BP stands for Big Profits but Lack Thereof Big Penalties

6/2/10: While the Gulf Coast continues to quickly blacken by the oil company, BP’s, product, there have been many debates over limiting the liability of BP. This raises a couple indivertible points: such as; the prospect of creating a profit cap for BP, awarding punitive damages, and ensuring the paperwork submitted by BP is valid.

How is BP able to make immense profit, but when it comes to cleaning up the mess in the Gulf Coast, the company is only responsible for most of the damage caused by the Deepwater Horizon.  This legislation has not passed, thankfully, or there would be many unhappy individuals in the fishing market and others that are being negatively affected by this disaster.

The disaster that the poorly regulated company -BP – has created; has the Exxon oil spill completely dwarfed. This disaster is now looking into the legality of the issue, rather than looking into how this mess is going to be cleaned up.

The Deepwater Horizon was said to have a faulty EAP (emergency action plan) whereby the individuals on the ship were unable to cease all action when ordered to do so. How is this machine drilling? The company was not regulated properly. Due to the lack of regulation, the individuals surrounding the Gulf Coast are now suffering.

This disaster has yet to be taken into the government’s control. The government will take control of AIG or GM at the drop of a hat; but when it’s absolutely imperative, the government drags its feet. The question posed to the readers is this: Do you feel BP should be completely responsible for their actions? If so; should BP have to pay the proposed 1 billion to clean up their mess and the 75 million in damages?

This situation is subject to change at a moment’s notice. As for now, these are the current issues. If there is anyone with a different view, or someone that would like to elaborate on my article, please feel free to comment.

Kevin Coyne

Editor-in-Chief

Posted in Political Science & Economics