Wednesday, May 7, 2014

BP Oil Spill Settlement Debate

On April 20, 2010 fire broke out on the BP oil rig in the Gulf of Mexico which led to 87 days of oil gushing into the gulf with no way to stop it.  The effects of this catastrophe were so large that BP has spent over 26 billion dollars in the past four years to clean up the mess and compensate for wages lost from the disaster.  Paying these wages has taken a toll on BP's budget and it is made worse by the fact that there are so many claims being filed that have no legitimate connection to the disaster. There are people using the situation to make fraudulent claims, making money even though they live hundreds of miles away from the coast, as long as they validate sales drops during that time period.  The problem with these claims, although they may be relevant, is that the businesses that were directly affected by the disaster are now being litigated in court because BP does not feel that they should pay for every claim filed. This has had a huge effect on people who rely on the water in the Gulf to make money and survive.

Personally, I think that BP should not have to pay every claim.  The company is going to court to try and change the original agreement that they would pay for everything to be fixed.  Now, they realize that people are making claims that are ridiculous and this will end up costing the company much more money. 9.2 billion dollars is the predicted amount by the end time all of the filed settlements are paid out.  I feel bad for the people who live on the coast or work on the water because those who haven't received any money are losing even more by having to take out loans.  If there weren't so many people trying to file claims to make money for no reason then the men and women who actually need the money to survive could be paid and this issue could have been avoided.
--Joe Armentrout

No comments:

Post a Comment