Americans Don't Care if BP Goes Bankrupt Paying for Oil Spill, Poll Shows

By: Stephanie Condon
Topics: Domestic Issues

Updated at 12:30 p.m. ET

Most Americans want BP to pay for all of the financial losses related to the oil spill in the Gulf of Mexico, even if it drives the oil giant out of business, a new Gallup/ USA Today poll shows.

As many as 59 percent of those surveyed said the company should pay for everything no matter what, including lost wages for workers impacted by the spill. Another 38 percent said they want the company to pay for as much as possible while remaining viable.

By law, the oil company must pay for all of the clean up costs associated with the oil spill, which started when the Deepwater Horizon oil rig exploded on April 20. However, the company is currently only legally liable for up to $75 million in damages associated with the spill, such as economic losses.

Lawmakers are currently working on legislation to change that. Democrats want to lift the liability cap completely; House Republican leader John Boehner has said he supports making BP pay for all damages, but Republicans oppose lifting the cap all together. GOP lawmakers say they oppose lifting the liability cap for all oil companies because smaller oil companies wouldn't be able to afford that kind of risk.

Democrats in Congress and President Obama are now asking BP to set up an escrow fund to pay for economic damages from the spill.

Seven out of 10 Americans in the Gallup/ USA Today poll said Mr. Obama hasn't been tough enough on BP. The president has been in the Gulf region for the past two days to assess the oil spill response, and he will address the disaster in a primetime address tonight.

Obama Seeks to Show Control of Oil Spill Crisis with Oval Office Address
Lawmakers Berate Oil Execs over Response Plans
CBSNews.com Special Report: Disaster in the Gulf

UPDATE: Another poll released today by the Associated Press found that most American are directing their anger about the oil spill toward BP.

As many as 83 percent of Americans said they disapprove of BP's performance handling the spill. Most, 52 percent, also disapprove of Mr. Obama's handling of the crisis. The president's overall job performance rating stayed about the same in the poll, at 50 percent.

Stephanie Condon
Stephanie Condon is a political reporter for CBSNews.com.
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by Mwclar01 June 16, 2010 10:21 AM EDT: I am a college student in Los Angeles, Ca and I have come up with my own estimate on how much oil has leaked from the Deep Horizion's wellhead. My calculations exceed "the experts" worst case scenerio and are based on simple math but present a logical formula.
Think of this disaster from a perspective of scale. You will see how terrible this disaster really is. I am basing my estimate on a simple one inch garden hose and my 200 gallon aquarium. It takes less than an hour to fill. For this calculation I am assuming that the pressure of the leak is at least equal to my city water pressure. The inside diameter of the leaking pipe is 20 inches, now do the math. 3.1416(10)^2(200)(24)(58)=274,771,071.5904 gallons of oil leaked into the gulf as of 6-16-10. This is just an estimate, assume the pressure and flow of the well is greater than my estimate and watch the numbers increase exponentially. BP has drilled deep into the earth's crust and created a situation that exceeds our technology to remediate. All of the "solutions" have been trial and error, the relief wells may also fail. We have tapped into the enormous power of mother nature and may have to wait until the well runs dry before we see see the end of this disaster.; Reply to this comment


by gbresnahan June 15, 2010 4:21 PM EDT: Speaking of bankruptcy, I don't care if GM, AIG, and Citigroup all go bankrupt. I want my tax dollars back. These failed companies are national embarrassments. Let them fall then sell them at auction piecemeal to entrepreneurs who have cash and new ideas. I will boycott them the rest of my life if I have to.; Reply to this comment

by jgg000101 June 15, 2010 3:02 PM EDT

if BP goes bankrupt who does everyone think is going to be left holding the bill? We better be hoping and praying that BP doesn't go bankrupt.

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by jgg000101 June 15, 2010 3:53 PM EDT: Your assumption that BP has an infinite amount of money is a fantasy.
If BP's current expenses and future estimates exceed projected income, they declare bankruptcy. It's no more complicated than that.

by stormerF3 June 15, 2010 1:46 PM EDT

Only those who on welfare and drawing food stamp relief would care if BP went Bankrupt,The rest of the world knows,what would be at loss and Obama can suck all the oil he wants since he has gotten a majority of the Contributions from BP.

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by jgg000101 June 15, 2010 3:32 PM EDT: actually, stormer is right. The only people who would want BP to go bankrupt are people who don't pay taxes and are probably on government assistance. Taxpayers will eat the damages if BP goes bankrupt.
With regards to your other point, BP was obama's second largest corporate campaign donor with almost $1M. That amount far exceeds any other BP political contribution. Ironically, Goldman Sachs was obama's largest campaign contributor. Are you sensing a pattern here? Do you also know that george soros is the majority shareholder of Petrobras which obama just gave billions to for offshore drilling in brazil? Who do you think benefits if BP goes bankrupt and the other major oil companies are villified?

by mary-miami June 15, 2010 1:39 PM EDT

Make BP pay for all damages. Nothing will ever bring back the dead animals or people...It will take years for some normality to return to nature in that area. BP is responsible for the assault on our environment and on contributing to the final attack on the economy in that area. Wealthy CEOs that only care about becoming richer and richer at the expense of working Americans...Tax them to the hilt! They will not go hungry.

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by stormerF3 June 15, 2010 1:53 PM EDT: Such bedwetting from a die hard koolaid drinker,What makes you think BP does not want to keep all the oil from leaking? Taxing will not fix the problem of regulators not doing their job,and making sure safety inspections are done. Our Government at work and now you want them to ruin our health care?


by gaetanomarano June 15, 2010 12:59 PM EDT: ---
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the US Coast Guard gave to BP only 48 hours (expired) to find the right way to FIX the oil spill issue
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BP hasn't proposed NEW, BETTER AND FASTER SOLUTIONS, as clearly required by U.S. Coast Guard
but ONLY some NEW "PROMISES" to solve the problem more quickly... just another couple of months
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so, I've developed a new and BETTER "super cap" that can be built and installed in a couple of days
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read a description with the drawing of my new idea in my article latest update: http://******/c8y9GX
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the only other alternatives to my simple, cheap, fast to build and install proposal to fix the leak are:
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1. the (unknown) new "cap" ready for mid-july after 50,000,000 more gallons of oil spilled in the Gulf
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2. a drilling of the two relief wells finished in mid-august after 100,000,000 more gallons of oil spilled
---
---; Reply to this comment

by displeased June 15, 2010 12:49 PM EDT

"GOP lawmakers say they oppose lifting the liability cap for all oil companies because smaller oil companies wouldn't be able to afford that kind of risk."

Now what sense does this make? If a company is fully accountable for a potential risk, won't that company take precautions to eliminate the risk? GOP and republicans obviously have a "cozy relationship" with oil companies.

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by stormerF3 June 15, 2010 1:56 PM EDT: Yea like the regulators in the Obama administration who issued the rig a safety certificate,but failed to insure the inspections were done.Obama loaded his pockets with contributions from big oil,now is crying foul with hollow threats,such a hyprocrite.

by tsigili June 15, 2010 12:31 PM EDT

Citizens are tired of greedy corporations, doing public harm, to make money.

We would rather see them go belly up, rather than get away with doing public harm. We would actually enjoy seeing their stock holders lose their shirts.......because stock holders have abandoned their ownership responsibilities, in favor of making money......a greed motive, that deserves zero consideration, from citizens.

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by stormerF3 June 15, 2010 1:50 PM EDT: Actually it is the regulators who dropped the ball and the politicans who got paid to look the other way. Stock holders invest your 401k's in big companies,but since your on welfare and food stamps why should you care?

by TooComplex June 15, 2010 12:30 PM EDT

Of course Republicans don't want to lift the cap; they are owned by BP! When are Americans going to realize that the Republicans they vote in to represent them are actually representing big business at the expense of the American people?

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by stormerF3 June 15, 2010 1:48 PM EDT: You work for whom? Or are you the welfare, food stamp crowd of koolaid drinkers?

by afmcalax June 15, 2010 12:20 PM EDT

Once again Americans show their stupidty regarding bankruptcy laws. If BP was to declare bankruptcy, they could write all the spill related expenses and legal judgements off their books. This would allow them to leave bankruptcy owing nothing in damages. This would then leave the American tax payer to pay the cost of the spill and the economic damages while essentially bailing out another corporation. Think of the consequences between you wish for something.

Reply to this comment


by stormerF3 June 15, 2010 1:59 PM EDT: I believe it is the 10 people on welfare and food stamps at CBS that were polled,who know nothing of the amount of loss it would be if BP walked away from this Or declared Bankruptcy.