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Washington (AFP) Feb 17, 2011 BP has filed a strongly worded complaint with the administrator of a $20-billion fund to compensate victims of the Gulf oil spill, arguing that his proposed settlements are too generous. In a 25-page statement posted by the fund administered by Kenneth Feinberg, the British energy giant insists that the planned payments are based on estimates that overstate the potential for future losses. BP said there was "no credible support for adopting an artificially high future loss factor based purely on the inherent degree of uncertainty in predicting the future and on the mere possibility that future harm might occur." Feinberg, who was appointed by BP eight months ago to run the compensation fund, has also come under fire from claimants for what they say is an arbitrary process that underestimates their future losses. Based on the estimates, he proposed that the settlements include payments for projected losses in 2011 and 2012, which he set respectively at 70 percent and 30 percent of 2010 losses. BP argued that the percentages for future losses should be 50 and 25 percent of 2010 losses for those years, saying the fund's own study of conditions found that a strong economic recovery was underway. Moreover, it said that the December 2010 Gulf shrimping season was the best in five years, and tourism indicators in the fall of 2010 were were comparable to or above 2009 levels. In addition, BP objected to a proposal that would make it liable for future losses from damage to oyster beds, contending that the claimants should be compensated only when they can show it was caused by oil. A massive explosion on April 20, 2010 killed 11 workers and sank the BP-leased Deepwater Horizon rig, opening a leak that released more than 205 million gallons of oil into the Gulf of Mexico, fouling US shorelines, closing rich shrimp and fishing grounds, and scaring off tourists. Most of the region has been reopened to fishing activities, although the spill's impact continues to effect the Gulf's environment and economy. The fund set up by BP to compensate victims has paid out 3.5 billion dollars in emergency payments so far, but Feinberg is to decide on final settlements after the close Thursday of a public comment period on his methodology. About 100,000 people have filed for final settlements, and another 90,000 for quick settlements that give individuals $5,000 and businesses $25,000 to settle all claims.
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BP could have prevented blowout: investigatorWashington (AFP) Feb 17, 2011 BP's oil well in the Gulf of Mexico might never have blown last year if the company's engineers had been consulted about a key test that pointed to a defective cement job, investigators reported Thursday. Those and other details were disclosed in a report wrapping up an investigation by a presidential commission that blamed the April 20, 2010 disaster on management failures by BP, Halliburto ... read more |
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