BP will and is taking full responsibility for the spill. This was their fault and so far they are doing the right thing trying to fix it up. These tankers will be leased by BP, flying BP's flag, carrying BP oil and if something happed to that ship with BP's oil, BP would be responsible. BP I think has a liability cap of 78 billion dollars.
Somewhat less than 75 Billion according to this.
(in part)
Tuesday, May 4, 2010
"BP Says It’ll Pay For This Mess. Baloney." BP Liability Currently Capped at Only $75 MILLION ... Menendez Bill Would Raise Liability to $10 Billion
As the New York Times
reported Saturday, BP's liability for is capped at $75 million:
Under the law that established the reserve, called the Oil Spill Liability Trust
Fund, the operators of the offshore rig face no more than $75 million in
liability for the damages that might be claimed by individuals, companies or the
government.
The fund was set up by Congress in 1986 but not financed until after the Exxon Valdez ran aground in Alaska in 1989. In exchange for the limits on liability, the Oil Pollution Act of 1990 imposed a tax on oil companies, currently 8 cents for every barrel they produce in this country or import.
***
Companies that lose business — fishermen who cannot fish, or hotel owners who cannot rent out rooms — can seek damages. So can governments that see tax revenues decline.
***
Money can be sought by the states for expenses like restoration of a damaged wetland or compensation for loss of use of a resource.
In other words, fishermen, businesses hit by loss of tourism and states that lose tax revenue or have to pay for repair to or loss of resources can only seek $75 million from BP under current law.
But Congressmen Menendez, Lautenberg and Nelson have introduced legislation they're calling the "Big Oil Company Bailout Prevention Act" to raise the limit from $75 million to $10 billion.
Washington's Blog
As for being financially responsible it's bull, like any business they will say and do anything to minimize their monetary losses, like the action already taken even without knowing how damaged the area will be. lol It is at the 2:30 mark.
EclippTV :: Video :: BP Offering 5000 Dollars To Gulf Residents If They Agree Not To Sue!
