Wednesday, August 4, 2010

BP (NYSE:BP) Playing Dumb on Oil Spill Estimate and Spill Containment

BP (NYSE:BP) is playing dumb when it comes to the new oil spill estimate. Just a day ago the government increased their estimate of spilled oil to over 4 million barrels.

BP spokesman John Barnes said, "We don't have our own estimate of the flow rate or an assessment of this report." He stated that BP was not part of the federal scientific task force which came up with the estimate. He did say that the company had provided data to the task force. "It's important to know the amount of oil released, but we're not actual participants in that," continued Barnes.

Something is not adding up here, from the beginning of the oil spill BP has been low balling their estimates. Despite what scientists and the federal government have been insisting was the actual, much higher amount. Now BP's lawyers are being hush, hush and not giving any comment one way or the other. The amount of spilled oil is what will determine the amount the company's liability.

The federal clean water act will allow the government to impose the fine. The minimum of which, would be $1,100 per barrel of the toxic crude deposited into the Gulf of Mexico. The fine could go all the way up to $4,300 per barrel if the company is found to be negligent.

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