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BP to Pay $30 Billion or More to Settle Gulf Oil Spill Claims

In what is being called “even more damning” than an earlier, presidential report*, the government released a new assessment of the Macondo accident and British Petroleum’s role in it, last Wednesday. The report largely places the blame for the accident — the worst oil spill in history — on BP’s cost-cutting policies. Pressure is mounting on both BP and the Obama administration to settle the total liability claims as soon as possible. Initial punitive and economic damages are estimated at $30 billion dollars, and possibly as high as $40 billion.

September 20th