the government) who are technically at fault. The oil companies, as much as you liberal hypocrites hate to admit this, are a vital part of our economy and way of life. Oil keeps society moving. Oil keeps people employed and generates tax money. Oil companies invest billions(yes, BILLIONS) of dollars each year on development of alternative fuel systems, new methods of extracting low-yield energy sources more efficiently, scouring the globe for new fuel sources, and many other things people tend to ignore.
The news media has too many people fixated on the drama and emotion of the oil spill, rather than educating people on what is happening on both sides of the fence.
BP barely has to try, with the torrent of right wing propaganda and its always faithful army of true believers, BP has outsourced its own spin machine for those on FOX News and talk radio, to say nothing of the small and loyal cadre of rightwing propagandists who end up in your daily newspaper every single day.
These same people who actually read, or listen, to these people do as instructed, and you can bet every single one of them is instructed (subtly or forcefully) to place the blame somewhere other than BP.
Rushie Limbaugh has already stated that oil in the ocean is "natural" and will take care of itself
Like a typical liberal, you fail to understand both sides of the story... you make these all-encompassing emotional decisions based on one-sided news pieces.
People simply don't understand the complexity of the politics involved in this oil spill, and it's quite sad. You can't simply lump this situation into one of right-vs-wrong. There are too many factors at play here, and multiple groups and organizations (including the government) who are technically at fault. The oil companies, as much as you liberal hypocrites hate to admit this, are a vital part of our economy and way of life. Oil keeps society moving. Oil keeps people employed and generates tax money. Oil companies invest billions(yes, BILLIONS) of dollars each year on development of alternative fuel systems, new methods of extracting low-yield energy sources more efficiently, scouring the globe for new fuel sources, and many other things people tend to ignore.
The news media has too many people fixated on the drama and emotion of the oil spill, rather than educating people on what is happening on both sides of the fence.
Wow. Really? BILLIONS??
I find it hilarious so many posters rushing to the defense of BP - at the same time they try to crucify Obama and the government for the spill.
You want to talk about hypocrisy...
There may be a lot of different groups "technically" at fault, but it is becoming more and more clear that BP executives, and their decisions to try to shave a few corners on safety to help improve the bottom line, is what was the direct cause of this tragedy. They damn well should cover all of the liability, which we are a long way from determining yet.
Sadly, there are many people on this board that agree with these two Republican Senators.
I don't think it is many, but a few to be sure.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
