Jump to content
House Price Crash Forum


New Members
  • Content Count

  • Joined

  • Last visited

About NeverLetThemWin

  • Rank
    HPC Newbie
  1. As I understand it that isn't a cleanup cost. It's a civil fine. They can decide not to clean a single barrel from the sea and still fine BP $4,300 a barrel for spilling it. Much as they can fine you £10k for driving drunk even if you didn't hit anyone.
  2. As regards above I heard the other day that BP self-insure for such spills, so no Lloyds bailout. I also found this as well. Looks like it's bye-bye dividend for a year or two at least http://www.phongpo.com/2010/05/26/civil-penalty-in-the-gulf-could-be-4300-barrel-spill/ NEW YORK – Just how many barrels of oil are flowing into the Gulf of Mexico from the Deepwater Horizon spill is one billion U.S. dollars question with implications that go beyond the environment. It can also help determine how much BP and others end up paying for the disaster. Gulf Oil Spill. A clause buried deep in the U.S. Clean Water Act could expose BP and others for civil penalties are not limited to a finite cap – 75 million U.S. dollars as opposed to a cap on compensation for economic damages. [...] The basic amount, the law is $ 1,100 per barrel spilled. But the penalty may increase to $ 4,300 per barrel as a federal court rules of the spill is the result of gross negligence. The fines were originally set at $ 1,000 to $ 3,000, but that was raised in 2004 to keep pace with inflation, said Tracy Hester, head of the Environmental Law and Policy program at the University of Houston. So their final costs will be economic damage + $1.1k to $4.3k per barrel. The estimates run from 5k barrels per day to 100k barrels. It's already been gushing for 45 days and could run for hundereds more. You run the math.
  3. Hi my names Nick. I'm an IT guy in London who's thinking of being a FTB in a year or two IF the HPC fiunally comes off. Long time lurker.
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.