BP Reaches $7.8 Billion Deal With Gulf Spill Victims BP Plc (BP/) said it reached a $7.8 billion settlement with businesses and individuals over the 2010 Deepwater Horizon oil rig disaster, removing one of three major litigation fronts facing the company over the biggest offshore spill in U.S. history. BP said yesterday in a statement that the settlement will be paid out of a $20 billion trust set up to compensate spill victims. Lawyers for the plaintiffs said in a separate statement that settlement will resolve most private claims for economic loss, property damage and medical injuries. Plaintiffs lawyers said there wasnt a cap on the total damages BP has to pay. This settlement will provide a full measure of compensation to hundreds of thousands, Stephen J. Herman and James P. Roy, the plaintiffs co-liaison counsel, said in their statement. It does the greatest amount of good for the greatest number of people. U.S. District Judge Carl Barbier in New Orleans yesterday ordered the adjournment of a trial scheduled to start March 5 to determine which companies were liable for the explosion aboard Transocean Ltd. (RIG)s Deepwater Horizon rig off the coast of Louisiana and the resulting spill. http://www.businessweek.com/news/2012-03-03/bp-reaches-7-dot-8-billion-deal-with-gulf-spill-victims As if these companies would ever take a direct hit- much better to pass it off the consumers. Getting a little tired of Obama's excuses as to why gas is so unusually expensive.
BP said in its statement that the proposed settlement wont increase the $37.2 billion charge it previously recorded in its financial statements for spill costs. That figure includes the $20 billion BP has set aside for the trust fund, which will be used to pay spill damage claims and medical injury claims as well as state and local government claims, state and local response costs, natural resources damages and related claims, BP said. BPs Costs So far, BP says it has spent more than $22 billion on the spill, which breaks down to $8.1 billion to individuals, businesses and government entities and $14 billion on operational response.
Last Monday, a local gas station had the price of gas at $4.05, at 8am..at 11am the price had inched up to $4.11. I passed the station again at 4pm and the price was $4.17...I drove by again on Wed. and the sign read $4.25. Yesterday it was $4.29...you tell me, why is the price so high? Is it the oil companies, speculators, raising costs of getting it to the pump? Or maybe it's just greedy gas station owners gauging us and taking advantage of the instability in the market? I'm opting for the latter.
Great post..my wife and I were just talking about that last night..may as well charge them 4 trillion for damages..10 trillion...Balance the debt ! They'll just pass it along with record profits...
The federal and state govt's make more per gallon in taxes than is the profit, which is about 3%. So after costs, the oil co makes 12 cents a gallon. No this is due to speculators, devaluation of the dollar, and control of OPEC. I recently read in a post here, that the amount of oil in a barrel was redefined to a smaller one. I can't find a cite for it though. But grocery store items are manipulated that way to disguise price increases....oil too?
Well, one thing about it, when the money runs out and they have to stop paying people to sit on their butts at home having babies, working people will still at least have their jobs.
I don't need to know from you, but I can tell you if You Wanna Know: it's a way to control the economy. and the reason to control the economy is because to a hijacked government we are like vegetables in the garden, and they like to control the water and the amount of growth. what we hear on the media is complete garbage theories. if you want flourashing economy, you should think about how to end special interest control of our government so that people would be able to not only elect but select their leaders, rather then them being pre selected by the establishment on the MSM (there is no other answer to this problem besides pvsi.net, none)
As stated in another thread, the following is the OBVIOUS SOLUTION to the skyrocketing Oil & Gas Prices: It is really ironic to the Nth degree that the TWO BASIC PRINCIPLES IN MY SOLUTION that the Obummerrhoidal stooges are most concerned about: "CAREENING INTO SOCIALISM" and "PROFIT" are EXACTLY the TWO MOST SACRED ICONS in their LIEberrhoidal Belief System which they, on the one hand espouse with PSYCHOTIC ENTHUSIASM: "COMMIE/SOCIALISM", and DECRY with UNBRIDLED HYSTERICAL HATRED i.e, PROFIT = "UNCONSCIONABLE GREED", on the other. But, not to worry, my CONFUSED Obummerrhoidal Stooges. True to my CORRECT Vision of the ENLIGHTENED CAPITALISTIC SYSTEM , grounded in the Greatest Political Document of Mankind: Our Glorious CONSTITUTION, which made The United States of America the Greatest Nation on this Planet for TWO HUNDRED YEARS, I posit the fact that MY SOLUTION most emphatically does NOT "CAREEN INTO SOCIALISM, and certainly is established in the Tried & True MOTIVES of CAPITALISM: AN HONOURABLE "PROFIT" that celebrates the GOOD for "WE THE PEOPLE" !!! Let me explain that to my dimwitted and confused Obumerrhoidal friendos: NUMERO UNO: WHY MY SOLUTION IS NOT "CAREENING INTO "SOCIALISM": "WE THE PEOPLE" of AMERICA, through our Government, own the NATURAL RESOURCES of our land. For CENTURIES, we have been LEASING & LICENSING our lands and ON & OFF Shore Drilling to Oil Companies with all sorts of STIPULATIONS. In the ENLIGHTENED CAPITALISTIC SYSTEM it has, CORRECTLY, NOT been called "SOCIALISM" to exercise the MOST ESSENTIAL PRINCIPLE OF CAPITALISM that when the OWNER of the PROPERTY wishes to LEASE his POSSESSION......The OWNER, in this case "WE THE PEOPLE" via the Government have the right not only to LICENSE, but to LEASE the land with WHATEVER STIPULATION WE WANT. And the STIPULATION we want, is that the OIL & GAS, The Property of "WE THE PEOPLE" will be LEASED & LICENSED to state that ALL that NATURAL RESOURCE will be used ONLY for America, except whatever our Governmental Representatives by act of Congress deem allowable for Overseas sale to render FIRST: the Welfare of "WE THE PEOPLE". And, SECOND: The OIL COMPANIES for a "FAIR 'ROI' " ......but, only AFTER considerable scrutiny that ensures that the Welfare of "WE THE PEOPLE" is accomplished. NUMERO DUO: WHY MY SOLUTION IS BASED ON HONOURABLE "PROFIT" BENEFITING "WE THE PEOPLE": As REPEATEDLY stated: America is IMPORTING vast quantities of OIL from our enemies, the Mid East IslamoFascist Swine at EXORBITANT PRICES. America has more than THREE TIMES the Oil that the Mid East ever had or has, and even with vociferous, unrestricted exploitation we can sustain that resource for HUNDREDS OF YEARS to satisfy our National needs by On & Off Shore drilling, exploiting VAST DEPOSITS of SHALE in MILLION of acres in Federal Lands.....and augmented ( if necessary) by godzillions of Oil resources in Canada. NO LONGER DO WE HAVE TO BE DEPENDENT ON THE OIL FROM OUR ENEMIES THE MID EAST ISLAMOFASCIST SWINE AND THEIR EXORBITANT PRICES. WE CAN MORE THAN PRODUCE ALL THE ENERGY WE NEED BY UISING OR OWN OIL PRODUCED IN AMERICA (and CANADA, if necessary). We should also augment this with judicious increase in Nuclear Energy. NOTE: The difference between the EXORBITANT PRICE we NOW pay to our enemies the IslamoFascist Swine.....and the CHEAP price of OIL we will produce ..... WILL MORE THAN COMPENSATE AND MAKE A STUPENDOUS PROFIT TO OUR OIL COMPANIES......AND GREATLY ENHANCE THE WELFARE OF "WE THE PEOPLE". The dimwitted Obummerrhoidals may pretend, or be actually STUPID not to understand this UNCOMPLICATED SIMPLE SOLUTION (which will take some years to accomplish). But, I am sure that the rational reader will be able to sift thru the barrage of WHINING & OUTRAGEOUS Obummerrhoidal LIES that will try to OBFUSCATE or DISTORT this SIMPLE and UNCOMPLICATED SOLUTION to our SKYROCKETING OIL & GAS PRICES.
Honestly, a lot of the reason behind gas's cost is just speculation. Beyond that, America has a very convoluted set of regulations per state when it comes to fuel mixes. If we had a simpler federal standard across all states for fuel mixtures, then production would be much simpler and cheaper -- resulting in a cheaper end price for the consumer. This is a good example of where setting standards at the federal level is better than having states do it.
Didn't Obama extort all those billions from BP? That and everything else he does to intentionally drive up gas prices.
