BP Could Face up to $21B in Oil Spill Fines

(AP)  BP could face up to $21 billion in fines stemming from the massive oil spill in the Gulf of Mexico.

A federal task force says about 206 million gallons of oil gushed out of the busted rig, but more than 33 million gallons were contained. That means 172 million gallons made it into the Gulf between April and mid-July, when a temporary cap stopped the flow.

Special Section: Gulf Coast Oil Disaster

Based on that estimate, BP could be fined up to $5.4 billion under the Clean Water Act. The fine could soar to $21 billion if the oil company is found to have committed gross negligence or willful misconduct.

If the government credits BP for the oil it has recovered, the fine would range between $4.5 billion and $17.6 billion.

Any fines will be on top of the $20 billion escrow fund the company has set up to pay damage claims.

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[euge005]

What silliness, scoundrels and thieves? These are your elected officals you are speaking about. The fines are required to force responsible behavior and honesty. BP has shown little of either. And the Clean Water act spells out how much the fine is per barrel or gallon. A simple, fair math cal;culation. Then get out their check book. And we have some money to start repaying the debts that the GOP ran up while W as pretending to be President.

[KeithDrippingSprings]

Please don't fine these poor oil people. Let them pay for damages. If you fine them the money just gets stolen by the Scoundrels and Thieves that run this country. If you give it directly to the people suffering then the money goes around the economy and helps everyone.