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The BP Disaster

The BP Disaster

Q Read the BP Disaster article and answer the following question: The article tells us that “BP set aside $3.5 billion for Clean Water Act fines, assuming $1,100 a barrel and its own estimate of 3.2 million barrels, according to an annual report extract posted on the company website.” While $3.5 billion is an incredible large amount of money, there had been speculation that perhaps they knowingly violated the Act, figuring that the money they stood to gain in the aggregate would far outweigh the fines. In other words, they gambled and hoped they would not be caught. In light of this possible business strategy, is this fine excessive? Why or why not? Gilbert, D. (2015, Jan 15). BP faces up to $13.7 billion in fines in deepwater Gulf spill case; judge rules oil company liable on 3.19 million barrels of crude that gushed into waters. Wall Street Journal (Online) https://search-proquest-com.cuw.ezproxy.switchinc.org/docview/1645768794?accountid=10249 Robertson, C., Schwartz, J. & PÉREZ-PEÑA, R. (2015). BP to pay $18.7 billion for deepwater horizon oil spill.

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The Clean Water Act penalties would go ahead of more than $42bn the oil major has put aside or spent for tidy up, pay and fines. Around 810,000 barrels were gathered amid tidy up. Indeed, even after the Clean Water Act fines are set, BP may confront different bills from a protracted Natural Resources Damage Assessment – which could require the organization to do or finance ecological rebuilding work in the Gulf – and in addition different cases. In setting to the fine that was charged, I don't think that the sum forced was an over the top sum. This is on account of, the fundamental fine, as per the demonstration, is $1,100per barrel spilled ("BP to Pay $18.7 Billion for Deepwater Horizon Oil Spill", 2018).