Oil spill fines cost
BP Deepwater Horizon costs balloon to $65 billion. LONDON (Reuters) - BP said on Tuesday it would take a new charge over the 2010 Deepwater Horizon spill after again raising estimates for outstanding claims, lifting total costs to around $65 billion. BP said Thursday that it expects the pre-tax cost of its 2010 Deepwater Horizon explosion and oil spill on the Gulf Coast to total $61.6 billion. The British oil giant said that figure includes a new $5.2 billion pre-tax charge on the company's second-quarter earnings, covering the costs The answer: the $61.6 billion cost to BP of the 2010 oil spill in the Gulf of Mexico. On Thursday, BP issued its final estimate of the cost of the spill, the largest in U.S. history. On January 16, 2018, BP PLC announced it would take a $1.7 billion charge for expenses related to the 2010 Deepwater Horizon oil spill. It expects cash payments of $3 billion for the year. As of July 14, 2016, BP had spent $61.6 billion in court fees, penalties, and clean-up costs. Over $61 billion. That’s the estimate of how much the Deepwater Horizon oil spill cost BP when all was said and done. Granted, this number is shocking because it was one of the largest spills in history, and most spills are smaller with no impact and inconsequential costs.
The answer: the $61.6 billion cost to BP of the 2010 oil spill in the Gulf of Mexico. On Thursday, BP issued its final estimate of the cost of the spill, the largest in U.S. history.
Seven years after the Deepwater Horizon oil spill, this study measures the “ultimate” cost of the disaster. This study compiles all the costs to be borne by BP, which include charges and expenses directly related to the spill, the various fines and penalties to be paid, reimbursements and recoveries from other parties, securities‐related charges, and hidden costs. Cost Of Oil Spills. Cost of Oil Spills: Tens of Billions. $40 Billion—the reported cost of the BP Gulf Coast oil spill. But the nominal cost of cleaning up a hydrocarbon disaster only reflects a part of the damages, longer term. Criminal fines vary from case to case. For this spill the fines were set at $9 or $10 million, but was limited to $9 million because all terms are met in settlement. The initial $9 million was paid immediately of which $7 million was directed to the NAWCA program. and $2 million to the oil spill liability trust fund. These funds have already been spent or encumbered. BP set up its own private claims program unilaterally in 2010. Known as the Gulf Coast Claims Facility, it paid an additional $6.2 billion to more than 220,000 individual and business claimants. In June, 2016 BP announced that it had come up with its final estimate of the cost for the oil spill: $61.6 billion. Figure 4: Average cleanup cost depending on oil type and persistence (in 1997 U.S. $), based on analysis of oil spill cost data in the OSIR International Oil Spill Database. Cleanup strategies Choices made in cleanup strategies and the decision-making process in the aftermath of a spill can significantly affect cleanup costs. Penalties. In addition to paying for clean-up costs, RPs may incur fines and civil penalties under OPA, the Federal Water Pollution Control Act, the Deepwater Port Act, and the Trans-Alaska Pipeline Authorization Act. Penalty deposits into the OSLTF are generally between $4 million and $7 million per year. Uses of the Principal Fund
29 Nov 2013 The BP oil spill released 4.9 million barrels of oil into the Gulf of Mexico and caused a The total cost including fines, penalties, and claim.
2 Jul 2015 Thick oil from the BP Deepwater Horizon oil spill floats on the surface of the water Wall Street experts said the monetary cost of the disaster for BP would be tied The company will pay a $5.5 billion civil penalty to the U.S. 19 Jan 2015 ELLIOTT: On the Gulf Coast where the effects of the spill linger, officials want to see the maximum fine against BP. State and local governments
As of 2018, cleanup costs, charges and penalties had cost the company more than $65 billion. In September 2014, a U.S. District Court judge ruled that BP was
On January 16, 2018, BP PLC announced it would take a $1.7 billion charge for expenses related to the 2010 Deepwater Horizon oil spill. It expects cash payments of $3 billion for the year. As of July 14, 2016, BP had spent $61.6 billion in court fees, penalties, and clean-up costs. Over $61 billion. That’s the estimate of how much the Deepwater Horizon oil spill cost BP when all was said and done. Granted, this number is shocking because it was one of the largest spills in history, and most spills are smaller with no impact and inconsequential costs. Seven years after the Deepwater Horizon oil spill, this study measures the “ultimate” cost of the disaster. This study compiles all the costs to be borne by BP, which include charges and expenses directly related to the spill, the various fines and penalties to be paid, reimbursements and recoveries from other parties, securities‐related charges, and hidden costs.
16 Jan 2018 The price is currently above $69 per barrel. Deepwater Horizon and the Gulf oil spill - the key questions answered.
1 May 2018 Yet they're also seeing some benefits from rising crude prices after a three-year industry downturn. 9 Mar 2018 The Exxon Valdez oil spill was a manmade disaster that occurred when Exxon charge of misdemeanor negligence, fined $50,000, and ordered to perform Exxon payed about $2 billion in cleanup costs and $1.8 billion for 15 Jul 2016 The cost to BP of the 2010 oil spill in the Gulf of Mexico. which received a $US4 billion in criminal fines and more than $US14 billion in Clean 17 Jun 2010 BP counts the political and financial cost of Deepwater Horizon. “WHO cares, it's done, end of story, will probably be fine.” Thus, in an e-mail, 5 Oct 2015 the Oil Spill Liability Trust Fund (OSLTF) to respond to future spill events. Eighty percent of these fines will be deposited into the Gulf Coast 26 Mar 2014 Oil spill could bring years of litigation, stiff penalties a collision Saturday, faces potential federal fines, cleanup costs and damage payments to
Here the cost per tonne declines as the oil spill size increases. It ranges from $10,000 per tonne at the smallest spills to less than $1,000 for the very largest spills. Increases over time is another factor due to increasing litigation as well as changing social and political pressures around environmental responsibility.