Beyond plugging: BP’s troubles just beginning
As of Sept. 16, the BP oil giant had shed 34 percent of its market capitalization compared with its December 2009 value. BP estimates it has spent more than $6 billion on cleanup and compensation in addition to the $20 billion it deposited in an escrow fund to compensate for economic losses. Roughly 300 civil lawsuits for economic damages and wrongful death await BP in New Orleans.
A 2005 explosion at BP’s Texas City, Texas, refinery killed 15 workers and injured more than 170. Last month, BP agreed to pay a $50.6 million fine for safety violations at the plant.
Los Angeles Times