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Ear to the Ground

BP Pumps Money Into Relief Fund—It’s No Gusher

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Posted on Aug 9, 2010
U.S. Coast Guard / Petty Officer 3rd Class Patrick Kelley

BP has paid $3 billion into the relief fund promised President Obama, including $319 million already paid to victims of the Gulf oil spill, but it will be years before the $20 billion escrow account is fully funded.

It has been estimated that the cost to the Gulf states’ tourism industry alone could reach higher than that amount.

The oil giant says that it has already spent more than $6 billion on cleanup.  —PZS

BBC:

An additional deposit of $2bn will be made in the fourth quarter by BP, with deposits of $1.25bn being deposited each of the following quarters until the $20bn has been paid in full.

[...] The account will be overseen by lawyer Kenneth Feinberg, who managed compensation claims made by victims of the 9/11 attacks.

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rico, suave's avatar

By rico, suave, August 10, 2010 at 5:17 am Link to this comment

Sure is good BP wasn’t nationalized. Can you imagine Congress trying to get $20 billion+ out of those greedy rich taxpayers?

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By The Donkey Edge, August 9, 2010 at 4:18 pm Link to this comment

Still not enough. Not when it comes to the physical and mental health casualties of the oil spill which, sadly, include the poorest of the poor and their children:

http://thedonkeyedge.com/2010/08/04/its-oil-in-your-head/

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