Sunday, January 18, 2015

BP’s maximum fine for Gulf of Mexico oil spill is cut by billions

BP will face a maximum fine of $13.7bn under the Clean Water Act for its Gulf of Mexico oil spill in 2010, several billion less than feared.

Federal magistrate Carl Barbier ruled on Thursday that the size of the spill from the Deepwater Horizon drilling rig, the worst offshore spill in US history, was smaller than the government had claimed.

He said that it amounted to 3.19m barrels, well below the government’s estimate of 4.09m barrels, which could have led to penalties of up to $17.6bn.

US-listed shares of BP rose about 1% to $36.20 in after-hours trading as investors worried about the size of potential penalties breathed a sigh of relief.

More:  http://www.theguardian.com/business/2015/jan/16/bp-fine-oil-spill-gulf-mexico-cut-deepwater-horizon

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