BP's CEO said the oil company would pay all necessary and appropriate clean up costs associated with the spill in the Gulf of Mexico.
What do you want to bet that "all necessary and appropriate clean up costs" means their maximum liability of $75 million dollars only as per the Oil Pollution Act of 1990.
Want to guess who is going to pay for the rest?
Looks like more corporate "privatize profits, socialize losses". The banks got theirs. Now it is time for the oil companies. Who's next?
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Some (Democratic, of course) senators have introduced legislation to raise the liability to $10B. I wonder what the Republican mantra opposing this and supporting a taxpayer bailout of BP will be?
ReplyDeleteUnfortunately, any legislation passed now will not be retroactive, and hence not apply to the current BP leak.
ReplyDeleteNo matter what, I think we will still be on the hook.
Nationalize them.
ReplyDeleteRZ: Yes indeedy.
ReplyDeleteRZ - Yep. That's the ticket. The Government has proven over and over how efficient they are.
ReplyDelete