Gulf Oil Spill News

BP Spill Saga Far From Over

By Tom Fowler – The Wall Street Journal – March 5, 2012

The $7.8 billion oil spill settlement between BP PLC and thousands of residents and businesses along the Gulf of Mexico clears the way for what may become a far more expensive battle between the oil giant and the U.S. government. Legal experts said the size of the settlement, announced Friday night, suggests that if the government pursues criminal environmental penalties against BP the potential penalties could reach $17 billion to $40 billion, though a settlement likely would reduce any fine to far less. For full article, click here.