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Jan 22, 2015

BP's oil spill fine cut by billions

NASA Terra Satellite photo
Well, that makes everything all right...right?
BP will face a maximum fine of $13.7 billion under the Clean Water Act for its oil spill in the Gulf of Mexico, in 2010.   The amount is several billion less than feared by investors.   Penalties were originally estimated to be $17.6 billion, but a federal judge has just ruled that the size of the Deepwater Horizon drilling rig spill amounted to 3.19 million barrels, down from the government's estimate of 4.09 million barrels.   The spill was still the worst offshore spill in U.S. history.   The news immediately helped BP shares to rise by 1%.
Tell it to the birds!
Photo by Charlie Riedel/AP

Photo by Win McNamee/Getty Images
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