Posts Tagged ‘ oil spill liability

British Petroleum’s Impending Liability: When the Oil Driller Gets Drilled


Following BP’s recently failed attempts to plug up its leaking oil well in the Gulf of Mexico, the economic and environmental impacts associated with the leak have reached a historically unprecedented level. By comparison, the 1989 Exxon Valdez oil spill in Alaska ended with a $500 million dollar judgment against Exxon, drastically lowered from $5 billion on the ruling of the United States Supreme Court. However, the potential losses the BP leak will impose on the 5 Gulf States alone affected by this leak are staggering. Estimates of anticipated liability associated with BP’s oil leak have already been suggested to fall anywhere from $20 to $50 billion dollars in actual damages, not including punitive damages.

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