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4.4 million barrels... and counting?

Kulindahr

Kulindahr

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That's the most recent estimate for how much goo BP squirted into the Gulf of Mexico, according to a Reuters special report:

Researchers weighed in on the controversial question of how much oil poured into the Gulf of Mexico during the BP Plc spill and said on Thursday the total amount was around 4.4 million barrels.

The figure, derived using a technique called optical plume velocimetry, represents the first independent peer-reviewed study of the worst oil spill in U.S. history and conforms closely to the most recent estimate by government scientists.
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And it could bring economic pain to the company that screwed up so badly: at a potential fine of $4300 per barrel... okay, I just overloaded my calculator, but we're into double digits in the billions.

Remember how BP claimed it was just five or so thousand barrels a day escaping? Try over ten times that.


Their stock went up when the well was finally closed. I wonder how it will do when they have to start writing checks in ten or eleven figures to one or more governments?
 
There is a commercial by some lady who was born in Norleans and says BP will make everything right. She will stay there til all the oil is cleaned up.
How will BP be able to clean everything when they won't be in business anymore. Besides BP has said they aren't liable til up to a certain amount.
They won't finish.
 
White Eagle said:
There is a commercial by some lady who was born in Norleans and says BP will make everything right. She will stay there til all the oil is cleaned up.
How will BP be able to clean everything when they won't be in business anymore. Besides BP has said they aren't liable til up to a certain amount.
They won't finish.
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From where in your ass are you pulling that information?
 
JB3 said:
From where in your ass are you pulling that information?
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I don't know if I saw that exact commercial, but I've seen a couple very much like it.

I remember BP execs saying they will cover all damages that can be documented (though the standards the guy in charge of that is applying are pretty tough). So I have to question the mention of a limit, too.

They're facing a good $12B and more in damages. Then there's between $9B (apparently already established) and $19B (using figures from the article) in fines. They put $20B into their fund to cover damages and losses.

But BP can afford $40B and survive -- so I can't go with them going out of business, either.



BTW, did anyone notice the IRS decided that compensation payments from BP for income lost due to the spill is taxable?
 
Kulindahr said:
BTW, did anyone notice the IRS decided that compensation payments from BP for income lost due to the spill is taxable?
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Why shouldn't it be? It is essentially "income." It's income to replace lost income. It's income that would have come in had people's lives continued without the oil spill. Since it's the same income (just from a different source), it seems reasonable that it should be taxed as income.
 
Kulindahr said:
BTW, did anyone notice the IRS decided that compensation payments from BP for income lost due to the spill is taxable?
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State unemployment benefits are also taxable.
 
construct said:
Why shouldn't it be? It is essentially "income." It's income to replace lost income. It's income that would have come in had people's lives continued without the oil spill. Since it's the same income (just from a different source), it seems reasonable that it should be taxed as income.
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Certain court awards are non-taxable. Awards for injury is one for example.
 
MoltenRock III said:
Probably. But who knows. I guess it depends on how its structured.
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It should be structured so some is designated pain and suffering award. To some people the idea of getting paid without working would be awesome, but as someone who generally loves his work, I can attest that after a while that just isn't so -- what you really want is to be back out there, not just getting a check.
 
We need the tax money and it logically IS replacement income payments.

If they want to sue for damages, they still have that option. That was part of the deal when BP gave them the 20 Billion in trust, I believe.

If that has changed, I didnt hear about it or didn't notice.
 
Kulindahr said:
I don't know if I saw that exact commercial, but I've seen a couple very much like it.

I remember BP execs saying they will cover all damages that can be documented (though the standards the guy in charge of that is applying are pretty tough). So I have to question the mention of a limit, too.

They're facing a good $12B and more in damages. Then there's between $9B (apparently already established) and $19B (using figures from the article) in fines. They put $20B into their fund to cover damages and losses.

But BP can afford $40B and survive -- so I can't go with them going out of business, either.



BTW, did anyone notice the IRS decided that compensation payments from BP for income lost due to the spill is taxable?
Click to expand...

Not the commercial. I've seen them, and I'd wager there's few on here that haven't.

What I was referring to is the ridiculous notion that BP will cease to exist as a company, and his remark that BP has claimed that they're not liable up to a certain amount. (they DID claim that, but haven't done so since June or July)
 
BostonPirate said:
We need the tax money and it logically IS replacement income payments.

If they want to sue for damages, they still have that option. That was part of the deal when BP gave them the 20 Billion in trust, I believe.

If that has changed, I didnt hear about it or didn't notice.
Click to expand...

You do realize that you have now given BP a tax break based on your reflexive, shoot from the hip, "fuck 'em, make 'em pay" stance, right? It's not an easy decision on how a settlement is structured and a lot goes into it. It's not just a black / white decision.
 
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