Posts Tagged ‘BP compensation fund’

What’s wrong with this picture?

Oil spill response legislation has stalled in the Senate.

Gulf shrimpers are having their worst season in more than 50 years.

Two thousand claims a week are still rolling into the Gulf Coast Claims Facility.

On Wednesday, the Bureau of Safety and Environmental Enforcement issued a permit to BP to drill its first deepwater drill since the devastating Macondo well blowout in April 2010. This came just two days after the company reported its third quarter earnings; profits nearly doubled from the same quarter last year, from $1.8 billion to $4.9 billion.

According to The Houston Chronicle, BP plans to drill the newly approved well in 6,034 feet of water – about 1,000 feet deeper than its doomed Macondo project. Drilling could begin within days using Seadrill’s three-year-old West Sirius semi-submersible rig.

Meanwhile, shrimpers along the Gulf Coast are calling the season the worst in memory. Some fishermen said their catches were off by 80 percent or more.

And while the BP Compensation Fund has paid out nearly $6 billion of the $20 billion escrow account to those harmed by the spill, BP has yet to pay oil spill penalties under the Clean Water Act and other federal regulations. Critics of the fund also note that 300,000 claims have been denied. In the event that the $20 billion has not been paid out by the time the fund expires in August 2013, the balance will be returned to BP.

Continue Reading

Share

© Copyright Public Citizen. All Rights Reserved.