Gallery: BP to Pay $4.5 Billion in Damages for Deepwater Horizon Oil Sp...

 

Two years after the horrific Deepwater Horizon explosion and massive oil spill in the Gulf of Mexico, the verdict is in for oil giant BP. The company has agreed to pay $4.5 billion in penalties and it pled guilty for felony counts of misconduct. A full $1.256 billion of the total fine will be levied towards criminal punishment – one of the largest monetary disciplines in U.S history.

Read the rest of this entry »

LEAVE A COMMENT

or your inhabitat account below



1 Comment

  1. Eletruk November 15, 2012 at 5:25 pm

    Well it’s about time. This should hit the oil industry hard enough that they will actually think twice before slacking on meeting regulations and safety standards. When the punishment far outweighs the cost of compliance, any profitable business will take the cost of meeting regulations over the cost of retribution. Of course, them paying the penalties means nobody is going to jail. Once again the people who do the most egregious damage to earth and society are the ones who can simply pay there way out of it. A guy can go to prison for stealing $100 from a grocery clerk, yet managers who cost lives, and jobs and billions in damages do not.

get the free Inhabitat newsletter

Submit this form
popular today
all time
most commented
more popular stories >
more popular stories >
more popular stories >
Federated Media Publishing - Home