How much did it cost to clean up the BP oil spill?
BP also paid about $15 billion in cleanup costs and another $20 billion in economic damages to companies and individuals harmed by the spill.
How did the BP oil spill affect oil prices?
The BP oil spill finally had a noticeable impact on the front end oil futures. It drove them lower. That’s right, lower. Oil futures got hammered as BP stock got obliterated and the “Top Kill” procedure in the Gulf spill was deemed a failure.
How expensive is an oil spill?
See Cohen, “Deterring Oil Spills—Who Should Pay and How Much?” Page 4 Resources for the Future Cohen 3 The average oil spill in the United States costs approximately $16 per gallon in cleanup and damages.
How much did BP stock drop after spill?
Market value BP’s stock fell by 51% in 40 days on the New York Stock Exchange, going from $60.57 on 20 April 2010, to $29.20 on 9 June, its lowest level since August 1996.
How much did BP pay in compensation?
The British oil firm said on Tuesday it would pay the $1.7bn charge in the last quarter of 2017 for court-ordered payments resulting from the worst oil spill in US history. It means BP will have paed out $3bn in compensation for 2017, compared with the $2bn anticipated.
Who pays for an oil spill?
By law, the parties responsible for the use, transportation, storage, and disposal of hazardous substances and oil are liable for costs. This liability applies to the cost of containment, cleanup, and damages resulting from a release related to their own activities.
How much does dispersant cost?
| Dispersant and Application Systems | ||
|---|---|---|
| Equipment Name | Avail | Price |
| Vessel Spray, Ayles Fernie Boat Spray 50-TS | 2 | $ 29,700 |
| Portable,diesel powered dispersant spray system. Packaged in K4. | ||
| Vessel Spray, Ayles Fernie Dispersant Eduction Spray System | 1 | $ 5,500 |
How much did families of Deepwater Horizon get?
Under the final consent decree, BP will pay the trustees up to $8.8 billion, the largest recovery of damages ever for injuries to natural resources, to restore the Gulf. The settlement includes: $1 billion already allocated during early restoration which began in 2011.
How much did BP pay for the oil spill?
Share All sharing options for: BP fined a record $20.8 billion for oil spill disaster. BP PLC — the company responsible for the 2010 Deepwater Horizon oil spill — will pay a record $20.8 billion to the US government to cover damages caused by the disaster, the Department of Justice announced Monday.
How much did Deepwater Horizon cost BP?
Deepwater Horizon fire Published Jan 16, 2018 6:41 AM by The Maritime Executive BP said on Tuesday it would take a new charge of $1.7 billion in relation to claims over the 2010 Deepwater Horizonspill, raising the company’s total costs to around $65 billion, higher than the $61.6 billion the company estimated in 2016.
How much oil spilled BP?
The BP Deepwater Horizon catastrophe in 2010 spilled 205.8 million gallons of oil and 225,000 tons of methane into the Gulf of Mexico. Only about 25 percent of the oil was recovered, leaving more than 154 million gallons of oil at sea. In addition to the oil, nearly 2 million gallons of toxic dispersants were sprayed into the Gulf’s waters.
How did BP clean up oil spill?
– Trial set to open for Gulf oil spill litigation – Unknown substance leaking from Deepwater Horizon site – $4 billion BP oil spill criminal settlement approved
